A recent report published by Allied Market Research states that the Global Gene Therapy Market generated $584 million in 2016 and is expected to reach $4.4 billion by 2023, growing at a CAGR of 33.3% during the forecast period, 2017-2023.
The growth of the global gene therapy market is driven by an increase in prevalence of cancer, high R&D investment in gene therapy, and growing awareness concerning gene therapy in particular. Additionally, the untapped potential for emerging markets would create lucrative opportunities for new market players. However, high cost associated with gene therapy and unwanted immune responses as a result of treatment hamper market growth.
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The report segments the global gene therapy market by vector type, gene type, application, and geography. Based on vector type, the report bifurcates the market into viral and non-viral vector. The viral vector segment accounted for the highest revenue in 2016 and is expected to continue its dominance through 2023. However, the non-viral vector segment is projected to garner the highest growth rate during the forecast period, owing to technological advancement that contributed to positive results for such therapies. Based on gene type, the market is categorized into antigen, cytokine, tumor suppressor, suicide, deficiency, growth factors, receptors, and others. The antigen segment dominated the overall market in 2016, occupying two-ninths of the total share.
Based on application, report categorizes the market into oncological disorders, rare diseases, cardiovascular diseases, neurological disorders, infectious disease, and other diseases. The oncological disorders segment generated the highest revenue in 2016 and is expected to maintain its dominance through the forecast period. Regionally, North America contributed the highest revenue to the global market in 2016, owing to high prevalence of cancer, presence of high disposable income, and high R&D research funding. The region is poised to continue its dominance through 2023. However, Asia-Pacific is expected to witness the highest CAGR from 2017 to 2023, on account of rise in cancer incidences, surge in healthcare expenditure, and an increase in government initiatives to improve healthcare infrastructure.
The report also profiles key players involved in the global gene therapy market, such as
- Kite Pharma Inc.
- GlaxoSmithKline PLC
- Spark Therapeutics Inc.
- Bluebird bio Inc.
- Transgene SA
- Applied Genetic Technologies Corporation
- Oxford BioMedica
- NewLink Genetics Corp
They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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