(EMAILWIRE.COM, September 08, 2020 ) 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 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.

Report Objectives

To define, describe, and forecast the CRISPR technology market based on product and service, application, end user, and region
To provide detailed information about factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
To strategically analyze the market structure, profile the key players of the market, and comprehensively analyze their core competencies
To forecast the size of market segments in North America, Europe, Asia Pacific, and the Rest of the World (RoW)
To track and analyze competitive developments such as partnerships, agreements, collaborations, expansions, acquisitions, and product launches in the market

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North America is expected to account for the largest market share during the forecast period.

North America is estimated to account for the largest share of the market in 2018. 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.

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).

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. The company has initiated a promotional campaign in which it conducts workshops and provides hands-on training to researchers in academic and research institutes working on CRISPR. This campaign is being organized to spread awareness on and promote CRISPR technology.

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Recent Developments:

In March 2018, Danaher acquired Integrated DNA Technologies to expand its Genomics portfolio.
In September 2017, Horizon Discovery acquired Dharmacon, Inc. from GE Healthcare (US) for USD 85 million.
Between 2017 and 2018, Merck has secured patents in Australia, Canada, Europe, Israel, Singapore, South Korea, and China, covering foundational CRISPR technology, for its in-house CRISPR technology.