New York, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Gene Therapy Global Market Report 2023" - https://www.reportlinker.com/p06241893/?utm_source=GNW
, Celgene Corporation, Cellectis S.A. and Sangamo Therapeutics.
The global gene therapy market is expected to grow from $5.77 billion in 2021 to $7.37 billion in 2022 at a compound annual growth rate (CAGR) of 27.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The gene therapy market is expected to reach $21.25 billion in 206 at a CAGR of 30.3%.
The gene therapy market includes revenues earned by entities by replacing a disease-causing gene with a healthy copy of the gene and inactivating a disease-causing gene that is not functioning properly.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Gene therapy refer to a method for treating or curing sickness that alters a person’s DNA. Gene treatments can function in a variety of ways: putting a healthy copy of the gene in place of a disease-causing gene, and putting a defective gene that causes an illness intoactive.
The main types of gene therapy are antigen, cytokine, suicide gene, and others.The antigen is a poison or other foreign substance that triggers an immunological response in the body, including antibody formation.
The different vectors include viral vector, non-viral vector, and others and are used in oncological disorders, rare diseases, cardiovascular diseases, neurological disorders, infectious diseases, and others. it is implemented in various sectors such as hospitals, homecare, specialty clinics, and others.
Incidences of cancer and other target diseases have been increasing significantly, which is calling for effective treatments, driving the growth of the gene therapy market. The rise in the number of cancer cases across the globe is likely to contribute to the growth of the gene therapy market during the forecast period.For instance, in January 2022, according to the American Cancer Society, there will likely be 1.9 million new cancer diagnoses and 609,360 cancer-related deaths in the US, or roughly 1,670 fatalities every day. The four most common types of cancer worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43 percent of all new cancer cases.he four most common types of cancer worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of all new cancer cases.Therefore, the rise in the cancer incidence rate globally is anticipated to boost the demand for the gene therapy market over the forthcoming years. Gene therapy is one of the most effective treatments in oncology. In this treatment, new genes are introduced into a cancerous cell or the surrounding tissue to cause cell death or slow the growth of cancer.
The high prices of gene therapy medicines are expected to limit the growth of the gene therapy market.The pressure to contain costs and demonstrate value is widespread.
Political uncertainty and persistent economic stress in numerous countries are calling into question the sustainability of public health care funding.In less wealthy countries, the lack of cost-effective therapies for cancer and other diseases has influenced the health conditions of the population and has led to a low average life expectancy.
Luxturna, a one-time treatment for acquired retinal eye disease, costs $850,000 in the US and £613,410 in the UK, despite a markdown that is applied through Britain’s National Health Service. Zolgensma, for spinal muscular atrophy, is valued at $2.1 million in the US and Zynteglo, which focuses on a rare genetic blood disorder, costs $1.78 million, thus restraining the growth of the market.
The use of machine learning and artificial intelligence is gradually gaining popularity in the gene therapy market.Artificial intelligence (AI) is the simulation of human intelligence in machines, which are programmed to display their natural intelligence.
Machine learning is a part of AI.Machine learning and AI help companies in the gene therapy market to conduct a detailed analysis of all relevant data, provide insights between tumor and immune cell interactions, and offer a more accurate evaluation of tissue samples often conflicted between different evaluators.
For instance, since January 2020, GlaxoSmithKline, a pharmaceutical company, has been investing in AI to optimize gene therapy and develop off-the-shelf solutions for patients. It is also expected to reduce turnaround time and also the cost of gene therapies.
In December 2021, Novartis AG, a Switzerland-based pharmaceutical company specializing in the discovery, development, manufacturing, and commercialization of medicines, acquired Gyroscope Therapeutics Holdings plc for an amount of $800 million.Through this acquisition, GT005, an experimental, one-time gene therapy now in Phase 2 for the treatment of persons with geographic atrophy (GA), will be added to the Novartis portfolio, increasing gene therapy research capabilities and bringing ophthalmic innovation to treat and prevent blindness globally.
Gyroscope Therapeutics Holdings plc is a UK-based clinical stage biopharmaceutical company pioneering in the research and development of gene therapies for the treatment of eye related diseases.
The regions covered in the gene therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the gene therapy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services solution within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The gene therapy market research report is one of a series of new reports that provides gene therapy market statistics, including gene therapy industry global market size, regional shares, competitors with a gene therapy market share, detailed gene therapy market segments, market trends and opportunities, and any further data you may need to thrive in the gene therapy industry. This gene therapy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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