ALBANY, N.Y., Dec. 9, 2020 /PRNewswire/ --Swift and major progress in the molecular and cellular biology field on the back of the technological advancements is generating tremendous growth opportunities for the gene therapy market. The escalating number of approved gene therapies has also brought immense growth for the gene therapy market. Hence, all these factors may serve as great growth generators for the gene therapy market.
Gene therapy is a technique that makes use of genes to treat or prevent disease. Precisely, it is the process of replacing defective genes with healthy ones. This therapy can be performed both inside and outside of the body.
As per the researchers at Transparency Market Research (TMR), the global gene therapy market is extrapolated to expand at a CAGR of 40.0 percent through the assessment period of 2018-2026. The global gene therapy market was valued at US$ 17.0 mn in 2017 and is projected to observe an impressive increase to US$ 5164.03 mn by the end of the forecast period, that is, 2026.
Various studies are showing promising results in terms of gene therapy as an effective therapy for treating a large number of diseases. The emergence of this therapy as an alternative to surgery or drugs will serve as a growth multiplier for the gene therapy market. The popularity of gene therapy as an effective option for a range of cancers, viral infections, and hereditary disorders may further add extra stars of growth to the gene therapy market.
Gene Therapy Market: Increased Focus on Studies and Findings to Accelerate Growth
A massive number of researchers and scientists are in the process of finding effective gene therapies for treating various diseases and disorders. A new study by a group of researchers at Adelaide has found a new gene therapy that could help in treating bowel cancer that has spread to the liver for the first time. In another development, gene therapy has shown promising results for treating sickle cell disease. Such developments bring immense growth for the gene therapy market.
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