Pune, India, Nov. 24, 2021 (GLOBE NEWSWIRE) -- The global gene therapy market is set to gain momentum from the rising incidence of different types of cancer. The field of this therapy is undergoing several technological advancements that would help in treating cancer in those patients who are at high risks of getting affected by this disease through genetic mutations. Fortune Business Insights™ provided this information in a new report, titled, “Gene Therapy Market Size, Share & COVID-19 Impact Analysis, By Application (Oncology, Neurology, and Others), By Vector Type (Viral and Non-viral), By Distribution Channel (Hospitals, Clinics, and Others), and Regional Forecast, 2020-2027.” The report further mentions that the market size was USD 3.61 billion in 2019 and is projected to reach USD 35.67 billion by 2027, exhibiting a CAGR of 33.6% during the forecast period.
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Neurology Segment to Earn High Share Fueled by High Cost of Drugs
Based on product type, the market is divided into neurology, oncology, and others. Out of these, the neurology segment earned 78.2% in terms of gene therapy market share in 2019. This growth is attributable to the increasing usage of this therapy for treating patients living with spinal muscular atrophy.
Key Players Focus on Gaining Competitive Edge by Developing New Drugs
The market houses a large number of companies that are persistently striving to bag fast-track approvals from renowned regulatory bodies. To do so, they are conducting extensive research programs and launching new drugs. Below are two of the latest industry developments:
- July 2020: GlaxoSmithKline received license from Orchard Therapeutics for its lentiviral stable cell line technology. It will be utilized for the latter’s hematopoietic stem cell gene therapy.
- June 2019: Bluebird Bio, Inc. received an approval for Zynteglo from the European Medicines Agency (EMA). It will be used to treat beta-thalassemia in patients belonging to the age group of 12 years and above.
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The U.S. to Dominate Owing to Presence of Favorable Policies
In 2019, the U.S. generated USD 2.16 billion in terms of revenue. The country is expected to dominate throughout the coming years stoked by the increasing usage of advanced gene therapies for the treatment of rare conditions. Besides, the presence of favorable reimbursement policies and guidelines would also help in propelling the market growth here. As this type of treatment is not legal in several developing nations, industry giants are emphasizing on the U.S. for launching their products.
Europe, on the other hand, is anticipated to grow significantly backed by the adoption of unique treatment options. Asia Pacific is set to hold a comparatively lower share on account of the decreasing usage of gene therapy because of its expensive nature.
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Fortune Business Insights™ lists out the names of all the gene therapy providers present in the global market. They are as follows:
- Novartis AG
- Spark Therapeutics, Inc.
- Gilead Sciences, Inc
- Amgen, Inc.
- Jazz Pharmaceuticals, Inc.
- Sarepta Therapeutics
- GlaxoSmithKline plc
- Other Prominent Players
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