Gene Therapy Market to Grow at a CAGR of 33.0% by 2024, Focusing on Top Key Players - Adaptimmune, bluebird bio, Gilead, Merck & Co., Achieve Life Sciences, Abeona Therapeutics

The main objective of this report is to define, describe, and forecast the global “Gene Therapy” market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market. According to the report, 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.

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.

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 market 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.

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.

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The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region, as it is the largest market in this region. The Asia-pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China.

The report provides profiles of the companies in the market such as Adaptimmune, bluebird bio, Inc., Gilead, Merck & Co., Inc, Achieve Life Sciences, Inc., Abeona Therapeutics, Inc., agtc, Audentes Therapeutics, and Editas Medicine.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of gene therapy market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.

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