Pune, Aug. 25, 2020 (GLOBE NEWSWIRE) -- Global gene therapy market is set to gain momentum from the rising incidence of different types of cancer. The field of gene 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 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.
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 market.
- The current, estimated, and historical sizes of the global market.
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Key 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 gene 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. Hence, there hasn’t been a surge in the application of potential drugs for gene therapy. This factor may hamper the market growth in the forthcoming years.
The emergence of the COVID-19 pandemic is taking its toll on a wide range of industries. Owing to the increasing disruption in supply & demand chain, several companies are at a complete halt. A few of them have commenced operations by following social distancing measures, as well as by lowering workforce. Our reports would provide in-depth information about the best strategy that you can select for gaining business confidence at the moment.
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
Regional Analysis-
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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Competitive Landscape-
Key Players Focus on Gaining Competitive Edge by Developing New Drugs
The market houses a large number of companies that are persistently striving to bag fast-track approvals from renowned regulatory bodies. To do so, they are conducting extensive research programs and launching new drugs. Below are two of the latest 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.
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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Gene Therapy Market Segmentation:
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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