(Health-NewsWire.Net, August 31, 2021 ) Global Market Overview and Growth Drivers:
The global gene therapy market is estimated to grow from USD 3.8 billion in 2019 to USD 13.0 billion by 2024, at a CAGR of 27.8%. The growth of this market is majorly driven by the high incidence of cancer and other target diseases, availability of reimbursements, and the increasing funding for gene therapy research. However, the high cost of gene therapies is expected to hamper market growth to a certain extent during the forecast period.
The demand for gene therapies for the treatment of cancer is estimated to grow at a high rate during the forecast period
Based on indication, the market is segmented into neurological diseases, cancer, hepatological diseases, Duchenne muscular dystrophy, and other indications. The cancer segment is estimated to grow at the highest CAGR during the forecast period owing to the approval of a growing number of gene therapies for the treatment of cancer and the rising incidence of hematologic cancers.
Non-viral vectors segment accounted for the largest share of the gene therapy market, by vector, in 2018
The market, by vector, has been segmented into viral and non-viral vectors. The non-viral vectors segment accounted for the largest share of the market in 2018. This can be attributed to the high market penetration of oligonucleotide-based non-viral vector gene therapies.
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Recent Developments: Gene Therapy Market
-In May 2019, Novartis AG (Switzerland) received FDA approval for ZOLGENSMA.
-In June 2019, Biogen (US) acquired Nightstar Therapeutics (UK) to enhance its presence in the market.
-In June 2018, Amgen (US) collaborated with the University of Texas MD Anderson Cancer Center (US) to develop a variety of Amgen's early-stage oncology therapies.
Leading Key Market Players : Gene Therapy Market
The prominent players operating in the gene therapy market include Biogen (US), Novartis AG (Switzerland), Gilead Sciences, Inc. (US), Spark Therapeutics, Inc. (US), MolMed S.p.A. (Italy), Orchard Therapeutics plc. (UK), SIBIONO (China), Shanghai Sunway Biotech Co., Ltd. (China), bluebird bio, Inc. (US), Human Stem Cells Institute (Russia), AnGes, Inc. (Japan), Alnylam Pharmaceuticals, Inc. (US), Sarepta Therapeutics (US), Jazz Pharmaceuticals, Inc. (Ireland), Akcea Therapeutics (US), and Dynavax Technologies (US).
Biogen was the leading player in the market in 2018.
Strong business operations across all key regions, coupled with a strong brand image, have made Biogen a leading player in this market. Biogen adopted organic and inorganic growth strategies, such as agreements & collaborations and acquisitions, to maintain its leading position in the market. For instance, in 2017, Biogen entered into a collaboration with Ionis Pharmaceuticals to identify new antisense oligonucleotide drug candidates for the treatment of spinal muscular atrophy. In 2019, the company received the NMPA (National Medical Products Association) approval in China for SPINRAZA, which is used for treating 5q spinal muscular atrophy.
The global market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World. In 2018, North America accounted for the largest share of the market, followed by Europe. The rising prevalence of chronic diseases, high and growing healthcare expenditure, presence of advanced healthcare infrastructure, availability of reimbursements, and the presence of major market players in the region are the major factors driving the growth of the gene therapy market in North America.
Mr. Aashish Mehra