07-Jan-2020 | Facts and Factors
Facts and Factors Market Research has published a new report titled “Gene Therapy Market By Type (Germ Line Gene Therapy and Somatic Gene Therapy), By Vector Type (Viral Vectors, Non-Viral Vectors, and Human Artificial Chromosome), and By Therapy Area (Cancer, Neurological Diseases, Infectious Diseases, Genetic Disorders, Rheumatoid Arthritis, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”. According to the report, the global gene therapy market was valued at approximately 1.4 billion in 2019 and is expected to reach a value of around USD 3.4 billion, at a CAGR of around 14.7% between 2019 and 2027.
Gene therapy is the kind of experimental method that makes use of genes for treating or preventing disease by inserting foreign genetic material like DNA or RNA into the person’s cells. Scientists are studying gene therapy for treating various kinds of immuno-deficiencies, Parkinson’s disease, HIV, and cancer by using myriad approaches. Today, many of the approaches to gene therapy are undergoing most intensive & rigorously testing. This includes replacing the mutated gene causing disease with the healthy gene copy. Another approach includes knocking out or inactivating a mutated gene operating improperly. Yet another approach includes a new gene into the body to combat the disease.
Browse the full “Gene Therapy Market By Type (Germ Line Gene Therapy and Somatic Gene Therapy), By Vector Type (Viral Vectors, Non-Viral Vectors, and Human Artificial Chromosome), and By Therapy Area (Cancer, Neurological Diseases, Infectious Diseases, Genetic Disorders, Rheumatoid Arthritis, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027” Report at https://www.fnfresearch.com/gene-therapy-market-by-type-germ-line-gene
New product approval & commercialization to drive the market trends
Between the periods from 2012 to 2018, nearly five single-use gene treatments received approval from the U.S. FDA for treating a rare form of genetic disorders. Moreover, gene treatments that have received approval are being tested by pharmaceutical firms in the market. Apart from this, current approvals of gene therapy products across the U.S., as well as European countries for treating a plethora of life-threatening diseases, are anticipated to steer the growth of gene therapy industry over the forecast timeline. Moreover, gene therapy can also be used for treating neurodegenerative disorders like Alzheimer, amyotrophic lateral sclerosis, and spinal muscular atrophy.
Furthermore, many of the reputed pharma firms like Bristol-Myers Squibb, BioMarin, and Pfizer are investing massively into the research activities pertaining to gene therapy. Apart from this, a rise in the occurrence of cancer is prompting the demand to treat the disease. Gene therapy is one of the key treatment kinds that will propel the market growth over the forecast period. However, inadequate reimbursement policies pertaining to the one-time gene treatments will downgrade market expansion.
In addition to this, conducting of randomized controlled trials can pose a threat to the expansion of the gene therapy industry as a result of the gene therapy features & projected patient population. Nevertheless, the ability of the gene therapy to eliminate the number of ailments with faulty or missing genes like hemophilia A will promote the market growth over the forecast period and thereby nullify the negative impact of hindrances on the business growth.
Somatic gene therapy to dominate the type segment
The growth of the segment over the forecast timeline is credited to the ability to treat the targeted cells in the patient population. The treatment is not passed to future generations and is restricted to only the patient who receives the somatic gene therapy. Moreover, it is used for treating a huge number of disorders like cystic fibrosis, cancer, and muscular dystrophy.
Cancer to lead the therapy area segment over the forecast period
The segmental expansion is attributed to a large number of pipeline drugs registered over the past few years along with increasing occurrence of cancer as a result of genetic changes.
North America to dominate the overall regional market share during the forecast timespan
North American market, which accrued revenue of USD 380 million in 2018, is set to contribute majorly towards the overall market revenue by 2027. The regional market surge is credited to robust healthcare amenities, high per capita healthcare spending, and improvement in the reimbursement policies.
The key players included in this market are Advanced Cell & Gene Therapy, Audentes Therapeutics, Benitec Biopharma, Biogen, Blubird Bio, Inc., Bristol-Myers Squibb Company, CHIESI Farmaceutici SPA, Eurofins Scientific, Geneta Science, Genzyme Corporation, Gilead, GlaxoSmithKline PLC, Human Stem Cells institute, Novartis AG, Orchard Therapeutics, Pfizer Inc., Sangamo therapeutics, Spark therapeutics, and Voyager Therapeutics.
This report segments the gene therapy market as follows:
Global Gene Therapy Market: By Type Segment Analysis
Global Gene Therapy Market: By Vector Type Segment Analysis
Global Gene Therapy Market: By Therapy Area Segment Analysis
Global Gene Therapy Market: Regional Segment Analysis
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