Fast track regulatory approvals granted by government agencies to fuel research prospects is expected to widen the scope for gene therapies in the long run.
Fast track regulatory approvals granted by government agencies to fuel research prospects is expected to widen the scope for gene therapies in the long run.
Fact.MR, Rockville MD: The global gene therapy market is poised to acquire substantial gains through 2021 and beyond, as intensifying research and clinical studies prompt governments as well as healthcare providers to undertake extensive funding campaigns. While a temporary kink was experienced amid the pandemic crisis, priority for funding research studies led to the market emerging mostly unscathed through 2020.
Gene therapy is undergoing material shifts in numerous research areas, with the advent of synthetic biology. Influenced by its potential in developing drugs that pose the potential to address rarely-occurring disorders, gene therapy is increasingly becoming an area of interest for myriads academic institutes and research centers, especially in the field of oncology. This trend is largely expected to influence future expansion trajectory.
With fast track regulatory drug approvals and potential success rates, market players are focusing on establishing gene therapy treatment centers, particularly in the developed regions. In addition, governments are increasing their expenditure in upgrading their healthcare system in order to address a larger number patient pool requiring gene therapy.
“As global cancer incidence rises, healthcare providers are compelled to make breakthroughs with regards to treatment and diagnosis, pushing forward numerous global and regional level coalitions between governments, healthcare institutions and pharmaceutical & diagnostic companies, which is eventually anticipated to heighten prospects in the future,” says the Fact.MR analyst.
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Key Takeaways from Fact.MR’s Gene Therapy Market Study
- By product, Yescarta gene therapy to account for the maximum revenue share
- Over 50% of gene therapy research is expected to be directed towards oncology studies
- Increasing foray towards developing advanced breast and lung cancer therapeutics to widen US growth prospects
- Dominance in preclinical cell therapy to elevate UK’s growth prospects in the gene therapy market
- Technological advancements in healthcare to promote heightened gene therapy research across Germany
- Growing incidence of genetic disorders amongst the infant population base to accelerate gene therapy studies in India
Gene Therapy Market- Prominent Drivers
- Faster regulatory approvals for novel treatments to heighten growth prospects for the gene therapy market
- Growing burden of debilitating cancers is fielding copious research studies to promote oncology gene therapies
- Involvement of private entities is bolstering research prospects, owing to their ability to provide financial and resource support
Gene Therapy Market- Key Restraints
- Expensive nature of the treatment is likely to limit uptake by patients across developing countries
- Apprehensions about developing resistance to the treatment may lead to unintended outcomes, limiting scope
Discover more about the gene therapy market with 79 figures and 59 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/4648/gene-therapy-market
Competitive Landscape
Key players in the global gene therapy market as profiled by Fact.MR include Novartis AG, Gilead Sciences Inc., Spark Therapeutics Inc., Sibiono GeneTech Co. Ltd., Spark Therapeutics, Inc., CELGENE CORPORATION, and Orchard Therapeutics Limited, among others.
In January 2021, Novartis AG announced that its previously announced global Managed Access Program (MAP) to promote its one-time gene therapy for making Zolgensma® (onasemnogene abeparvovec) available to patients suffering from spinal muscular atrophy was reaffirmed. The commitment endeavors to provide free access to the therapy across 24 countries to families who cannot afford expensive treatment.
In February 2021, Spark Therapeutics Inc. announced the administration of the first dosage of the SPK-3006 therapy for treating late-onset Pompe disease in collaboration with Genethon. The objective of this study is to study the efficacy of the aforementioned treatment to patients suffering from Pompe disease receiving enzyme replacement therapy.
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More Insights on the Gene Therapy Market
The research study on the gene therapy treatment market by Fact.MR includes an in-depth analysis of major demand-driving factors and trends and a comprehensive evaluation of crucial aspects that are projected to carve the growth of the gene therapy market.Market statistics have been elucidated based on product (Yescarta, Kymriah, Luxturna, Strimvelis, and Gendicine), application (Ophthalmology, Oncology, and Adenosine Deaminase-deficient Severe Combined Immunodeficiency (ADA-SCID)) and across key regions (The US, Europe and Rest of World).
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