Gene Therapy Market to Grow by a CAGR of 18.07% as a Result of Rising Cardiovascular Disorders during 2019-2027
Research Nester released a report titled “Gene Therapy Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global gene therapy market.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
According to the World Bank, more than 2,300 clinical trials for gene therapy were carried out in 2017, resulting in an increase in the potential applications of the therapy.
The process of gene therapy involves insertion of fragments of DNA or genes into the patient’s cells in order to treat a certain disorder. This method replaces the dysfunctional gene with a functional gene and eliminates the need for drugs or surgeries. Gene therapy can be used for the treatment of several disorders including cancer, cardiovascular disease, neurological disorders and others. The market for gene therapy is anticipated to witness a significantly high CAGR of around 18.07% over the forecast period, i.e., 2019-2027.
The global gene therapy market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. The market is estimated to grow globally on the back of increasing healthcare expenditure and rising demand for improved healthcare treatments. Gene therapy market in North America is anticipated to witness substantial growth on account of increasing incidences of cardiovascular disease in the region, mainly in the United States. According a report by the American Heart Association in 2018, around 2,300 Americans die from cardiovascular disease every day. The need for better methods for prevention and treatment of this disease is estimated to drive the market growth. The market in Europe is anticipated to grow as a result of rising healthcare spending and rising cases of various disorders which leads to advancements in medical technology in the region.
Rising Cases of Cancer across Various Regions to Boost the Market Growth
As per the World Health Organization, Europe accounts for around 23.4% of the cancer cases occurring worldwide. Moreover, the cancer prevalence in the Americas was found to be 21% with 14.4% of the global cancer deaths. Cancer incidence in Asia and Africa was about 48.4% and 5.8% respectively. The growing cases of cancer across the world is estimated to raise the demand for effective and improved therapies and technologies for the treatment which is anticipated to impact the market growth positively. However, the high cost of gene therapy, especially for people belonging to lower income groups, is predicted to hamper the market growth during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global gene therapy market which includes company profiling of Novartis (SWX: NOVN), Amgen (NASDAQ: AMGN), Orchard Therapeutics (NASDAQ: ORTX), Kite Pharma and uni Qure (NASDAQ: QURE). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global gene therapy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.