Gene Therapy Market is anticipated to grow at a double-digit CAGR of 33.1% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Gene Therapy Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global gene therapy market is estimated to be over US$ 411.2 Mn in 2018. It is anticipated to grow at a double-digit CAGR of 33.1% from 2019 to 2030.
Rising incidences of genetic & chronic diseases globally are among the major factors driving market growth. Moreover, rising investments by governments in the research & development of gene therapy products and the growing focus of market players on getting approvals for their gene therapy products are anticipated to fuel market growth during the forecast period. However, the high cost of treatment and stringent government regulations regarding gene therapy product approvals are likely to hinder market growth to a certain extent. Major players are focusing on collaborations with other players or institutions to conduct clinical trials as well as R&D activities. For instance, in April 2018, GSK and Orchard Therapeutics signed a collaboration agreement for the development & manufacture of gene therapy medicines targeting rare diseases.
According to The International Agency for Research on Cancer (IARC), the global burden of cancer rose to 18.1 million new cases and 9.6 million deaths in 2018. The total number of people who are alive after 5 years of a cancer diagnosis worldwide was estimated to be 43.8 million. Therefore, the growing prevalence of cancer, chronic diseases, and genetic disorders have been pivotal in attracting government initiatives & funding for developing medicines that can cure these diseases.
In 2018, Novartis received an approval in the European Union for Luxturna, a one-time gene therapy product. This therapy has been developed to restore functional vision among children & adult patients. There are several ongoing clinical trials related to gene therapy and their numbers have drastically increased from ~160 in 2015 to ~860 in 2019. Most of these clinical trials are under the early phases of development, thereby providing the market with ample opportunities in the years to come.
Browse key industry insights spread across 175 pages with market data tables & figures & charts from the report, Gene Therapy Market by Vector Type (Viral Vector and Non-Viral), Gene Type (Antigen, Cytokine, Tumor Suppressor, Suicide, Deficiency, Growth Factors, and Receptors), Application (Oncological Disorders, Rare Diseases, Cardiovascular Diseases, Neurological Disorders, and Infectious Diseases) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/gene-therapy-market/149
However, the high cost of gene therapy treatments is one of the major factors that will hinder market growth considerably. For instance, the cost of currently available gene therapy products such as Luxturna, Kymriah, and CAR-T is approximately US$ 1.5 Mn (induvidually). Therefore, high cost of gene therapy products makes their application extremely selective. Moreover, reimbursements for these therapies are currently under consideration by the government bodies, further restraining market growth.
Europe is estimated to account for the highest CAGR in gene therapy market over the forecast period. Product approvals and strong product pipelines are likely to propel the European market in the coming years. Moreover, the increasing focus of key players in this region on receiving approvals for gene therapy products and collaborations & agreements among them for further developments in these products are anticipated to boost the market extensively during the forecast period.
Some of the prominent players in the global gene therapy market include Novartis AG, UniQure N.V., Regenxbio Inc., Sibiono GeneTech Co. Ltd., Amgen Inc., Voyager Therapeutics, Sarepta Therapeutics, Inc., Spark Therapeutics, Inc., Audentes Therapeutics, and Orchard Therapeutics plc, among others.
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