DUBLIN--(BUSINESS WIRE)--The "CRISPR
Technology Market by Product, Service, Application, End User - Global
Forecast to 2023" report has been added to ResearchAndMarkets.com's
offering.
The rise in government and private funding is expected to drive the
overall growth of the CRISPR technology market
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.
The CRISPR technology market is driven by various factors such as
increasing funding and private investments and the growing adoption of
CRISPR technology. However, the presence of alternate technologies can
hinder the growth of the market.
The CRISPR
services segment is expected to grow at the highest CAGR during the
forecast period.
The CRISPR services segment is
the faster-growing segment in the CRISPR technology market, by product
and service. Based on services, the CRISPR services market is segmented
into gRNA design and vector construction, cell line engineering,
screening services, and other CRISPR services (mediated transcriptome
editing and epigenome editing services). The cell line engineering
services segment is expected to grow at the highest rate.
The
biomedical applications segment, by application, is projected to hold
the largest market share during the forecast period.
The
major biomedical applications of CRISPR include gene therapy, drug
discovery, and diagnostics. Across the globe, various gene therapy
clinical trials are currently underway. These factors are expected to
drive the adoption of CRISPR technology in this segment. In drug
discovery applications, CRISPR is used to develop more physiologically
relevant models (cell lines and animal models) that correlate better to
the clinical setting and thereby reduce drug candidate failure in the
initial steps. The ability of CRISPR to modify endogenous genes can help
study the effect of drugs on targets along with endogenous proteins,
rather than having to rely on overexpression.
Asia
Pacific is expected to record the highest growth rate during the
forecast period.
Currently, 144 gene and cell
therapy companies are based in the APAC that can potentially use CRISPR
technology in the coming future. In China, gene editing using CRISPR has
attracted strong government funding. China was among the first to allow
the editing of human embryos using CRISPR-Cas9, while the US and
European countries banned it. As reported by Goldman Sachs, by the end
of February 2018, China had registered nine clinical trials based on
CRISPR-edited cells on various diseases such as cancers and HIV
infection, whereas the US had registered only one trial since the
beginning of 2018.
Market Dynamics
Drivers
- Rising Availability of Government and Private Funding
- Growing Adoption of CRISPR
Restraints
- Off-Target Activity and the Presence of Alternative Technologies Opportunities
- Emerging Markets
Challenges
- Ethical Issues
- Lack of Standardized Regulations
- Pending Patent Issues & Results of Clinical Trials
- High Costs of Using CRISPR
- Dearth of Trained Professionals
The CRISPR technology market comprises major providers such as
- Thermo Fisher Scientific (US)
- Merck KGaA (Germany)
- GenScript Biotech Corporation (US)
- Horizon Discovery (UK)
- Agilent (US)
- Cellecta (US)
- GeneCopoeia, Inc. (US)
- New England Biolabs (US)
- Integrated DNA Technologies (US)
- OriGene (US)
- Synthego (US)
- Toolgen (S. Korea)
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive
Summary
4 Premium Insights
5 Market Overview
6
CRISPR Technology Market, By Product & Service
7 CRISPR
Technology Market, By Application
8 CRISPR Technology Market,
By End User
9 CRISPR Technology Market, By Region
10
Competitive Landscape
11 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/s8kjdb/global_crispr?w=4
