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ALBANY, N.Y., April 19, 2022 /PRNewswire/ — Transparency Market Research: The global gene therapy market was worth around US$ 1.3 Bn in 2020. The global market is likely to rise at a CAGR of 19.8% during the forecast period, from 2021 to 2028. The global gene therapy market is estimated to attain the valuation of US$ 5.3 Bn by 2028. Gene therapy is being promoted as a viable therapeutic option, since it eliminates the need of surgery, medicines, or other potentially harmful treatments. In the global gene therapy market, strategies such as mergers and acquisitions (M&A) are assisting players in boosting research and development in neurological gene therapy products to treat newborns and infants suffering from spinal muscular atrophy (SMA) type 1 (SMA1). Firms in the global gene therapy market are making efforts to obtain clearance from the FDA (Food and Drug Administration) for CAR-T cell therapy products. These products are used for the purpose of treatment of suitable R/R (relapsed or refractory) patients with large B-cell lymphoma. The FDA can grant new gene therapy candidates a classification of the uncommon pediatric disease and also authorization for use in treating metachromatic leukodystrophy.
Numerous biopharmaceutical firms, governments, and research institutions have made significant expenditures on gene-related research and development, providing a potential to acquire a competitive edge in the global gene therapy market. A significant number of gene therapy products are now being studied in various phases of clinical trials, and candidates of gene therapy is expected to rise throughout the forecast period. The demand for gene therapy products is projected to be fueled by continued investment in gene therapy research and rise in the number of late-stage gene therapy candidates in the oncology field and other genetic illnesses.
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Key Findings of Market Report
· Rising demand for more treatment facilities in Europe and the U.S. is fueled by approvals of new gene therapy products as well as anticipated success rates. Following early gene therapy success rates, firms seek to expand the number of treatment facilities in order to obtain access to a broad patient pool in need of gene therapy procedures.
· Increase in rivalry among top biopharmaceutical firms to get approval and commercialize gene therapy solutions in various areas of unfulfilled medical needs to acquire a competitive edge is expected to drive growth of the global gene therapy market in the years to come
· Gene therapy holds the promise to remove and prevent a variety of hereditary problems as well as a multitude of life-threatening illnesses, including AIDS, cystic fibrosis, cancer, age-related ailments, and heart disease. Gene therapy, rather than relieving symptoms with conventional therapeutic treatments, offers a complete cure for individuals with genetic illnesses, which is expected to drive the global gene therapy market.
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Global Gene Therapy Market: Growth Drivers
· As gene therapy products need a significant amount of research and development, firms in the gene therapy market are targeting patients from high-income categories to boost its adoption. In order to learn more about personal choices for gene therapy products, they are conducting surveys and form focus groups, which are likely to drive the global market.
· A dominant reason driving the global gene therapy market is high prevalence and increase in incidence rate of various types of malignancies for which no comprehensive cure has been found
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Global Gene Therapy Market: Key Competitors
· Gilead Sciences, Inc.
· Orchard Therapeutics Limited
· Sibiono GeneTech Co. Ltd
· Novartis AG
· Spark Therapeutics, Inc.
· Celgene Corporation
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Global Gene Therapy Market: Segmentation
· Biotechnology Companies
· Pharmaceutical Companies
· Academic Institutes
· Research Institutes
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Cancer Gene Therapy Market: Increase in prevalence of cancer, rise in government funding and initiatives, growth in pipeline of cancer gene therapy products, and collaborations to develop and launch gene-therapy products are some factors driving the market.
Hemophilia Gene Therapy Market: Next-generation DNA sequencing and genetic mutations have played a vital role in enhancing healthcare treatments across a range of specializations. For this reason, leading players in the hemophilia gene therapy market are upping their game with genetic research.
Cell and Gene Therapy Market: Technological advancements in cell and gene therapy is one of the key factors projected to fuel the global cell and gene therapy market during the forecast period. Emerging technologies in cell and gene therapies, such as proprietary cell lines, gene vectors, cell expansion and separation systems, and single-use bioprocessing reactors, have become primary means by which single products have been transformed into a robust product portfolio.
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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