Market Leaders - CRISPR Technology Market
The global CRISPR technology market is expected to grow from USD 562 million in 2018 to USD 1,715 million by 2023, at a CAGR of 25.0% during the forecast period. The major factors driving the growth of the CRISPR technology market are the rising availability of funding, growing applications of CRISPR, and need for advanced therapies for cancer, infectious diseases, and genetic disorders.
The major CRISPR technology vendors include Thermo Fisher Scientific (US), Merck (Germany), GenScript (US), Horizon Discovery (UK), Integrated DNA Technologies (IDT) (US), Agilent Technologies (US), Cellecta (US), GeneCopoeia (US), New England Biolabs (NEB) (US), OriGene Technologies (US), Synthego Corporation (US), and ToolGen (South Korea). These players have adopted various growth strategies such as collaborations, partnerships, and agreements, patent approvals, acquisitions, and product launches & approvals to expand their presence in the global CRISPR technology market. Most market players focused on collaborations from 2015 to 2018 for innovation in their portfolio and to broaden their customer base.
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In line with the rising importance of CRISPR technology, 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.
Merck is also an established player in the life sciences industry. The company leads in terms of operational and financial strength and has focused on growth in the CRISPR technology market through organic growth strategies. Merck was also the first company to manufacture arrayed CRISPR libraries that covered the entire human genome. This was done in collaboration with the Wellcome Trust Sanger Institute. These arrayed CRISPR libraries helped researchers in drug discovery, disease research, and gene therapy. Arrayed CRISPR libraries have been an important technological advancement in genome editing and helped Merck in attaining the leadership position. It has acquired patents for its CRISPR technology in Australia, China, Canada, Europe, and Korea for its in-house alternate CRISPR technology. In 2018, Merck partnered with Tongji University (China) and offered its genome-editing technology to Tongji University under the CRISPR Core Partnership Program, which has brought together around 82 organizations using CRISPR technology.
Related Reports:
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
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