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The increasing availability of government and private funding and the growing adoption of CRISPR technology

HYDERABAD, TELANGANA, INDIA, January 31, 2023 /EINPresswire.com/ -- 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. The increasing availability of private and government funding and rising incidences related to genetic disorders are the major factors driving the growth of the market. The need for advanced therapies for cancer and technological advancements in gene editing techniques along with favourable regulatory techniques will further enhance the overall market demand for CRISPR technology during the forecast period.

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Key Takeaways

1. North America dominates the CRISPR Technology Market owing to the adoption of CRISPR technology by biopharmaceutical companies and growing research by academic & research organizations.

2. The growing funding from the government and private sectors and the increasing use of CRISPR technology in various industries & the development in drug discovery is likely to aid in the market growth of CRISPR technology.

3. Detailed analysis of the Strength, Weaknesses and opportunities of the prominent players operating in the market will be provided in the CRISPR technology market report.

4. High costs associated with CRISPR and ethical issues in some countries can create a hurdle to the growth of the market.

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Segment Analysis

The services segment held the largest share in the CRISPR technology market 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 pyrogens 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 the services segment, the cell line engineering segment is estimated to be the fastest-growing segment.

2. The biomedical segment accounted for the major share of the CRISPR technology market and is estimated to grow at a CAGR of 14.60% during the forecast period 2019-2025. The growth in this segment can be attributed to the increasing usage of CRISPR technology in gene therapy, drug discovery and diagnostics. The most widely used CRISPR technology is in the treatment of Cancer. Depending on CRISPR's precise functionality, this tool can also be used to create specific mutations in different cell lines to model cancers. Such a form of modelling will lead to a better understanding of a variety of diseases like cancer and the ability to develop effective drugs further.

3. North America dominated the CRISPR technology market share accounting for more than 54.13%, followed by Europe. The presence of major pharm and gene therapy companies and the rising government and private funding are helping in this region's growth. The adoption of CRISPR in several applications and the increasing R&D by research institutes and organizations are also supporting the growth of this market in this region. Crops that are treated with CRISPR-based gene editing are not considered GMOs in the US, therefore this has attracted a number of agricultural companies to focus on the commercialization of CRISPR-edited crops.

Competitive Landscape:

The top 5 players in the CRISPR Technology Industry are -

1. Thermo Fisher Scientific
2. Merck KGaA
3. GenScript
4. Integrated DNA Technologies
5. Horizon Discovery Group

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Venkat Reddy
IndustryARC
+1 614-588-8538
venkat@industryarc.com
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