In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the market.
In the secondary research process, various secondary sources such as Hoovers, Bloomberg BusinessWeek, Forbes, and Dun & Bradstreet were referred to, to identify and collect information useful for a technical, market-oriented, and commercial study of the market. These secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold standard & silver standard websites, food safety organizations, regulatory bodies, trade directories, and databases.
After the market engineering process was completed (which includes calculations for market statistics, market size estimations, market forecasting, and data triangulation), extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at.
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[163Pages Report] 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 study involved four major activities in estimating the current market size for CRISPR technology. Exhaustive secondary research was conducted to collect information on the market as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size.
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.
By product and service, the CRISPR services segment is expected to be the fastest-growing in the CRISPR technology market during the forecast period.
The services segment forms the fastest-growing segment in the market, by product and service. Based on service, the CRISPR services market is segmented into gRNA design and vector construction, cell line engineering, screening services, and other CRISPR services (mediated transcriptome editing and epigenome editing services). The cell line engineering services segment is expected to grow at the highest rate.
By application, the biomedical applications segment accounted for the largest share during the forecast period.
The major biomedical applications of CRISPR include gene therapy, drug discovery, and diagnostics. Across the globe, various gene therapy clinical trials are currently underway. These factors are expected to drive the adoption of CRISPR technology in this segment. In drug discovery applications, CRISPR is used to develop more physiologically relevant models (cell lines and animal models) that correlate better to the clinical setting and thereby reduce drug candidate failure in the initial steps.
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 market, 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.
