Biotech Updates

CRISPR Technology Market Growing Rapidly

May 29, 2019

Global CRISPR technology market is valued at USD449.6 million in 2017 and is projected to grow by over 25% in 2018 to 2025, according to the market trends report of All Market Insights. The growing adoption of CRISPR technology is attributed to the increasing funding support granted by governments and private institutions to this promising technology. According to the Congressional Research Service (U.S.), the National Institutes of Health increased their research funding on CRISPR-related research from US$5.1 million in 2011 to $603 million in 2016. NIH confirmed this increase in CRISPR support when they reported that their funding for CRISPR research reached approximately US$981 million from 2006 to 2016.

The report also highlighted that the key regions in the CRISPR technology market are North America, Europe, Asia Pacific, and Latin America. The main reasons for North America's dominance in the market are increasing government and private funding; the adoption of CRISPR in biomedical, agricultural and industrial applications; and the presence of major pharmaceutical and gene therapy countries in the region.

Read more details from All Market Insights.