CRISPR Technology Market size is forecast to reach $ 2.46 billion by 2025, growing at a CAGR of 24.25% during the forecast period 2019-2025. Increasing availability of private and government funding and rising incidences of related to genetic disorders are the major factors driving the growth of the market. Need for advanced therapies for cancer and technological advancements in the gene editing techniques along with favorable regulatory technique will further enhance the overall market demand of CRISPR technology during the forecast period.
Key takeaways
North America dominates the CRISPR Technology Market owing to adoption of CRISPR technology by the biopharmaceutical companies and growing research by the academic & research organizations.
The growing funding from government and private sectors and the increasing use of CRISPR technology in various industries & the development in the drug discovery is likely to aid in the market growth of CRISPR technology.
Detailed analysis on the strength, weakness and opportunities of the prominent players operating in the market will be provided in the CRISPR technology market report.
High cost associated with the CRISPR and ethical issues in some countries can create a hurdle for the growth of the market.
Product & Services – Analysis segment
The services segment held the largest share in the CRISPR technology market in 2018 and is estimated to grow with a CAGR of 16.8% during the forecast period 2019-2025. This is mainly owing to the increasing application of services mostly in biomedical and biological industries. CRISPR kits and enzymes are also used in agricultural and industrial sectors. Cas9 homologs include Streptococcus pyogense and Staphylococcus aureus. Cas9 tools will play a multifarious role in agriculture by enabling the industry in editing crops to make them more nutritious, enhanced taste, disease resistant, and less susceptible to drought. In services segment, cell line engineering segment is estimated to be the fastest growing segment.