Research Nester released a report titled “Gene Therapy Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global gene therapy market.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The process of gene therapy involves the insertion of genes into the cells of the patients in order to treat diseases including cancer, cardiovascular disease, blood disorders, neurological disorders and others. In this method, the dysfunctional genes in the patient’s cells are replaced with functional genes. The gene therapy market is projected to grow by a CAGR of around 18.07% during the forecast period, i.e., 2019-2027. The significant rise in growth rate can be attributed to the growing research and development in this field. The World Bank reported that more than 2,300 gene therapy clinical trials were carried out in 2017 which increased the potential applications of gene therapy.
The global gene therapy market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. The market is estimated to grow globally as a result of rising expenditure on healthcare as well as growing demand for innovative treatment methods. The market in North America is anticipated to grow substantially on account of growing incidences of diseases in the region, mainly in the United States. On the other hand, the market in Europe is estimated to grow on the back of growing healthcare expenditure and a rising demand for advanced technologies in hospitals in the region, especially in countries such as Germany.
Growing Prevalence of Cancer and Cardiovascular Disease to Drive the Market Growth
According to the World Health Organization, Europe was estimated to account for around 23.4% of cancer cases worldwide. The incidence of cancer in America was predicted to be around 21% with 14.4% cancer deaths globally. The market for gene therapy is anticipated to witness growth as a result of growing cases of disorders including cancer and cardiovascular disease. Further, the rising geriatric population and growing healthcare spending are factors estimated to drive the market growth over the forecast period. However, the high cost of gene therapy, especially for people belonging to lower income groups, is predicted to limit the market growth in the coming years.
This report also provides the existing competitive scenario of some of the key players of the global gene therapy market which includes company profiling of Novartis (SWX: NOVN), Amgen (NASDAQ: AMGN), Orchard Therapeutics (NASDAQ: ORTX), Kite Pharma and uniQure (NASDAQ: QURE). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global gene therapy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.