Pune, India, March 23, 2021 (GLOBE NEWSWIRE) -- The global gene therapy market is set to gain momentum from the rising incidence of different types of cancer. The field of this therapy is undergoing several technological advancements that would help in treating cancer in those patients who are at high risks of getting affected by this disease through genetic mutations.
“The report further mentions that the market size was USD 3.61 billion in 2019 and is projected to reach USD 35.67 billion by 2027, exhibiting a CAGR of 33.6% during the forecast period”
The U.S. to Dominate Owing to Presence of Favorable Policies
In 2019, the U.S. generated USD 2.16 billion in terms of revenue. The country is expected to dominate throughout the coming years stoked by the increasing usage of advanced gene therapies for the treatment of rare conditions. Besides, the presence of favorable reimbursement policies and guidelines would also help in propelling the market growth here. As this type of treatment is not legal in several developing nations, industry giants are emphasizing on the U.S. for launching their products.
Europe, on the other hand, is anticipated to grow significantly backed by the adoption of unique treatment options. Asia Pacific is set to hold a comparatively lower share on account of the decreasing usage of gene therapy because of its expensive nature.
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Increasing Innovations & Research Activities to Boost Growth
The U.S Food and Drug Administration (FDA) stated that it is expecting to receive more than 200 applications of this therapy by the end of 2020. This showcases that the rising number of research studies and innovations in this field would affect the gene therapy market growth positively in the near future. In North America, almost 208 companies are currently operating in this market. In addition to this, the Alliance for Regenerative Medicine declared that as of 2018, approximately 259 potential drug candidates are under Phase I clinical trials across the globe.
However, the outbreak of the COVID-19 pandemic is presently impacting the field of research. According to the director of the Office of Tissues and Advanced Therapy (FDA) named Wilson Brayan, nowadays the officials are prioritizing only those drugs that are associated with coronavirus. Hence, there hasn’t been a surge in the application of potential drugs for gene therapy. This factor may hamper the market growth in the forthcoming years.
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Neurology Segment to Earn High Share Fueled by High Cost of Drugs
Based on product type, the gene therapy industry is divided into neurology, oncology, and others. Out of these, the neurology segment earned 78.2% in terms of gene therapy market share in 2019. This growth is attributable to the increasing usage of this therapy for treating patients living with spinal muscular atrophy.
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Fortune Business Insights™ lists out the names of all the gene therapy providers present in the global market. They are as follows:
- Novartis AG
- Spark Therapeutics, Inc.
- Biogen
- Gilead Sciences, Inc
- Amgen, Inc.
- Jazz Pharmaceuticals, Inc.
- Sarepta Therapeutics
- GlaxoSmithKline plc
- Other Prominent Players
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Some major points from Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of Regulatory Scenario
- Key Product Launches/Recalls
- Pipeline Analysis
- Scientific Advancements in Gene Therapy
- Key Industry developments - Mergers, Acquisitions and Partnerships
- Patent Analysis
- COVID-19 Impact on Gene Therapy Market
- Global Gene Therapy Industry Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Oncology
- Neurology
- Others
- Market Analysis, Insights and Forecast – By Vector Type
- Viral
- Non-viral
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospitals
- Clinics
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S
- Europe
- Asia Pacific
- Rest of World
- U.S Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis – By Application
- Oncology
- Neurology
- Others
- Market Analysis – By Vector Type
- Viral
- Non-viral
- Market Analysis – By Distribution Channel
- Hospitals
- Clinics
- Others
- Europe Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis – By Application
- Oncology
- Neurology
- Others
- Market Analysis – By Vector Type
- Viral
- Non-viral
- Market Analysis – By Distribution Channel
- Hospitals
- Clinics
- Others
- Market Analysis – By Country
- U.K.
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific Gene Therapy Industry Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis – By Application
- Oncology
- Neurology
- Others
- Market Analysis – By Vector Type
- Viral
- Non-viral
- Market Analysis – By Distribution Channel
- Hospitals
- Clinics
- Others
- Market Analysis – By Country
- Japan
- China
- Rest of Asia Pacific
Continued...
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