Gene Therapy Market, by Gene Therapy Type Germline Gene Therapy and Somatic Gene Therapy
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Gene Therapy Market – Dynamics
Demand for gene therapy is significantly increasing due to increasing number of patients suffering from hereditary disorders, cancer, HIV, and various chronic diseases. For instance, 2018 American Cancer Society report showed cancer was responsible for 609,640 deaths in the U.S. Moreover, in 2017, WHO reported 1.0 million deaths were caused due to HIV-related illnesses worldwide. Increasing technological developments, innovations, and clinical and pre-clinical trials. For instance, According to published article in 2014 Regenerative Medicine reports 4749 registries of clinical trials related to stem cell treatment. Several diseases are likely to propel growth of the gene therapy market size during the forecast period. Moreover, increasing research and development funding by government agencies and commercial market players for the development of innovative, efficient, and safer gene therapy practices is boosted the market growth. For instance, 2017 National Institutes of Health was funded US$ 1,644 million for stem cell research. Furthermore, growing awareness and community acceptance of gene therapy for various disease treatments is propelling growth of the market.
However, unwanted immune responses related to treatment, concerns regarding unethical use of gene therapy and high cost associated with the treatment can hamper the market growth.
Gene Therapy Market – Regional Insights
On the basis of region, the global gene therapy market is segmented into North America, Europe, Latin America, Asia Pacific, Middle East, and Africa. North America holds a dominant position in the global gene therapy market, owing to well-established healthcare facilities, extensive research and development activities, high per capita healthcare expenditure, and promising medical reimbursement policies in the region. For instance, in 2018, the U.S government approved US$ 3 billion, for The National Institutes of Health research funds. Additionally, rising prevalence of cancer and various chronic diseases has boosted the demand for gene therapy in North America. For instance, According to 2018 American Cancer Society report cancer was responsible for 609,640 cancer deaths in U.S. alone, so Furthermore, Asia Pacific is projected to witness significant growth in the global gene therapy manufacturing market in the near future, owing to its owing to rising number of vulnerable population to various chronic diseases and wide availability of innovative products offering better solutions to the patients at marginally lower costs. For instance, in 2017, a group of researchers led by the National Cancer Center Japan (NCC), together with Toray Industries, Inc. developed a new method that could detect thirteen different cancer types with a single drop of blood.
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