Gene Therapy Market 2019 Analysis, Global Trends, Segmentation Overview and Projection till 2026
Pune, India -- (SBWIRE) -- 06/18/2019 -- The excellent advantages of quality treatment incorporate the substitution of a faulty quality out and out. In initial years, research analysts were more focused on repairing the defective genes, but with the option of replacing the gene altogether, more end users are opting for the gene therapy process. This factor has had a positive impact on the Global Gene Therapy Market and the increasing adoption is likely to drive the market in the forecast period.
The Global Gene Therapy Market is likely to grow at an impressive CAGR over the forecast period, owing to recent technological advancements in gene replacement procedures. According to a report by Fortune Business Insights, titled 'Gene Therapy: Global Market Analysis, Insights, and Forecast, 2018 - 2025' the market is likely to expand at a high rate due to increasing adoption of gene therapy in several countries across the world.
Recently, there has been a growing emphasis on the development of new gene replacement therapies. Encouraged by advancements in gene therapy and high demand from end users, many companies are investing more in the research and development (R&D) of these products. According to Fortune Business Insights, in the coming years, the market is likely to gain from the rising demand for gene therapy for hemophilia and other diseases.
Introduction of New Tools in Gene Therapy to Drive the Market
Regenerative medicine is an emerging area of research and development, with research analysts expressing their intent of emphasizing developments in gene therapy. As gene therapies involve the infusion of new genes into cells for regeneration of tissues, tools used for these therapies need to be precise and of high calibre. Thus, the focus of existing companies is gradually shifting towards the development of novel and more advanced tools. This offers growth opportunities for existing as well as new players in the market.
Some of the major companies that are present in the global gene therapy market are
- Pfizer Inc.
- Novartis AG
- Bayer AG
- GlaxoSmithKline plc.
- Amgen Inc.
- Boehringer Ingelheim International GmbH
- uniQure N.V.
- bluebird bio, Inc.
- Celgene Corporation and other players.
Availability of Few Gene Therapy Products Creates Opportunities for Entry of New Players
Currently, there are very few gene therapy products that have been approved by the FDA. As the gene therapy process involves very high risk and the margin for error in gene therapies is minimal to almost zero, the efficiency of gene therapies needs to be high. Companies are finding it too hard to get adhere to the standards set by the FDA. Never mind this, end users can be certain about the efficiency of the approved gene therapy process and products as these therapies have already gone through various clinical trials and have met the standards set by FDA and other compliances. Having said that, there is an increasing opportunity for market entrants to achieve rapid growth in this area, due to lesser competition and high scope for expansion. Many companies are in the latter stage of clinical trials and it is expected that these companies will get full commercialization in the forecast period. Either way, these factors are bound to have a positive impact on the global gene therapy market in the forecast period.
Increasing Efforts for Cost Reduction to Boost the Market in Near Future
The cost of gene therapies is expected to remain steep through the forecast period. Although there have been significant developments in concepts of gene therapies and regenerative medicines, there hasn't been any major advancements that have favored cost reductions in gene therapies. As companies have identified this as a major barrier and are now putting in more effort to develop newer concepts to bring down therapy costs and increase end-user coverage. This is expected to bode well for the global gene therapy market in the coming years.
Browse Complete Report Details:
Fortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.