ROCKVILLE, Md., March 15, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Gene Therapy market is projected to grow at a compound annual rate (CAGR) of 23% between 2021 and 2031. The market is expected to reach US$ 18.72 Bn by the end of 2031.
The demand for Gene Therapy is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 2.3 Bn by the end of 2021.
Companies are focusing on investing in research and development that would cure diseases for longer run. In addition, the number of patients being diagnosed with cancer is spurring the demand for gene therapy. Thus, the demand for gene therapy is expected to propel in the forecast period. As of 2021, the market is expected to be valued at US$ 2.3 Bn.
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Empirical Novel Drugs Discovery for Rare Disorders Aiding Market Growth?
Influenced by its potential in developing drugs that pose the potential to address rarely-occurring disorders, gene therapy is increasingly becoming an area of interest for myriads academic institutes and research centres, especially in the field of oncology.
Amidst spurts in gene therapy, the healthcare vertical must re-evaluate its development and reimbursement framework for therapies and treatment methods that steer away from the conventional approach to diseases cure.
Market players are teaming with biopharmaceutical companies, research institutes, and clinical research organizations (CROs) to form and scale-up key healthcare technologies as well as novel services and products. While over 150 empirical novel drugs have been patented for gene therapy in recent past, Fact.MR underlines that the number is likely to increase (10-15 annually) in the near term.
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Key Segments Covered in the Gene Therapy Industry Survey Product
- Yescarta
- Kymriah
- Luxturna
- Strimvelis
- Gendicine
Application
- Ophthalmology
- Oncology
- Adenosine Deaminase/Deficient Severe Combined Immunodeficiency (ADA-SCID)
Competitive Landscape
Gene therapy companies are focusing on investing in factories and launching newer therapies for different diseases. Some notable developments with regards for gene therapy are as follows:
- In July, 2021, BioNTech entered into a collaborative agreement with Gilead Company owned Kite to acquire its neoantigen TCR cell therapy R&D platform and manufacturing facility situated in Gaithesburg. This acquisition will enhance production capacity to support clinical trials in the U.S and complement its already existing cell therapy manufacturing facility in Germany.
- In September 2021, NeuExcel Therapeutics and Spark Therapeutics —a Roche Group company— announced a gene therapy collaboration aimed at developing a safe and effective treatment for patients suffering from Huntington’s disease. In this agreement, the latter will acquire the former’s proprietary neuro-regenerative gene therapy platform and capabilities.
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Key players in the Gene Therapy Market
- Novartis AG
- Gilead Sciences Inc.
- Spark Therapeutics Inc.
- Sibiono GeneTech Co. Ltd.
- Spark Therapeutics, Inc.
- CELGENE CORPORATION
- Orchard Therapeutics Limited
- BioNTech
Key Takeaways from the Market Study
- North America expected to hold more than 50% market gene therapy revenue through 2031.
- Europe is expected to possess 40% of market share for gene therapy.
- Yescarta is expected to hold more than 45% of market share in the assessment period.
- Luxturna is experiencing noteworthy growth rate, possessing nearly 35% of market share.
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