Albany, NY, March 08, 2019 (GLOBE NEWSWIRE) -- The global gene therapy market is a highly fragmented and competitive playing field. The market is riding high on confidence due to recent EU and FDA approvals for various treatments, reports Transparency Market Research (TMR). Currently there are only five key players in the global gene therapy market. These include Spark Therapeutic Inc., Gilead life Sciences Inc., Sibiono GeneTech Co. Ltd, Orchard Therapeutics Limited., and Novartis AG.
In the near future, the landscape of the global gene therapy market is expected to expand into new directions as several biopharmaceutical companies are predicted to enter the market with new products. Currently, these companies are investing in the market with large R&D initiatives in investigating genetic and chronic disorders. According to the TMR report, several new gene therapy products are awaiting approvals and undergoing clinical trials.
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The global gene therapy market’s evaluation stood at US$17.0 mn in 2017. It is expected to register a CAGR of 40.0% during 2018-2026. Approvals for new products and therapies, positive outcomes of clinical trials, and previously unmet medical needs such as non-Hodgkin Lymphoma are anticipated to drive the global market in the next few years.
The Yescarta product in the global gene therapy market held the largest share in 2017. It is expected to consolidate its leading position due to large number of Diffuse Large B-cell Lymphoma (DLBCL) cases and expected commercialization in Europe. Furthermore, Europe is expected to account for over 40% of the total market share by 2026 end. The region is home to increasing number of gene treatment centers which is expected to drive its growth.
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New Products Promise Growth for the Gene Therapy Market
According to 2017 report by Alliance for Regenerative Medicine, 34 gene therapy proposals had reached the critical phase III clinical trials. Although cell-based technologies have been developing rapidly, so far only a few gene therapy products have been commercialized after approvals. Additionally, some of the gene therapy treatments are much-needed medical breakthroughs. For example, the Acute lymphoblastic leukemia, is the most common childhood cancer in the United States. Additionally, it kills over 30% of young patients within first five years. The gene therapy market has offered an effective medical solution for this predicament. Hence, the global gene therapy market is witnessing a rise in consumer awareness due to launch of effective new products, promotions, and increase in number of gene therapy treatment centers.
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R&D in Oncology to Drive Growth for the Gene Therapy Market
According Alliance for Regenerative Medicine, private and public players in the gene therapy market have invested more than US$ 10 bn were invested in gene therapy-related research. Additionally, more and more companies exude confidence through expansion of gene treatment centers, following the success of gene therapy products. This is expected to provide access to a large population in developed as well as developing countries, which is further expected to drive growth of the gene therapy market. Nearly 60% of the R&D funding is helping with in-depth research in oncology. Large number of cancer cases and unmet medical needs in this application are expected to drive tremendous growth for the gene therapy market during 2018-2026.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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