Delhi, India -- (SBWIRE) -- 11/25/2019 -- Based on the latest insights in the report title "Global CRISPR Technology Market Size study, by Product and Services (CRISPR Products and CRISPR services) Application (biomedical applications, agricultural applications, industrial applications and biological research) End-User (includes pharmaceutical and biopharmaceutical companies, biotechnology companies, academic & research institutes and contract research organizations) and Regional Forecasts 2018-2025" by Report Ocean, the Market is growing at a CAGR of more than 25% by 2025.

CRISPR is a simple, but powerful tool for genome editing. The technology allows easy alteration of DNA, thus, eases gene function modification. CRISPR technology has a wide scope and finds its application in correcting genetic defects; treating and preventing diseases and improving agri-products, besides others.

From the past few years, life sciences sector has witnessed many innovation for improving human health and well-being. Scientist community believes that the future of human well-being lies within the DNA scaffolds. As a result, continuous efforts are being performed in the field of genome editing to find permanent cure of diseases and feed the continuously increasing human population. In such prevailing conditions, CRISPR technology is seen as the next biological moonshot, owing its potential application from crop improvement to gene therapy.

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Rising availability of private and government funding for CRISPR, growing adoption rate of the technology, increasing biotechnology sector and rising number of CRISPR based clinical trials are the major factors driving the market growth. It is estimated that over 700 public companies in US and Europe generate a revenue of USD 170 billion for the global biotechnology sector. However, factors such as off-target activities for CRISPR, presence of alternative technologies and changing regulatory framework are some of the major restraints for the market growth.

Conclusively, the global market for CRISPR technology is estimated to grow with an approximate CAGR of ~25% during the forecast period.
On segmental backgrounds, the global CRISPR technology market has been segmented into product and services, application, end-user and region.

The product and services segment is divided into CRISPR based services, genetically modified cell lines, CRISPR kits, enzymes, and others. By application, the market has been segmented into biotech, agro-tech, and therapeutic & diagnostic. The agro-tech sector has been further segmented into crop and livestock. The therapeutic & diagnostic segment is further segmented into hemoglobinopathies, immuno-oncology, regenerative medicine, in vivo and other genetic diseases. On the basis of end-user, the market has been segmented into pharmaceutical and biotech companies, agricultural companies, and academics and government research institutes.

On regional basis the market has been segmented into the Americas, Europe, Asia Pacific and the Middle East and Africa. The Americas region is led the market in 2018 owing to well-developed healthcare infrastructure, presence of major players within the regional market, growing funding for CRISPR research, and increasing clinical trials within US. Europe followed the Americas and stood second in the market. CRISPR Therapeutics, a Switzerland based company focused on developing gene-based medicines for serious human diseases like ?-thalassemia, sickle cell disease, and others, have their products in clinical trials. Asia Pacific region is estimated to grow with the fastest CAGR during the forecast period. This can be attributed due to increasing owing to presence of developing economies, growing biotechnology sector, and increasing R&D for CRISPR within the region. The Indian biotechnology industry is expected to reach USD 100 billion by 2025 with a CAGR of 30.46%. On the hand, the Middle East and Africa region held the least market share in 2018.

Some of the major players major players operating in the market are inclusive of Aldevron, Bayer AG, Biocytogen, Cellecta, Charles River Laboratories, CRISPR therapeutics, DU Pont, Editas Medicine, GeneCopoeia, Inc., New England Biolabs, Origene Technologies, Inc., Genescripts, Genoway, Genwize, Horizon Discovery, IDT, Intellia Theraprutics, Merck KGaA, GenScript, Agilent Technologies, Synthego, Taconic Biosciences, Thermo Fisher, Toolgen, Inc., and others.

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