According to Market Research Future, the global Gene Therapy Market is estimated to reach the highest market share with a growth rate of 40.7% during the forecast period, at a market size of USD 524 million.
Gene therapy is a method in which a slice of DNA is introduced into the cell through a vector. The most important players invest in the production of cell and gene therapy treatments due to their specific target. Gene therapy consists mainly of two types, somatic gene therapy, and germline gene therapy, depending on the target cell type. The progress of the global gene therapy market is ascribed to several factors, such as the robustness of the product portfolio, the growing investments of the main players, the high prevalence of target diseases, and the demand for innovative medicines. However, the high costs of product development and stringent regulatory policies should slow the development of the global gene therapy market. The global gene therapy market is currently influenced by several market participants. Key players are engaged in strategic partnerships and product launches to strengthen their market positions.
The global gene therapy market is classified by product, indication, and end-user.
The product-based market is divided into kymriah, yescarta, luxturna, zynteglo, zolgensma, strimvelis, imlygic, and others. The kymriah subsegment leads the product segment as it was the first gene therapy approved in the US
The global indication-based gene therapy market is segmented into oncology, genetic diseases / disorders, and so on. The oncology segment is expected to have the largest market share and the fastest-growing segment due to the high prevalence of cancer and the robustness of cancer gene therapy.
The end-user segments of the market are hospitals and clinics, specialized treatment centers, and others. The clinic and hospital segment are expected to have the largest market share due to the growing number of hospitals. In addition, hospitals are usually the first choice for treating illnesses.
Region-wise the global market is split into various regional markets such as the Americas, Asia Pacific, Europe, and the Middle East & Africa.
North America leads regionwise in the global market in terms of share owing to high number of approved molecules for clinical usage and increased research and development for gene studies.
Following the US, Europe’s high molecule approval stands at the second position and is anticipated to sustain its position during the forecast period.
A developing region such as India and China in Asia Pacific region is predicted to offer lucrative growth prospects owing to progressive growth in the field genes and molecular biology.
Browse Complete Report: https://www.marketresearchfuture.com/reports/gene-therapy-market-8399
The leading names involved in the growth of the global gene therapy market include Amgen, Inc., Novartis AG, Spark Therapeutics, Inc., Gilead Sciences, Inc., uniQure N.V., Orchard Therapeutics plc, Celgene Corporation, Bristol-Myers Squibb Company, Thermo Fisher Scientific Inc., CEVEC, and Lonza. Manufacturers emphasizing the investment for advanced microbiology research and efforts to stay competitive in the global market is one of the driving factors responsible for the growth of the global market.
- Pfizer and Novartis lead a wave of pharmaceutical spending on gene therapy. According to a Reuters analysis, eleven pharmaceutical companies led by Pfizer and Novartis have allocated $ 2 billion jointly since 2018 to invest in the gene therapy industry to better control the production of the world’s most expensive drugs.