(PharmaNewsWire.Com, February 29, 2020 ) The major factors driving the CRISPR technology market include the rising funding from government and private organizations and the high adoption of CRISPR technology.
What the Market Looks Like? Predicted to grow at a CAGR of 25% during the forecast period, the global CRISPR Technology market is estimated to reach USD 1,715 million by the end of 2023.
“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.
“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.
Geographical growth scenario of CRISPR Technology Market 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.
Leading market players The prominent players in the CRISPR Technology market include 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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