According to a market report, published by Sheer Analytics and Insights, The global gene therapy market was valued at $2.5 billion in 2021 and it is expected to reach $29.9 billion at a CAGR of 24.7% between 2022 and 2032. The primary goal of gene therapy is to treat disease at the genetic level. It is a promising treatment option that is driving the growth of the market. In addition, this is an advanced treatment applied for cancer, chronic disease, infectious disease, and blood disorders. The increasing prevalence of chronic disorders such as cancer, rare disease genetic disorders, and other illnesses are expected to fuel the market growth throughout the upcoming years. In several developed nations, the geriatric population is rising and these elderly people are suffering from diseases related to gene problems. Hence, these are also other major factors that are estimated to accelerate the growth of the gene therapy market during the forecast period from 2022 to 2032. In several countries, governments are supporting some key players in the development of new gene therapy methods, and treatment of cancer patients. This would also drive the growth of the market.
Several major factors could be growth opportunities for the market. For example, clinical expenditure is rising with the presence of advanced medical technologies and infrastructure facilities. Additionally, the reimbursement system is providing more benefits for the market. These are the primary growth opportunities for the market. In many countries, chronic illnesses such as AIDS, SCID, brain tumors, cancer, hemophilia, and others are rising. These diseases are expected to accelerate market growth during the forecast period. Moreover, there is a clinical procedure called transgene, which is an advanced treatment in this modern age, also propelling market growth. Many companies globally are focusing on developing new gene therapy techniques, which is another growth opportunity for the market.
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At present days, technologies are becoming advanced every year, which is another opportunity for the gene therapy market. Gene modification, gene editing, genome sequencing, and manipulation technologies with gene delivery methods are estimated to drive the growth of the market. Furthermore, one of the new reproductive genetic technologies is non-invasive prenatal diagnosis using cell-free placental DNA. Moreover, NIPD is increasingly available for the detection of monogenic disorders in this modern age. Gene therapies have the potential to cure a disease. Several different components such as cells, viral vectors, and plasmids, comprise the final cell and gene therapy products. These are also projected to fuel the growth of the market during the upcoming years.
During the epidemic situation of COVID-19, many hospitals were forced to treat people infected with the Coronavirus. Thus, due to this situation, pharmaceutical industries have not been able to make new potential drugs for gene therapy treatment. This primary factor hampered the gene therapy market during the COVID-19 period. In several nations, the cost of gene therapies is rising, which is hampering the market over the last few years. The lack of standard regulations is also hampering the market growth across those nations.
Some key players are using mergers and acquisitions which would benefit the market to gain growth in the future. Subsidiary companies have been taken by parent companies for better production. This would create more growth opportunities for the market.
Some developments in the gene therapy market:
- In 2022, REGENXBIO has launched new gene therapy manufacturing facility in the U.S country. This is an in-house facility and a manufacturing innovation center for gene therapy manufacturing. In addition, this would enable the company to boost the manufacturing of adeno-associated viruses.
- In 2022, UMass Chan has launched a translational institute for molecular therapeutics. This would develop new gene therapy and related treatments for rare genetic diseases.
- In 2022, The Ohio State University has launched a new Gene Therapy Institute. This has offered a first-in-human nervous system gene therapy.
Therefore, these newly launched developments are expected to drive the growth of the gene therapy market during the forecast period.
According to the study, key players dominating the global gene therapy market are AGTC (U.S), AnGes (Japan), AGC Inc (Japan), Amgen (U.S), Bristol Myers Squibb (U.S), BlueBird Bio (U.S), Biogen (U.S), Cellectis (France), Dynavax Technologies (U.S) Fortress Biotech (U.S), GenSight Biologics S.A (France), Gilead Sciences (U.S), Mergen Limited (India), Novartis AG (Switzerland), Organogenesis (U.S), Orchard Therapeutics (U.K), Poseida Therapeutics (U.S), Roche Holding (Switzerland), Sangamo Therapeutics (U.S), Sarepta Therapeutics (U.S), among others.
The Global Gene Therapy Market Has Been Segmented Into:
The Global Gene Therapy Market – by Indication Type:
- Acute Lymphoblastic leukemia
- Inherited Retinal Disease
- Large B-Cell Lymphoma
- ADA-SCID
- Melanoma
- Beta Thalassemia
- Peripheral Arterial Disease
- Spinal Muscular Atrophy
- Others
The Global Gene Therapy Market – by Vector Type:
- AAV
- Lent virus
- Retrovirus and Gamma Retrovirus
- Modified Herpes Simplex Virus
- Adenovirus
- Non-Viral Plasmid Vector
- Others
The Global Gene Therapy Market – by Regions:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- U.K.
- France
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- India
- China
- Japan
- Australia
- Rest of Asia Pacific
- LAMEA
- Middle East
- Saudi Arabia
- UAE
- Others
- Latin America
- Brazil
- Chile
- Others
- Africa
- South Africa
- Egypt
- Others
Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/gene-therapy-market-21
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