Pune, India, Dec. 14, 2020 (GLOBE NEWSWIRE) -- The report mentions that the Gene Therapy 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 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. 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.
KEY INDUSTRY DEVELOPMENTS:
- August 2017 – The U.S FDA approved Kymriah, developed and manufactured by Novartis AG for the treatment of acute lymphoblastic leukemia (ALL).
- June 2019 – Bluebird Bio, Inc. received European Medicines Agency (EMA) approval for Zynteglo, a drug to treat beta-thalassemia for patients above 12 years of age.
- April 2018 – Orchard Therapeutics and GSK announced a strategic partnership wherein GSK will transfer its approved investigational gene therapy products to Orchard Therapeutics.
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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.
To get to know more about the short-term & long-term impact of COVID-19 on this market, please click here: https://www.fortunebusinessinsights.com/industry-reports/gene-therapy-market-100243
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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List of Key Players operating in Gene Therapy Market:
- 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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Global Gene Therapy Market Segmentations:
By Application
• Oncology
• Neurology
• Others
By Vector Type
• Viral
• Non-viral
By Distribution Channel
• Hospitals
• Clinics
• Others
By Geography
• U.S.
• Europe (U.K., Germany, France, Italy, Spain, and Rest of Europe)
• Asia-Pacific (Japan, China, and Rest of Asia- Pacific)
• Rest of World
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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