Industry Trends For CRISPR Technology Market
The rise in the availability of government and private funding and the adoption of CRISPR technology are the key factors driving the growth of this market.
By product and service, the CRISPR services segment is expected to be the fastest-growing in the CRISPR technology market during the forecast period.
The services segment forms the fastest-growing segment in the market, by product and service. Based on service, 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.
By application, the biomedical applications segment accounted for the largest 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.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=134401204
This is majorly attributed to the rising government and private funding, presence of major pharma and gene therapy companies, and the adoption of CRISPR in several applications. Furthermore, crops that are treated with CRISPR-based gene editing are not considered as GMOs in US; this has attracted a number of agricultural companies to focus on the commercialization of CRISPR-edited crops.
In line with the rising importance of CRISPR technology, Thermo Fisher Scientific has established its presence in diversified life sciences markets; this has helped it to minimize risks and dependency on any business segment. The company has a strong product portfolio and brand image, which enables it to strengthen its position in the market.
Some of the key players of CRISPR Technology Market 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).