Gene Therapy Market is Expected Highest Growth Due To Government Initiative To Improve Healthcare Infrastructure Which Fuel The Market Growth
Increased funding for research and development activities related to gene therapy and increased awareness of gene therapy are key drivers of market growth. In addition, increased government support, increased ethical acceptance of gene therapy for cancer treatment, and increased cancer spread can drive growth in the gene therapy market. However, high costs associated with treatment and unwanted immune responses are expected to hamper market growth.
The Global Gene Therapy Market is estimated at $ 584 million in 2016 and is expected to reach $ 442 million by 2023, with a CAGR of 33.3% from 2017 to 2023. North America is the largest contributor to the 2016 gene therapy market. However, the Asia Pacific region is expected to have the highest growth rate during the forecast period.
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The key companies profiled in the report include
• Kite Pharma Inc.
• GlaxoSmithKline PLC
• Spark Therapeutics Inc.
• Bluebird bio Inc.
• Transgene SA
• Applied Genetic Technologies Corporation
• Oxford BioMedica
• NewLink Genetics Corp.
Other prominent players in the value chain include Amgen, Epeius Biotechnologies, Abeona Therapeutics, Sanofi, UniQure, Juno Therapeutics, Adaptimmune, Celgene, and Advantagene.
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Among the vector type, viral vectors contribute to the largest share in 2016, and estimated to retain the same trend during the forecast period. Non-viral vector is anticipated to be a lucrative market due to the technological advancement of these vectors with positive results for these therapies during the preclinical and clinical trials for the treatment of various diseases.
Among the gene type, antigen dominates the overall market accounting for two-ninths of the total share in 2016. Among the applications, oncological disorders is the largest contributor towards the market growth.
In 2016, North America accounted for maximum contribution to the total revenue generated, owing to the high prevalence rate of cancer, presence of high disposable income, and high funding for R&D activities associated with gene therapy. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to rise in incidence rate of cancer, increase in government initiative to improve healthcare infrastructure, and rise in healthcare expenditure.
Key Findings of the Gene Therapy Market:
• Non-viral vectors is projected to grow at the highest rate during the analysis period.
• Oncological disorders segment generated the highest revenue, and is expected to continue its dominance in future.
• North America dominated global gene therapy market in 2016, and is projected to continue its dominance in future.
• China is expected to grow highest in the Asia-Pacific region during the forecast period.
• Antigen was the largest contributor among the gene type segments.
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