Pune, India, April 20, 2022 (GLOBE NEWSWIRE) -- The global gene therapy market size 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. The report further mentions that the 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.
Fortune Business Insights™ provided this information in a new report, titled, “Gene Therapy Market Size, Share & COVID-19 Impact Analysis, By Application (Oncology, Neurology, and Others), By Vector Type (Viral and Non-viral), By Distribution Channel (Hospitals, Clinics, and Others), and Regional Forecast, 2020-2027.”
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Industry Developments:
- July 2020: GlaxoSmithKline received license from Orchard Therapeutics for its lentiviral stable cell line technology. It will be utilized for the latter’s hematopoietic stem cell gene therapy.
- June 2019: Bluebird Bio, Inc. received an approval for Zynteglo from the European Medicines Agency (EMA). It will be used to treat beta-thalassemia in patients belonging to the age group of 12 years and above.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2019 to 2027 |
| Forecast Period 2021 to 2028 CAGR | 33.6% |
| 2027 Value Projection | USD 35.67 Billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 3.61 Billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 115 |
| Segments covered | Application, Vector Type, Distribution Channel and Geography |
| Growth Drivers | Market is Consolidated with Only Few Player Offering This Treatment Type |
| Viral Vector Segment Dominated the Market in 2019 Owing to Rising Development of Therapies | |
| Hospitals to Register a Higher CAGR Fueled by Rising Accessibility of Treatment Methods |
Drivers & Restraints-
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.
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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. Hence, there hasn’t been a surge in the application of potential drugs for gene therapy. This factor may hamper the gene therapy market growth in the forthcoming years.
Highlights of This Report:
- Detailed information about the market dynamics, growth drivers, and hindrances.
- Elaborate analysis of the company profiles and their important strategies.
- Extensive analysis of the dominating region & segment in the gene therapy market.
- The current, estimated, and historical sizes of the global market.
Segment-
Neurology Segment to Earn High Share Fueled by High Cost of Drugs
Based on product type, the market is divided into neurology, oncology, and others. Out of these, the neurology segment earned 78.2% in terms of gene therapy market share in 2019. This growth is attributable to the increasing usage of this therapy for treating patients living with spinal muscular atrophy.
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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.
Fortune Business Insights™ lists out the names of all the gene therapy providers present in the global market. They are as follows:
- 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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Major Table of Contents:
- Introduction
- Research Scope
- Gene Therapy Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Gene Therapy Market Drivers
- Market Restraints
- Gene Therapy Market Opportunities
- Key Insights
- Overview of Regulatory Scenario
- Key Product Launches/Recalls
- Pipeline Analysis
- Scientific Advancements in Gene Therapy
- gene therapy market developments - Mergers, Acquisitions and Partnerships
- Patent Analysis
- COVID-19 Impact on Gene Therapy Market
- Global Gene Therapy Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Oncology
- Neurology
- Others
- Gene Therapy Market Analysis, Insights and Forecast – By Vector Type
- Viral
- Non-viral
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospitals
- Clinics
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S
- Europe
- Asia Pacific
- Rest of World
- U.S Gene Therapy Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis – By Application
- Oncology
- Neurology
- Others
- Market Analysis – By Vector Type
- Viral
- Non-viral
- Market Analysis – By Distribution Channel
- Hospitals
- Clinics
- Others
- Europe Gene Therapy Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis – By Application
- Oncology
- Neurology
- Others
TOC Continued…
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