Gene Therapy Market: Size, Share, Growth, Trends, and Forecast, 2018–2024
Sarasota, FL -- (SBWIRE) -- 07/13/2018 -- Gene Therapy Market: Overview
Gene therapy is the introduction of a segment of DNA into a patient to treat a genetic disease. The new introduced DNA usually consists of a functioning gene to correct the adverse effects of the mutation in the individual's own gene.
Gene Therapy Market: Market Dynamics
Increase in funding for R&D activities for new advances in gene therapy, raising awareness about gene therapy amongst people, increase in government subsidiaries and concessions, ethical acceptance of gene therapy for the treatment of cancer and rise in the occurrence of cancer can fuel the growth of the gene therapy market over the forecasted period.
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Few of the restraints for the Gene Therapy market include immune responses to the therapy which are not expected, high costs associated with the therapy and stringent regulatory rules.
Gene Therapy market promises new opportunities owing to upcoming cures for longtime incurable diseases. In March 2017, researchers in France announced that a teenage boy has been cured of sickle-cell disease a few years after he received an experimental gene therapy developed by Bluebird Bio. In addition, FDA approved two breakthrough treatments, Yescarta and Kymriah that uses one's own immune cells to fight rare types of cancer.
Gene Therapy Market: Segmentation
Based on the type of vector, the Gene Therapy market is segmented as Viral vector and Non-viral vector. Viral vector segment has further sub-segments- Retroviruses, Lentiviruses, Adenoviruses, Adeno Associated Virus, Herpes Simplex Virus, Poxvirus, Vaccinia Virus and Others. The dominant segment is the Viral vector owing to its large use, however, the Non-viral vector is experiencing growth owing to its positive results during the preclinical and clinical trials for the treatment of various diseases. Non-viral vector is further segmented as, Naked/Plasmid Vectors, Gene Gun, Electroporation, Lipofection, and Others.
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Based on the application, the market is segmented as Oncological Disorders, Rare Diseases, Cardiovascular Diseases, Neurological Disorders, Infectious disease and Other Diseases. Among these, Oncological diseases are major contributors to the market owing to the high prevalence of cancer worldwide; followed by Cardiovascular diseases on account of rising in the cardiac aliments owing to lifestyle changes.
North America is projected to dominate the global gene therapy market over the forecasted period owing to well-established healthcare facilities, increasing number of patients with cancer and genetic disorders in the region, favorable medical reimbursement policies, high healthcare expenditure, and extensive R&D activities for the gene therapy. Europe is expected to follow North America in the Gene therapy market. The market in the Asia Pacific is likely to expand over the forecasted period owing to the high prevalence of cancer, cardiac aliments, the rise in the healthcare expenditure and developing healthcare infrastructure.
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Gene Therapy Market: Competitors
Some of the major players in the global gene therapy market are Bluebird Bio, Inc., CELGENE CORPORATION, OncoGenex Pharmaceuticals, GlaxoSmithKline PLC, Shanghai Sunway Biotech Co. Ltd., Transgene SA and Adaptimmune Therapeutics PLC. Most of these companies are witnessing different pre-clinical and clinical stages of development of gene therapies.
Gene Therapy Market: Regional Segment Analysis
The Asia Pacific
The Middle East and Africa