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.
New York, NY -- (SBWIRE) -- 01/21/2020 -- The comprehensive 'Global Gene Therapy Market Report 2030' is now updated with latest statistics for allowing the buyers to explore and understand the ongoing trends in the industry. Thorough report, as well as customized report with detailed analysis on specific category is available with Market Industry Reports (MIR).
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.
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Gene Therapy Market Prominent Players
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.
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.
Gene therapy can be defined as a treatment procedure in which a faulty gene is replaced or a new gene is added in an attempt to cure a disease or improve the body's ability to fight a disease. The genes are incorporated into the body with the help of vectors. These vectors may be viral or non-viral. Currently, there are very few gene therapies that have recieved FDA or EMA approvals; some of the approved products include Zolgensma, Strimvelis, IMLYGIC, LUXTURNA, Gendicine, Neovasculgen, Glybera, Oncorine, Yescarta, and Kymriah.
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The global gene therapy market is driven by increasing research & development activities in the field of gene therapy. Moreover, rising incidences of genetic disorders and chronic diseases have been pivotal in contributing to the extensive growth of the global gene therapy market. However, high cost of these products and stringent government regulations are likely to hinder the market growth to a certain extent.
Gene Therapy Market by Type
Based on gene type, the market can be segmented into antigen, cytokine, tumor suppressor, suicide, deficiency, growth factors, receptors, and others. In terms of market share, the antigen segment is estimated to account for the largest market share in 2018. The large market share of this segment can be attributed to the wide-scale applications of this therapy for the treatment of autoimmune diseases such as Multiple Sclerosis (MS), Insulin Dependent Diabetes Mellitus (IDDM), Rheumatoid Arthritis (RA), and oncology.
Gene Therapy Market by Application
Similarly, in terms of application, the market can be segmented into oncological disorders, rare diseases, cardiovascular diseases, neurological disorders, infectious diseases, and others. Hemophilia, dystrophy, pompe disease, and others are rare genetic disorders and their occurrences are estimated to account for the highest CAGR during the forecast period. Around 80% of gene disorders are rare and therefore, gene therapy has the potential to cure the disorder rather than manage its symptoms.
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Key Questions That the Report Answers From Geographic Standpoint
-The geographic scope of the report considers North America, Europe, and the Rest of the World (RoW). The report will decipher which regional market is currently dominating and which regional market is likely to witness the highest CAGR in the coming years.
-The report will also provide insights on country-level markets, which are driving various regional markets
-Comprehensive qualitative and quantitative insights will be provided for both regional & country-level markets
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