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Gene therapy is characterized as the treatment of diseases arises due to transfer of hereditary material into cells. It is widely used to treat various medical indications such as cancer, neurological disorder, hepatological diseases, dystrophy and several other indications. Gene therapy is majorly determined by the potential displayed by the usage of CAR T-Cell which has acquired considerable heed from various business and non-business sponsors. This aided the market to flourish via pharmaceutical industry’s pipeline. It is estimated that industry accounted for close to USD 5.8 billion of investment in 2020 and is forecast to see growth at compounded rate close to 24% over the period 2021-2027. Rise in number of companies venturing in the market is seen as major factor driving the growth, with FDA estimating to receive more than 200 new applications to begin cell and gene therapy every year and approving 10-20 therapies every year by 2025.
Rising prevalence of aforementioned indications has significantly contributed to the market traction. According to the International Agency for Research on Cancer (IARC) estimates, the indication has risen to 19.3 million cases in 2020. It also reported 10 million deaths due to cancer in the same year. Neurological disorders affect the structural, electrical or biochemical abnormalities in the brain and entire nervous system. Epilepsy is commonest and quite serious neurological disorder, also there are Parkinson’s, dementia and many others. As per the World Health Organization estimations, more than fifty million people round the globe are suffering from epilepsy.
How things stand in the market?
The global gene therapy market is rising with advancements in technology of genomics and gene-editing tools. Another factor supporting the market growth is product approval and increased funding. The current lifestyle and worsening environmental condition have increased the prevalence of lethal medical indications which results in sharp rise in the graph of gene therapy market which is expected to grow substantially during the forecast period also. The market can be segmented on the basis of following segments:
By Vector Type
By Gene Type
By Method of Delivery
The drivers along with health benefits offered by gene therapy results in the generation of hefty revenues in the market. However, high upfront costs lead to budget challenges which largely effects decision making whether to take up the therapy or not. Thus, has negative impact on the market growth.
Cancer holds the maximum share among the various indications of gene therapy market owing to rising incidence of cancers and growing number of gene therapies for treatment. By vector, non-viral vectors segment clearly dominated the market in 2018. This dominance can be due to the rapid entry of oligonucleotide-based non-viral vector in the market.
Developing a potential product for commercialization is an approach to minimize the uncertainty and maximize the growth. Several key players are involved in the development of gene therapy are Novartis AG, Biogen, Gilead Sciences, Inc., Sarepta Therapeutics, Inc., Amgen Inc., Neurophth Therapeutics, Inc. and others.
What competitors are doing?