Global Gene Therapy Market is expected to grow at a CAGR of 22.07% during the forecast period from 2018-2025
A new research report published by Fior Markets with the title Global Gene Therapy Market by Type (Germline Gene Therapy and Somatic Gene Therapy), Type of Vector, Disease Indication, and Region and Global Forecast 2018-2025.
As per the report, the global gene therapy market is expected to grow from USD 8.36 Million in 2017 to USD 38.41 Million by 2025 at a CAGR of 22.07% during the forecast period from 2018-2025. North America is dominating the market during the forecast period. Large number of clinical trials conducting in the region and increasing number of gene therapy treatment centers in the region are driving the growth of the market in the region. For instance, in 2018, the U.S government approved USD 3 billion for The National Institutes of Health research funds.
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Key players operating in the market are Spark Therapeutics LLC, Bluebird Bio, UniQure N.V., Juno Therapeutics, GlaxoSmithKline, Chiesi Farmaceutici S.p.A., Bristol Myer’s Squibb, Celgene Corporation, Human Stem Cell Institute, Voyager Therapeutics, Shire Plc, Sangamo Biosciences, Dimension Therapeutics and others. Major players are engaged in developing new technologies to retain their foothold in the global market. For instance, in 2017, Spark Therapeutics, which is a biotech company received approval from the U.S. Food and Drug Administration (FDA) for a gene therapy called Luxturna.
The type segment is classified into germline gene therapy and somatic gene therapy. Type of vector segment is divided into viral vector and non-viral vector. The key element of gene therapy is delivery of modified gene or functioning gene. Viral vector held the largest market share and was valued around USD 4.89 in 2017. Delivery systems deliver functioning gene to intended cell target through modified viruses several viruses such as Adeno-associated virus, retrovirus and lentivirus are modified in labs for gene therapy drugs. Disease Indication segment is classified into cardio vascular diseases, cancer, genetic disorders, neuro disorders, infectious diseases, and others. This growth can be attributed to high number of pipeline products in the past. Rising prevalence of cancer is also contributing to the growth of the segment.
Large number of pipeline molecules in development and increasing gene therapy innovations for cardiovascular and rare diseases treatment are some of the major factors for the growth. In addition, growing awareness and acceptance of gene therapy for various disease treatments are favouring the growth of the market. Adverse immune responses may restrict the growth of the market. However, increasing funding from government institutions to support the ongoing research is opening new avenues for the market.
About the report:
The global gene therapy market is analysed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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- CDN Newswire