The global gene therapy market is expected to increase at a CAGR of 27.8% from USD 3.8 billion in 2019 to USD 13.0 billion by 2024. The high frequency of cancer and other target diseases, the availability of reimbursements, and the increased financing for gene therapy research are all driving this market forward. The high cost of gene treatments, on the other hand, is likely to stifle market expansion to some extent throughout the projection period.
The greatest regional market for gene treatments is North America
North America, Europe, Asia Pacific, and the Rest of the World are the four primary regions that make up the worldwide market. North America had the greatest share of the market in 2018, followed by Europe. The rising prevalence of chronic diseases, rising healthcare expenditures, sophisticated healthcare infrastructure, reimbursement availability, and the presence of prominent market players in the region are all propelling the gene therapy market in North America forward.
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Key Market Players
The market for gene therapy has a number of notable participants are Biogen (US), Novartis AG (Switzerland), Gilead Sciences, Inc. (US), Spark Therapeutics, Inc. (US), MolMed S.p.A. (Italy), Orchard Therapeutics plc. (UK), SIBIONO (China), Shanghai Sunway Biotech Co., Ltd. (China), bluebird bio, Inc. (US), Human Stem Cells Institute (Russia), AnGes, Inc. (Japan), Alnylam Pharmaceuticals, Inc. (US), Sarepta Therapeutics (US), Jazz Pharmaceuticals, Inc. (Ireland), Akcea Therapeutics (US), and Dynavax Technologies (US).
In 2018, Biogen was the market’s main participant. Biogen has established itself as a market leader thanks to solid business operations in all important markets and a strong brand image. To keep its market-leading position, Biogen used organic and inorganic expansion techniques such agreements and collaborations, as well as acquisitions. Biogen, for example, partnered with Ionis Pharmaceuticals in 2017 to find new antisense oligonucleotide therapy candidates for the treatment of spinal muscular atrophy. SPINRAZA, which is intended to treat 5q spinal muscular atrophy, gained NMPA (National Medical Products Association) clearance in China in 2019.
This report categorizes the market into the following segments :
By Product type : Somatic Gene Therapy, Germline Gene Therapy and Others
By Application : Oncology, Rare Diseases, Infectious Disease and Others
Recent Developments
Recent Happenings
● ZOLGENSMA was approved by the FDA in May 2019 by Novartis AG (Switzerland).
● Biogen (US) bought Nightstar Therapeutics (UK) in June 2019 to expand its market presence.
● Amgen (US) partnered with the University of Texas MD Anderson Cancer Center (US) in June 2018 to research a number of early-stage oncology medicines.
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