According to Report, the gene therapy market growth is expanding at a registered CAGR of 20.2% during the forecast period and to reach valuation US$ 13 billion by 2029.
According to Report, the gene therapy market growth is expanding at a registered CAGR of 20.2% during the forecast period and to reach valuation US$ 13 billion by 2029.
The growing prevalence of target diseases like cancer and the rising inclination towards the research of gene therapy to cure degenerative diseases are the primary drivers of the gene therapy market. The surging investments towards the research and development activities for the formulation of gene therapies are expected to foster the growth of the global gene therapy market.
The advances in the gene therapies and the product approvals are anticipated to augment the growth of the gene therapy market in the foreseeable future. The gene therapies, by altering the genetic information, tends to treat various diseases. The gene therapy can help in the treatment of chronic diseases such as cancer, diabetes, cardiovascular diseases, and AIDs. The growing demand for the treatment of target diseases, technological advancements, presence of strong pipeline products, and its rising popularity among the consumers is driving the growth of the global gene therapy market.
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Report Highlights:
- On the basis of vector type, the viral vector registered the highest revenue share of over 85% in the global gene therapy market in 2020. The advancements in the physiochemical approach for the gene therapy in the clinical and the pre-clinical trials pertaining to the treatment of various diseases has significantly fostered the growth of this segment across the globe.
- Based on the application, the oncological disorder was the leading segment in the global gene therapy market in 2020. The rising adoption of the gene therapies for the treatment of the cancer has fueled the growth of this segment. The growing prevalence of various types of cancer such as lungs cancer, breast cancer, colorectal cancer, and prostate cancer is anticipated to boost the demand for the gene therapies in the upcoming years. According to the GLOBOCAN report by the International Agency for Research on Cancer (IARC), there were about 10 million deaths and 19.3 million new cases associated with cancer reported in the year 2020. The new cancer cases is expected to rise by 47% from 2020 to 2040.
- Region wise, North America dominated the gene therapy market in 2020. This growth is attributed to the presence of favorable government regulatory framework that has significantly promoted the growth of the gene therapy market. The increased prevalence of chronic diseases in this region, higher healthcare expenditure, and increased awareness regarding the gene therapies has fostered the growth of the North America gene therapy market. The rising investments by the key market players present in North America are further contributing towards the development of the market.
- Europe is projected to witness the highest CAGR during the forecast period. Europe is characterized by the rising prevalence of target diseases among the population, growing healthcare expenditure, adoption of favorable regulatory frameworks, and rising awareness regarding the benefits of gene therapy. All these factors are expected to foster the growth of the Europe gene therapy market in the upcoming future.
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Future of Gene Therapy Market
The global gene therapy market is expected to witness a huge investments in the research and development that will result in the development and growth of the market. The demand for the gene therapies is projected to rise rapidly in the emerging nations owing to the surging burden of diseases and growing investments in the development of sophisticated healthcare infrastructure. The modernization of reimbursement policies and the rising awareness regarding the gene therapies for the treatment of numerous target diseases will have a positive impact on the market growth.
COVID-19 Impact Analysis:
- The outbreak of the COVID-19 pandemic had a positive impact on the market in 2020. It is expected that the utilization of the cell and gene therapy technologies will tend to grow rapidly for the development of COVID-19 vaccines.
- The investments for the development of vaccines increased rapidly during the COVID-19 pandemic and the demand for the viral and non-viral vectors increased.
- The increased investments towards the research of the COVID-19 with subject to the deployment of viral vectors against the COVID-19 infection fueled the market growth.
Key Developments in the Marketplace:
- In May 2019, Novartis AG received the US FDA approval for its gene therapy, ZOLGENSMA.
- In June 2019, Biogen completed the acquisition of Nightstar Therapeutics to strengthen its position in the market.
- In December 2019, Roche Group completed the acquisition of Spark Therapeutics in a deal that involved around US$ 4.8 billion.
Some of the prominent players in the global gene therapy market include:
- Dimension Therapeutics Inc.
- Taxus Cardium Pharmaceuticals Group Inc.
- Epeius Biotechnologies Corp.
- Shanghai Sunway Biotech Co. Ltd
- Applied Genetic Technologies Corporation
- Bristol-Myers Squibb Company
- American Gene Technologies
- BioMarin Pharmaceuticals Inc.
- Gensight Biologics S.A.
- Sibinono GeneTech Co. Ltd
Market Segmentation
By Vector Type
- Viral Vector
- Non-viral Vector
By Gene Type
- Antigen
- Cytokine
- Tumor Suppressor
- Suicide
- Deficiency
- Receptors
- Others
By Application
- Oncological Disorders
- Rare Diseases
- Cardiovascular Diseases
- Neurological Disorders
- Infectious Diseases
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- LATAM
- MEA
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