Portland, OR, Aug. 05, 2020 (GLOBE NEWSWIRE) -- According to the report, the global Gene Therapy Market was pegged at $393.35 million in 2018, and is projected to reach $6.21 billion by 2026, registering a CAGR of 34.8% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
High investment in R&D activities, increase in prevalence of cancer, and growth in awareness regarding gene therapy have boosted the growth of the global gene therapy market. However, high costs associated with gene therapies and unwanted immune responses hamper the market growth. On the contrary, untapped potential for the emerging market is expected to create lucrative opportunities in the near future.
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Covid-19 scenario:
- The economic crisis would not affect the industry much as the gene therapy operations have not been stopped due to coronavirus pandemic
- The demand of gene therapy has not affected by lockdown as it comes under the category of essential goods.
The viral vector segment held the largest share in 2018, contributing to more than half of the global gene therapy market, owing to easier modifications of many viruses such as Lentivirus, Adeno-Associated Virus (AAV), RetroVirus & Gamma RetroVirus to deliver gene therapy drugs. However, the non-viral vector segment is expected to register the fastest CAGR of 38.8% during the forecast period. This is attributed to the technological advancements in physicochemical approaches such as physical methods and chemical methods of non-viral vectors.
The tumor suppressor segment to portray the fastest CAGR of 52.9% during the forecast period, owing to rise in number of methodology and clinical trials of tumor suppressor for the gene therapy treatment. However, the antigen segment held the largest share in 2018, contributing to more than one-fifth of the global gene therapy market, due to the presence of a wide range of genetic mutations and dysregulated gene expression of tumor cells.
The global gene therapy market across North America held the largest share in 2018, accounting for nearly half of the market, owing to high prevalence rate of cancer, presence of high disposable income, and increase in funding for R&D activities associated with gene therapy. However, the market across the Asia-Pacific region is projected to register the fastest CAGR of 45.4% during the forecast period, owing to rise in number of people prone to various chronic diseases and approval & launch of gene therapy products.
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The key players operating in the global gene therapy market include Adaptimmune Therapeutics Plc., Anchiano Therapeutics Ltd., Achieve Life Sciences, Inc., Adverum Biotechnologies, Inc., Abeona Therapeutics Inc., Applied Genetic Technologies Corporation, Arbutus Biopharma Corporation, Audentes Therapeutics, Inc., AveXis, Inc., Bluebird Bio, Inc., Celgene Corporation, CRISPR Therapeutics AG, Editas Medicine, Inc., Editas Medicine, Inc., GlaxoSmithKline Plc., Intellia Therapeutics, Inc., Merck & Co., Inc., Novartis AG, REGENXBIO Inc., Spark Therapeutics, Inc., Sangamo Therapeutics, Inc., Uniqure N. V., Voyager Therapeutics, Inc. Other prominent players in the value chain (companies not profiled in the report) includes Amgen, Epeius Biotechnologies, Sanofi, Juno Therapeutics, and Advantagene.
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