New Jersey, NJ, Sept. 24, 2019 (GLOBE NEWSWIRE) -- Increasing gene therapy innovations for cardiovascular and rare diseases treatment and significant investments in the field of gene-related research and development by various biopharmaceutical companies is increasing competition among market players which in turn is driving the growth in the assessment period. The global gene therapy market is expected to grow from USD 581.49 Million in 2017 to USD 5,740.48 Million by 2025 at a CAGR of 22.07% during the forecast period 2018-2025, according to the new report published by Fior Markets.
Genetic disorders occur due to mutations in the gene, which result in incorrect protein production. Gene therapy is used to introduce a healthy gene into damaged cells. Mutated gene disrupts the protein function and with the help of gene therapy, the function of that missing protein can be restored. Gene therapy is exclusively being used by the researchers for the treatment of various diseases such as HIV, Cancer, Parkinson’s disease, hemophilia and even immune deficiencies through various approaches. Increasing funding for R&D activities relating to gene therapy and an increase in awareness regarding gene therapy are the major factors propelling the growth of the market.
A large number of pipeline molecules in development and increasing gene therapy innovations for cardiovascular and rare diseases treatment are some of the major factors for the growth. Also, growing awareness and acceptance of gene therapy for various disease treatments are favouring the growth of the market. Adverse immune responses may restrict the growth of the market. However, increasing funding from government institutions to support the ongoing research is opening new avenues for the market.
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Key players operating in the global gene therapy market are Spark Therapeutics LLC, Bluebird Bio, UniQure N.V., Juno Therapeutics, GlaxoSmithKline, Chiesi Farmaceutici S.p.A., Bristol Myer’s Squibb, Celgene Corporation, Human Stem Cell Institute, Voyager Therapeutics, Shire Plc, Sangamo Biosciences, Dimension Therapeutics, and among others. To enhance their market position in the global gene therapy market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance in June 2019, Axovant Gene Therapies Ltd. signed a strategic partnership with Yposkesi for the manufacturing and development of gene therapy. Under this strategic collaboration, Yposkesi will provide expertise in process development, technology transfer, manufacturing scale-up, quality control and quality assurance.
- For instance, in 2016, GlaxoSmithKline received approval from European drug regulatory authority for drug “Strimvelis” for the treatment of ADA-SCID.
- For instance, in 2017, Spark Therapeutics, a biotech company received approval from the U.S. Food and Drug Administration (FDA) for a gene therapy called “LUXTURNA”. LUXTURNA is a one-time gene therapy product indicated for the treatment of patients with confirmed biallelic RPE65 mutation-associated retinal dystrophy.
Viral vector held the largest market share of 62.47% in 2017
Type of vector segment is divided into viral vector and non-viral vector. The key element of gene therapy is the delivery of a modified gene or functioning gene. Viral vector held the largest market share of 62.47% in 2017. Delivery systems deliver functioning gene to intend cell target through several viruses such as Adeno-associated virus, retrovirus and lentivirus are modified in labs for gene therapy drugs. . Non-viral vectors are delivered to the target cells and are DNA plasmids that are given as naked DNA or in connotation with diverse compounds such as gelatin, liposomes, or polyamine nanospheres.
The cancer segment is expected to grow with the highest CAGR of 26.14% over the forecast period
Disease Indication segment is classified into cardio vascular diseases, cancer, genetic disorders, neuro disorders, infectious diseases, and others. The cancer segment is dominating the market and is expected to grow with the highest CAGR of 26.14% over the forecast period. This growth can be attributed to high number of pipeline products in the past. Rising prevalence of cancer is also contributing to the growth of the segment. The gene therapy is also being used for the treatment of the infectious diseases and this has increased the growth of the infectious diseases segment in global gene therapy market.
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Regional Segment Analysis of the Gene therapy Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region dominated the global gene therapy market and held the largest market share of 58.31% in 2017 where as Asia pacific is expected to attain the highest growth in the forecast period. North America region is expected to dominate the market due to large number of clinical trials conducting in the region and increasing number of gene therapy treatment centers in the region. For instance, in 2018, the U.S government approved USD 3 billion for The National Institutes of Health research funds. Asia pacific is expected to register the highest growth in the forecast period. Rising number of population prone to various chronic diseases and offering better solutions to the patients at lower costs are major factors for the growth. For instance, in 2017, National Cancer Center Japan (NCC) and Toray Industries, Inc. developed a new method that could detect thirteen different cancer types with a single drop of blood.
About the report:
The global gene therapy market is analysed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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