Global gene therapy market is poised for robust growth with net revenue pool set to exceed approximately US$ 5 Bn by 2026 end. The market is receiving tailwinds from advancements in synthetic biology. On that premise, the gene therapy market will expand 3X through over the forecast period, projects Fact.MR (2020-2026).
“Certain types of cancer such as Diffuse Large B-cell Lymphoma (DLBCL) and lymphoblastic leukemia are contributing to high mortality rates across the world. Gene therapy is gaining increasing recognition in its immense potential for treating rare diseases. Continued research and development in the area of gene therapy is supporting market growth as well,” states Fact.MR.
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Gene Therapy Market – Key Findings
- In terms of product type, yescarta holds the majority share in the overall market stack.
- Luxturna will register an impressive growth rate through the forecast period.
- Europe accounts for 3/5th of total demand for gene therapy on account of greater spending on oncology research.
- North America will continue to be a lucrative region for prominent players in gene therapy market.
Gene Therapy Market – Key Driving Factors
- Collaborations among clinical research organizations (CROs), research institutes, and biopharmaceutical companies are accentuating the growth of gene therapy market.
- Faster approval rate by European Medicines Agency (EMA) and Food and Drug Administration (FDA) is contributing substantially to market growth.
- Rising caseloads of chronic diseases such as cancer will fuel the development of gene therapy through the forecast period.
- Soaring investment by market leaders such as Novartis AG is bolstering the market growth.
Gene Therapy Market – Key Restraints
- High initial expenses and delays associated with gene therapy are retraining the growth of market.
- Apprehensions regarding efficacy of gene therapy is limiting the market growth.
Impact of COVID-19 on Gene Therapy Market
In view of ongoing onslaught of COVID-19 pandemic, the focus of major healthcare authorities of the world has gravitated towards developing vaccines for the deadly respiratory disease. Gene therapy is one such area of research which could help boost antibodies required to treat patients infected with Coronavirus. For instance, Generation Bio is exploring the potential role of gene therapy in treating COVID-19 patients. Hence, the global gene therapy market will benefit from the outbreak in that market players are rushing to develop multiple therapeutic approaches for SARS-CoV-2. Growing fears of similar Coronavirus outbreaks in the future will continue accelerating the development of gene therapy as well.
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Prominent players profiled in this Fact.MR study include, but are not limited to, Orchard Therapeutics Limited, CELGENE CORPORATION, Spark Therapeutics, Inc., Sibiono GeneTech Co. Ltd., Spark Therapeutics Inc., Gilead Sciences Inc., and Novartis AG. Developed regions remain the key focus area of major stakeholders in the global gene therapy market. Existing gene therapy centers are being prioritized by market players in order to utilize the full extent of their resources. Moreover, they are benefitting from success rates associated with gene therapy and faster drug approvals. Gilead Sciences Inc. expanded their gene therapy centers to a total of 90 recently.
About the Report
This 170-page study offers in-depth commentary on the gene therapy market. The study provides compelling insights on the gene therapy market on the basis of product (yescarta, kymriah, luxturna, strimvelis, and gendicine), application (ophthalmology, oncology, Adenosine Deaminase Deficiency- Severe Combined Immunodeficiency) across three regions (The United States, Europe, and Rest of the World).