The Infinium Global Research analyzes the Gene Therapy Market over the period of 2018 to 2024. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in global gene therapy market. It will help a lot of decision makers to develop strategies and find new opportunities in the global markets of gene therapy. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the gene therapy market during the period. The global gene therapy market is projected to grow at a CAGR of 33.0% over the forecast period of 2018-2024.
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Gene therapy is a form of therapy that inserts a gene into an individual’s cells and tissues to treat genetic diseases or replace abnormal genes with correct genes to treat other diseases. Gene therapy inserts a working gene into a person who has a damaged gene. Gene therapy works by repressing, replacing, or repairing defective genes that cause disease and with a purpose of regenerating normal function. Further, when a cell does not work properly or is absent, a genetically planned gene is introduced into the cell. For proper functioning of the cell, the gene needs to be inserted correctly into the targeted cell to avoid causing any adverse effects.
Gene therapy is considered as a significant means of treatment as it eradicates the practice of surgery, drugs, or other procedures that can have side effects on the health of individuals. A genetic disorder is a consequence of gene modifications in which proteins are produce inaccurately. Modified gene is a reason for the absence of the important protein. Further, with the help of gene therapy normal replica of that absent or faulty protein can be presented to restore the function of the protein. Gene therapy is used for the treatment of various diseases such as Cancer, hemophilia, Parkinson’s disease, HIV, and can immune shortages through various approaches.
Increasing Government Support for Gene Therapy in Cancer Treatment Can Further Fuel the Demand for Gene Therapy Market
Innovation in gene therapy for rare & cardiovascular diseases treatment is growing and increasing awareness regarding the ability of gene therapy to cure diseases drives the growth of gene therapy market. Further, several benefits such as the ability to replace defective cells help in eliminating diseases and significant therapeutic potential offered by gene therapy is boosting the growth of this market. Rising occurrence of cancer and increasing government support for gene therapy in cancer treatment can further fuel the demand for gene therapy market. Gene therapy has substantial potential to eradicate and counter several genetic illnesses and frequent life-threatening disorders, such as AIDS, cancer, Parkinson’s disease, heart diseases, age-related disorders, and cystic fibrosis.
As per WHO there were approximately 36.9 million people living with HIV at the end of 2017 and 1.8 million people were newly infected in 2017 worldwide. In addition to this, in 2018 American Cancer Society reported 609,640 people were dead owing to cancer in the United States. Moreover, the upsurge in a number of gene therapy treatment centers in developed countries and increasing adoption for gene therapy for Oncological disorder have expected to be a lucrative growth opportunity for this market. On the contrary, high cost associated with gene therapies and the potential to give rise to other disorders is likely to restrain the growth of the gene therapy market.
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North America Accounted for the Largest Market Share for Gene Therapy Market
In terms of geographies, North America accounted for the largest market share for gene therapy market. Factors such as rise in disposable income, increasing incidents for cancer, and increasing investment for R&D activities are driving the growth for gene therapy industry in the North America region. Moreover, Asia Pacific region is likely to witness significant growth in this market due to the increase in a number of various chronic diseases, and growth in healthcare expenditure is driving the growth of gene therapy market. Additionally, accessibility of a wide range of innovative products that proposes better results to the patients at slightly lower costs is also boosting the market growth. Recently, a club of scientists directed by the National Cancer Center Japan (NCC) in, along with Toray Industries, Inc., and other institutions developed a new technique that could detect 13 types of different cancer using just a single drop of blood.
Fastest Growing Segments in the Gene Therapy Industry
The report on the global gene therapy market covers segments such as type, applications, and vector type. On the basis of type, the sub-markets include suicide gene therapy, cancer gene therapy, tumor suppressor gene therapy, cytokine gene therapy, antigen gene therapy, and others. On the basis of applications, the sub-markets include neurological diseases, cardiovascular diseases, genetic diseases, infectious diseases, oncological disorders, and others. On the basis of vector type, the sub-markets include non-viral vectors and viral vectors.
Key Players in the Gene Therapy Industry
The report provides profiles of the companies in the gene therapy market such as Adaptimmune, bluebird bio, Inc., Gilead, Merck & Co., Inc, Achieve Life Sciences, Inc., Abeona Therapeutics, Inc., agtc, Audentes Therapeutics, and Editas Medicine.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the gene therapy.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research– Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.