With the increase in the environmental factors such as chemical, radioactive, and biological factors have elevated the rate of mutation. This, in turn, escalated the need for the development of better gene therapeutic procedures such as CRISPR technology, which is simple and takes less turnaround time as compared to existing technologies. CRISPR technology is gaining immense popularity in gene therapeutic procedures owing to the increase in genetic diseases. Genetic diseases accounted for approximately 25% of the global economic burden for diseases. Therefore, CRISPR technology is being used for better treatment and quality of life of patients. According to the latest market intelligence report by BIS Healthcare titled, ‘Global CRISPR Technology Market-Analysis and Forecast (2018-2027), the market is anticipated to reach $10.55 billion by the year 2027. Further, the prominent companies in the market are planning to initiate clinical trials in the year 2018, for the treatment of various genetic diseases.
The emergence of CRISPR technology has transformed the field of genome editing and paved pathways for development of advanced gene therapeutic procedures to treat the various genetic disorders. Thalassemia, hemophilia and sickle cell anemia are some of the diseases, for which CRISPR technology provides an effective solution. CRISPR Technology is a proven treatment to repair genetic errors in an individual’s DNA, as it treats the cause of disease. CRISPR technology includes designing tools, library, control kits, plasmid, vectors, gRNA and other products to perform the desired experiment. The technology enhances the accuracy, efficiency, and safety, and further give rise to various innovations for gene therapeutic procedures.
Among the product types, plasmids dominated the market for CRISPR technology in the year 2017, across the globe. Moreover, the protein segment is expected to register the highest CAGR during the forecast period. However, for therapeutics and drug discovery application specific CRISPR technology enjoys the highest demand in the market, on the global level. Apart from this, CRISPR technology specific to industrial biotech is also expected to grow at a significant rate from 2018-2027. Furthermore, with the increasing demands of application specific products in the CRISPR technology, the market is expected to witness the tremendous growth in the forthcoming period.
Based on the region, the global market for CRISPR technology is segmented into North America, Europe, Asia Pacific and Rest of the World (Row). North America dominated the market and accounted a share of 39% in total market share, in the year 2017. Moreover, Europe is expected to grow at a CAGR of 36.8% during the forecast period followed by the Asia Pacific. Further, the leading market players in the market for CRISPR technology are working for the advancement of therapeutic procedures. Agilent Technologies Inc., Applied Stem Cell Inc., Edi Gene Inc., System Biosciences, and LLC are some of the prominent market players in the CRISPR technology market.
BIS Healthcare has conducted extensive research on the global CRISPR technology market and compiled the observation and insight in this report. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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