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23 November 2018Biotechnology

CRISPR tech market to reach $1.72m by 2023: report

The global CRISPR technology market is expected to reach $1.72 million in value by 2023, up from 2018’s predicted figure of $562 million, according to a report released this month.

The expected jump from $562 million to $1.72 million will be at a compound annual growth rate of 25% during that five-year period, according to the “ CRISPR Technology Market by Product, Service, Application, End User – Global Forecast to 2023” report.

It claimed that the growth of the CRISPR technology market is being driven by a rise in government and private funding, which has been evident in recent months—for example, US CRISPR company KSQ Therapeutics announced that it had raised $80 million in series C funding in September.

The report also identified a number of factors which could slow down the CRISPR technology market. For example, a lack of standardised regulations, pending patent issues, and the high cost of dealing with CRISPR technology may all prove challenging for the market.

Another area explored by the report centred on the different segments of the CRISPR technology market.

The report found that, within the overall CRISPR technology market, the services segment is the fastest-growing area. The services include gRNA design and vector construction, cell line engineering, and screening services.

In terms of CRISPR applications, the biomedical applications of the technology—such as gene therapy, drug discovery, and diagnostics—is projected to hold the largest market share within the CRISPR technology market between now and 2023.

The report said that 144 gene and cell therapy companies based in the Asia-Pacific region may potentially use CRISPR technology in the near future, while in China, CRISPR gene-editing has already attracted government funding.

China was one of the first locations to allow the editing of human embryos using CRISPR technology and, by February 2018, the country had registered nine clinical trials based on CRISPR-edited cells in the context of diseases like cancer and HIV.

In comparison, the US had registered only one trial, with the US Food and Drug Administration only lifting its hold on the first US-based human CRISPR trial last month.

LSIPR has reported on a number of licensing deals in the CRISPR area this year.

The Broad Institute of MIT and Harvard and DowDuPont’s agricultural division jointly agreed to license CRISPR technology to an agricultural company in August.

Meanwhile, CRISPR Therapeutics has entered into a number of licensing agreements with companies such as ViaCyte and MaxCyte.

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More on this story

Asia-Pacific
26 November 2018   Scientists have urged policymakers to implement a regulatory framework governing the use of CRISPR technology in humans, following reports that a Chinese scientist has successfully created ‘edited’ twins.
Americas
13 March 2019   Press releases in recent months that suggest the CRISPR IP saga is about to end are too optimistic and miss out many of the nuances of the current situation, according to Claire Irvine, partner at HGF.
Americas
8 October 2020   French microbiologist Emmanuelle Charpentier and US biochemist Jennifer Doudna have achieved scientific history by jointly winning the Nobel Prize in chemistry for their seminal work on gene-editing technology, CRISPR.