Gene Therapy Market Landscape
The Gene Therapy Market size in 2018 was valued at USD 524 million. It is likely to grow at a whopping 40.7% CAGR between 2019- 2025, as per the Market Research Future’s (MRFR) new report. Gene therapy comprises replacing, repressing, and repairing dysfunctional genes that cause disease. The aim of this promising treatment is in re-establishing the normal function. This therapy helps to treat different genetic diseases such as inherited disorders, namely cancer & viral infections, and some specific genetic diseases, namely muscular dystrophy & cystic fibrosis.
Market Drivers and Restraints
Numerous factors are propelling the global gene therapy market growth. These factors, as per the new MRFR report, comprise increasing funds for gene therapy research, availability of favorable reimbursements, increasing cases of cancer & other target diseases, and strategic collaborations & product launches made by key players for staying ahead in the competition. Besides, rising cases of target diseases, large investments made by top market players, and robust product pipeline are also adding market growth.
On the contrary, strict regulatory policies coupled with high product development cost are factors that may deter the gene therapy market growth over the forecast period as per the gene therapy market forecast.
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The global gene therapy market has been segmented based on indication, product, and end user.
By product, the gene therapy market is segmented into yescarta, zynteglo, luxturna, imlygic, kymriah, zolgensma, strimvelis, and others.
By indication, the gene therapy market is segmented into oncology, genetic disorders/diseases, and others. Among these, the oncology segment will have a major share in the market over the forecast period. The robust cancer gene therapy pipeline, coupled with surging cancer cases, is adding to the growth of the segment.
By end user, the gene therapy market is segmented into hospitals and clinics, the specialty treatment center, & others. Among these, hospitals & clinics will lead the market over the forecast period. The burgeoning number of hospitals, coupled with hospitals & clinics being the foremost choice to treat diseases, is boosting the growth of this segment.
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Based on the region, the global gene therapy market report covers the recent trends and growth opportunities across Europe, North America, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, North America will have lions share in the market over the forecast period for the rising cases of chronic diseases, increasing healthcare expenditure, advanced & innovative healthcare infrastructure, presence of eminent market players, and availability of favorable reimbursements.
The global gene therapy market in Europe is predicted to have favorable growth over the forecast period for industry players coming up with innovative product launches, top companies in the region extending product distribution by securing approval from various regulatory bodies, and increasing expenditure for gene and cell therapy companies in the UK.
The global gene therapy in the Asia Pacific region is likely to grow at a fast pace during the forecast period. The rising government initiatives for the healthcare sector development, presence of top market players in the region, launch & approval of various gene therapy products, rising prevalence of chronic diseases, and growing awareness about gene therapy are adding market growth.
The global gene therapy market in the Middle East and Africa is predicted to hold the smallest share over the forecast period for restricted healthcare infrastructure in the region.
Eminent players in the global gene therapy market include Orchard Therapeutics plc (UK), Novartis AG (Switzerland), Lonza (Switzerland), CEVEC (Germany), Amgen, Inc. (US), Gilead Sciences, Inc. (US), Thermo Fisher Scientific Inc. (US), Spark Therapeutics, Inc. (US), Bristol-Myers Squibb Company (US), Celgene Corporation (US),and uniQure N.V. (Netherlands).
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