CHICAGO /PRNewswire/ -- According to the new market research report "CRISPR Technology Market by Product (Enzymes, Kits, gRNA, Libraries, Design Tools), Service (gRNA Design, Cell Line Engineering), Application (Biomedical, Agricultural), End User (Pharma & Biopharma Companies, Academics, CROs) - Global Forecast to 2023", published by MarketsandMarkets™, the CRISPR Technology Market is expected to grow from USD 562 million in 2018 to USD 1,715 million by 2023, at a CAGR of 25% during the forecast period.
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The major factors driving the CRISPR Technology Market include the rising funding from government and private organizations and the high adoption of CRISPR technology.
The CRISPR products segment is expected to command the largest share of the CRISPR Technology Market during the forecast period.
The CRISPR Technology Market, by product and service, is estimated to be dominated by the products segment in 2018. This is attributed to the fact that the CRISPR technology is being adopted quickly by academics and researchers, pharma and biotech companies. The enzymes segment is expected to account for the largest share of the products market, being one of the key ingredients in the CRISPR process. Companies like Merck KGaA and Thermo Fisher Scientific are providing hands-on training to researchers, which will increase the demand for CRISPR products in the future.
Browse in-depth TOC on "CRISPR Technology Market"
132 - Tables
24 - Figures
163 - Pages
Biomedical applications to occupy the majority of the market, by application, and grow at the fastest rate during the forecast period.
The biomedical applications segment is projected to be the fastest-growing segment of the market, by application, during the forecast period. Developments in gene therapy, drug discovery, and diagnostics, due to the application of CRISPR, are driving the growth of this biomedical segment. Many companies have also invested in drug discovery and gene therapy companies that are using CRISPR technology.
North America is projected to account for the largest share of the CRISPR Technology Market, by region, during the forecast period.
North America is estimated to account for the largest share of the market in 2018. The large share of CRISPR technology in this region is majorly attributed to the rising government and private funding, presence of major pharma and gene therapy companies, and the adoption of CRISPR in a number of applications. Crops that are treated with CRISPR-based gene editing are not considered as GMOs in the US, which has attracted the attention of agricultural companies to the commercialization of CRISPR-edited crops.
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Some of the key players of CRISPR in this region are Cellecta, Inc. (US), Thermo Fisher (US), GeneCopoeia, Inc. (US), Applied StemCell (US), Synthego Corporation (US), OriGene Technologies (US), Horizon Discovery (UK), Merck (Germany), and GenScript (US).
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