The gene therapy market size was valued at US$ 2.99 billion in 2021. The rapidly expanding field of advanced therapeutics and gene delivery technologies has created a competitive climate in which a slew of market companies are vying for the right to commercialise their gene therapy products. Therapy developers are looking into mergers, acquisitions, and collaborations as a viable option for expanding their in-house knowledge and expanding their product offering. These factors are expected to aid in the expansion of the gene therapy industry. While the high costs of currently available medicines drive therapeutic development, they also limit access and stifle market expansion.
A Quick Look at the Region
In terms of region, the gene therapy market in North America is the largest. The region’s dominance is due to the high prevalence of chronic illnesses and the increased acceptance of contemporary medicines for the treatment of rare diseases. The favourable norms and reimbursement regulations will also aid the growth of the region’s business. Because this treatment process is still illegal in a number of developing countries, the major market participants are focussing their efforts on the North American market.
In the gene therapy market, Europe is the fastest expanding area. Across Europe, advanced medical alternatives for incurable diseases are well-known. The region’s market growth will be aided by substantial research spending in these disciplines.
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For incurable diseases, new drugs are being developed.
Due to its potential for generating medications that can address rare-occurring ailments, gene therapy is gradually becoming a focus for many academic institutes and research organisations, notably in the field of oncology. With the growth of gene therapy, the healthcare industry must reconsider its development and reimbursement framework for medicines and treatment approaches that differ from the traditional approach to illness cure. As a result, the development of novel medications for uncommon diseases will propel the market forward.
Segments Covered in the Report :
By Product type : Somatic Gene Therapy, Germline Gene Therapy and Others
By Application : Oncology, Rare Diseases, Infectious Disease and Others
Gene therapy is a medical procedure in which a patient is given DNA to address a genetic condition. Somatic and germline gene therapy are the two types of gene therapy available. This is a medical method that allows doctors to treat a problem without needing medications or surgery by replacing a damaged gene or inserting a new gene. It can be used to treat cancer, cystic fibrosis, heart disease, diabetes, haemophilia, and AIDS, among other hereditary illnesses. Replacing and fixing faulty genes, as well as teaching your immune system to recognise cells that pose a threat, are all part of gene therapy. In the domains of health sciences and pharmaceuticals, this approach has resulted in a paradigm shift.
Top Market Players Are:
● Dimension Therapeutics
● Novartis AG
● Bluebird Bio
● Gilead Sciences Inc.
● Human Stem Cell Institute
● Spark Therapeutics LLC
● Celgene Corporation
● Sangamo Biosciences
● Shire Plc
● Voyager Therapeutics
Highlights of The Report:
● Important market trends in the global gene therapy market to aid firms in developing long-term plans
● Market research that is quantitative
● Demand for gene therapy in several businesses is estimated.
● Recent developments to have a better understanding of the competitive landscape
● Factors driving and limiting the industry’s growth, as well as trends and outlook
● A comprehensive analysis and segmentation of the worldwide gene therapy market, as well as its industry dynamics
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