Gene Therapy Market to Reach $46.5 Bn, Globally, by 2030 at 22.8% CAGR: Allied Market Research
Increase in the prevalence of chronic disorders, rise in government support, and ethical acceptance of gene therapy for cancer treatment drive the growth of the global gene therapy market.
PORTLAND, Ore., May 3, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Gene Therapy Market by Vector Type (Viral Vector, Non Viral Vector), by Therapy (In Vivo Therapy, Ex Vivo Therapy), by Gene Type (Antigen, Cytokine, Tumor Suppressor, Suicide, Deficiency, Growth factors, Receptors, Others), by Application (Oncological Disorders, Rare Diseases, Neurological Disorders, Other Diseases): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global gene therapy industry was estimated at $6.0 billion in 2020, and is anticipated to hit $46.5 billion by 2030, registering a CAGR of 22.8% from 2021 to 2030.
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Drivers, restraints, and opportunities-
Increase in the prevalence of chronic disorders, rise in government support, and ethical acceptance of gene therapy for cancer treatment drive the growth of the global gene therapy market. On the other hand, high cost of gene therapies restrains the growth to some extent. However, the presence of advanced healthcare infrastructure is anticipated to pave the way for lucrative opportunities in the industry.
Covid-19 scenario-
- A steep decline in the number of cancer patients visiting clinics and hospitals for gene therapy led to decreased demand for gene therapy products across the world, which had a negative impact on the global market.
- However, the market is anticipated to revive soon, since the global situation has started getting back to normalcy.
The antigen segment to maintain its lion's share-
On the basis of gene type, the antigen segment accounted for the highest market share in 2020, generating nearly one-fourth of the global gene therapy market. Rise in the prevalence of diseases such as autoimmune diseases & cancer and increase in R&D activities associated with antigen-based gene therapies propel the growth of the segment. The deficiency segment, however, is anticipated to cite the fastest CAGR of 26.0% from 2021 to 2030.
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The oncological disorders segment to lead the trail-
On the basis of application, the oncological disorders segment generated the highest share in 2020, holding more than two-fifths of the global gene therapy market. The same segment is also expected to cite the fastest CAGR of 23.5% from 2021 to 2030. Increase in the prevalence of cancer and availability of diverse gene therapy products that can be used to treat cancer fuel the segment growth.
North America to dominate by 2030-
On the basis of region, North America contributed to the major market share in terms of revenue 2020, holding nearly half of the global gene therapy market. The Asia-Pacific region, simultaneously, is projected to cite the fastest CAGR of 25.4% from 2021 to 2030. This is attributed to the facts such as rise in the prevalence of chronic diseases, increase in healthcare expenditure, developments in healthcare infrastructure, availability of reimbursements, and the presence of major market players in the province.
Prominent market players-
- Gilead Sciences
- Orchard Therapeutics.
- Bristol-Myers Squibb.
- Therapeutics plc
- Adverum Biotechnologies, Inc.
- Amgen Inc.
- Jazz Pharmaceuticals,
- Shenzhen SiBiono Genentech
- Adaptimmune
- Novartis AG
- Shanghai Sunway Biotech Co., Ltd.
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