Ottawa, Feb. 07, 2022 (GLOBE NEWSWIRE) -- The gene therapy market size was valued at US$ 2.99 billion in 2021. The growing field of advanced therapeutics and gene delivery technologies has generated a competitive environment in which a large number of market companies are working to commercialize their gene therapy products. The mergers, acquisitions, and collaborations are being pursued by therapy developers as a realistic option for enhancing in-house knowledge and strengthening product portfolio. These factors are predicted to contribute the growth of gene therapy market. While the high prices of currently accessible therapies encourage therapeutic development, they also limit the accessibility and hinder the growth of market.
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Regional Snapshot
North America is the largest segment for gene therapy market in terms of region. The high frequency of chronic ailments and growing adoption of modern medicines for the treatment of rare diseases are responsible for the region’s dominance. The favorable standards and reimbursement policies would also help the region’s market to flourish. Because this treatment procedure has not yet been legalized in a number of developing nations, the key market players are concentrating their efforts on releasing products in the North America region.
Europe region is the fastest growing region in the gene therapy market. The advanced therapy solutions for incurable diseases are well known all across the Europe. The high research spending in these fields would help the region’s market growth.
Scope of Gene Therapy Market Report
| Report Highlights | Details |
| Market Size in 2021 | USD 2.99 Billion |
| Growth Rate | CAGR of 20.2% from 2021 to 2030 |
| Largest Revenue Market | North America |
| Fastest Growing Region | Asia Pacific |
| Base Year | 2021 |
| Companies Covered | Dimension Therapeutics Inc., Taxus Cardium Pharmaceuticals Group Inc., Applied Genetic Technologies Corporation, Epeius Biotechnologies Corp., Shanghai Sunway Biotech Co. Ltd, Gensight Biologics S.A., Bristol-Myers Squibb Company, American Gene Technologies, Sibinono GeneTech Co. Ltd, BioMarin Pharmaceuticals Inc. |
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Report Highlights
- Based on the vector type, the viral vector segment dominated the global gene therapy market in 2020 with highest market share. The use of viral vector has increased significantly in recent years in a variety of therapeutic fields, resulting in significant demand in the coming years. One of the most crucial elements driving its adoption is their proven non-pathogenicity.
- Based on the application, the oncological disorders segment is estimated to be the most opportunistic segment during the forecast period. This is attributed to the growing number of market players involved in developing therapy and cures for various types of cancer. The segment’s growth will be aided by an increase in the number of new drugs in clinical and preclinical phases.
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Market Dynamics
Drivers
Rising prevalence of cancer
The cancer is caused by the change of normal cells into tumor cells in a multi-stage process that usually starts with a pre-cancerous lesion and progresses to a malignant tumor. The interaction of a person’s hereditary variables results in these changes. Cancer is the biggest cause of death globally, with approximately 10 million deaths were reported by 2020. As each kind of cancer necessitates a different treatment plan, a correct cancer diagnosis is critical for suitable and effective treatment. The chemotherapy, radiotherapy, and surgery are commonly used in the treatment of cancer. Thus, the rising prevalence of cancer is driving the growth of the market.
Restraints
High cost of treatment
Despite of the rising prevalence of chronic diseases such as cancer, treatment remains prohibitively expensive. The approach is marketed as a single-dose treatment that corrects genetic malfunction in the body of the patient. Due to the high expense of the gene therapy, some insurance companies have been hesitant to fund the treatment plan. These variables may have significant impact on the growth of the gene therapy market in the coming years.
Opportunities
Rise in gene therapy treatment centers
Given the faster regulatory utilization for drug approvals and the potential success rates of gene therapy, market participants are focusing on establishing gene therapy treatment centers, particularly in developed regions.Furthermore, governments are increasing their spending on healthcare system upgrades in order to address a larger patient pool in need of gene therapy. Companies are concentrating their efforts on investing in research and development to treat a variety of diseases on a large scale. Thus, the rise in gene therapy treatment centers is creating lucrative opportunities for the growth of the market during the forecast period.
New drug discovery for incurable diseases
Gene therapy is increasingly becoming an area of interest for numerous academic institutes and research centers, particularly in the field of oncology, due to its potential for developing drugs that have the potential to address rarely-occurring disorders. With gene therapy on the rise, the healthcare industry must rethink its development and reimbursement framework for therapies and treatment methods that deviate from the traditional approach to disease cure. Thus, the discovery of new drugs for the rare diseases will pave way for the growth of the market.
Challenges
Lack of resources in developing and underdeveloped regions
The gene therapy is not practiced in the developing and underdeveloped nations, owing to lack of proper resources. The resources are not available to develop the gene therapy technology in various countries, which is the biggest challenge for the growth of the market.
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Segments Covered in the Report
By Vector Type
- Viral Vector
- Non-viral Vector
By Gene Type
- Antigen
- Cytokine
- Tumor Suppressor
- Suicide
- Deficiency
- Receptors
- Others
By Application
- Oncological Disorders
- Rare Diseases
- Cardiovascular Diseases
- Neurological Disorders
- Infectious Diseases
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- LATAM
- Rest of the World
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