The increase in awareness in regards with the benefits of using gene therapy as compared to conventional therapy for the treatment of various diseases and government support to promote gene therapy-related research are the major driving factors that are projected to boost the market growth.
The worldwide Gene Therapy Market is estimated at $ 584 million in 2016 and is expected to reach $ 442 million by 2023, with a CAGR of 33.3% from 2017 to 2023. North America is the largest contributor to the 2016 gene therapy market. However, the Asia Pacific region is expected to have the highest growth rate during the forecast period.
Download PDF Report Sample @ https://www.alliedmarketresearch.com/request-sample/2841
Gene therapy is a promising therapy that can be applied to a wide range of diseases. Their goal is to fundamentally cure the cause of the disease instead of relieving the symptoms. They can be effective in a wide range of previously untreated diseases such as hematology, eye, neurodegenerative diseases and multiple cancers. For example, an adeno-associated AAV2 vector injected with the therapeutic gene (RPE65) into the retina enhanced the eyesight of people with Lebers congenital Amaurosis. Gene therapy may be applied in combination with cell products or in an ex vivo treatment mode (e.g., Streemberg) or directly in vitro (e.g., Glybera). Several vectors offer clinically relevant options including adenovirus (AV), adeno-associated virus (AAV) and lentivirus.
Increased funding for research and development activities related to gene therapy and increased awareness of gene therapy are key drivers of market growth. In addition, increased government support, increased ethical acceptance of gene therapy for cancer treatment, and increased cancer spread can drive growth in the gene therapy market. However, high costs associated with treatment and unwanted immune responses are expected to hamper market growth.
The key companies profiled in the report include
- Kite Pharma Inc.
- GlaxoSmithKline PLC
- Spark Therapeutics Inc.
- Bluebird bio Inc.
- Transgene SA
- Applied Genetic Technologies Corporation
- Oxford BioMedica
- NewLink Genetics Corp.
Other prominent players in the value chain include Amgen, Epeius Biotechnologies, Abeona Therapeutics, Sanofi, UniQure, Juno Therapeutics, Adaptimmune, Celgene, and Advantagene.
Among the vector type, viral vectors contribute to the largest share in 2016, and estimated to retain the same trend during the forecast period. Non-viral vector is anticipated to be a lucrative market due to the technological advancement of these vectors with positive results for these therapies during the preclinical and clinical trials for the treatment of various diseases.
For More Information @ https://www.alliedmarketresearch.com/purchase-enquiry/2841
Among the gene type, antigen dominates the overall market accounting for two-ninths of the total share in 2016. Among the applications, oncological disorders is the largest contributor towards the market growth.
In 2016, North America accounted for maximum contribution to the total revenue generated, owing to the high prevalence rate of cancer, presence of high disposable income, and high funding for R&D activities associated with gene therapy. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to rise in incidence rate of cancer, increase in government initiative to improve healthcare infrastructure, and rise in healthcare expenditure.
Key Findings of the Gene Therapy Market:
- Non-viral vectorsisprojected to grow at the highest rate during the analysis period.
- Oncological disorders segment generated the highestrevenue, and is expected to continue its dominance infuture.
- North America dominatedglobalgene therapy market in2016,and is projected to continue its dominance in future.
- China is expected to grow highest in the Asia-Pacific region during the forecast period.
- Antigen was the largest contributor among the gene type segments.