How COVID-19 is impacting the CRISPR Technology Market

(IT-NEWSWIRE.COM, April 07, 2020 ) The report "CRISPR Technology Market by Product (Enzymes, Kits, gRNA, Libraries, Design Tools), Service (gRNA Design, Cell Line Engineering), Application (Biomedical, Agricultural), End User (Pharma & Biopharma Companies, Academics, CROs) - Global Forecast to 2023", 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.

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“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. The enzymes segment is expected to account for the largest share of the products market, being one of the key ingredients in the CRISPR process.

“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. Many companies have also invested in drug discovery and gene therapy companies that are using CRISPR technology.

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Key Players

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).

Thermo Fisher Scientific has established its presence in diversified life sciences markets; this has helped it to minimize risks and dependency on any particular business segment. The company has a strong product portfolio and brand image, which enables it to strengthen its position in the market. It has strong R&D capabilities, which provide it a strategic advantage over its competitors. The company focuses on obtaining market-driven solutions to meet the increasing demand for CRISPR-edited genes. It is involved in various growth initiatives such as product launches and agreements. For instance, in 2015, Thermo Fisher Scientific signed a license agreement, to be renewed yearly, with ToolGen (South Korea) for ToolGen’s intellectual property portfolio of CRISPR-Cas9 technology.

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How COVID-19 is impacting the CRISPR Technology Market