(MENAFN- PR Newswire)
DUBLIN, Jan. 25, 2023 /PRNewswire/ -- The 'global gene therapy market - forecasts from 2022 to 2027' report has been added to
The global gene therapy market is expected to grow at a CAGR of 18.39% over the forecast period to reach US$11.769 billion by 2027 from US$3.611 billion in 2020.
Gene therapy refers to a medical process that modifies or teat an individual's underlying genetic problem thereby preventing disease. Such therapy has high applicability in the treatment of major diseases such as cancer, diabetes, heart disease, and HIV among others as its ability to replace unhealthy genes with new ones provides the body with the ability to fight such diseases.
Unhealthy food consumption, lifestyle factors, and the rising prevalence of obesity, coupled with the rapid increase in the population and economic downturn have increased the prevalence of chronic and infectious diseases such as cancer, diabetes, HIV, and heart disease.
For instance, according to the World Health Organization, in 2020, the number of deaths that occurred due to cancer globally stood at 10 million with which death count by breast cancer stood at 2.26 million followed by lung cancer at 2.21 million. Furthermore, according to US Government's HIV.gov data, in 2021, 1.2 million people in the United States were diagnosed with HIV.
Moreover, according to the 2020 Health and Glance report by European Commission, in 2019, the total number of people diagnosed with diabetes stood at 32.3 million which showed significant growth of 92.2% from the cases reported in 2000. Owing to the rapidly growing prevalence of such major diseases, the demand for gene therapy products is also projected to increase, thereby boosting the global gene therapy market growth during the forecast period.
Based on vector type, the global gene therapy market is segmented into viral and non-viral vectors. The non-viral vector is expected to grow at a relatively higher rate during the forecast period of the global gene therapy market. Non-viral vector has low cost, is easy to produce, has better cell or tissue targeting, and provides biosafety advantages over viral vector which makes the non-viral vector much safer to be used in gene delivery.
Owing to its rich performance benefits, the non-viral vector has a higher preference over the viral vector, and with the increase in the number of major communicable and non-communicable diseases such as cancer, diabetes, and AIDS, the demand for non-viral vectors for gene therapy is also expected to increase, thereby improving its segment as well as the overall market growth during the forecast period.
The growing establishment of gene therapy manufacturing plants by major companies is boosting the global gene therapy market growth. Various companies realizing the importance of gene therapy and its effectiveness against a wide range of deadly diseases are actively investing in innovations and plant establishments to increase their production of gene therapy products.
For instance, in June 2022, REGEXBIO announced the establishment of its new gene therapy manufacturing center in Rockville, Md where the company will boost the manufacturing of its adeno-associated virus vectors using the company's NAV technology. Furthermore, in December 2021, Pfizer opened its new state-of-the-art gene manufacturing facility in Durham, NC, where the company will boost the production of its multiple gene therapy medicine. Such manufacturing plant establishments will increase the demand and scope of usage of gene therapy in the future, thereby boosting the market growth of the global gene therapy market during the forecast period.
In October 2022, Elli Lily and Company signed an agreement for the acquisition of Akouos for a sum of US$610 million. The acquisition will enable Elli Lily to add major gene therapy products of Akouos such as AK-OTOF which is used for treating hearing loss caused due to otoferlin gene mutations. In August 2022, Cytiva collaborated with Forecyte Bio to accelerate the manufacturing and development of the gene therapy industry in the United State and China markets. The company's collaboration will increase the patient's access to gene therapy.
By Therapy Type
By Vector Type
By Technique Type
Gene Augmentation Gene Inhibition Specific Cell Kill
By Disease Type
Cancer Heart Disease Diabetes HIV Others
North America USA Canada Mexico South America Brazil Argentina Others Europe Germany France United Kingdom Italy Spain Others Middle East and Africa Saudi Arabia Israel United Arab Emirates Others Asia Pacific China Japan South Korea India Australia Indonesia Thailand Taiwan Others
Key Topics Covered:
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. GLOBAL GENE THERAPY MARKET BY THERAPY TYPE
6. GLOBAL GENE THERAPY MARKET BY VECTOR TYPE
7. GLOBAL GENE THERAPY MARKET BY TECHNIQUE TYPE
8. GLOBAL GENE THERAPY MARKET BY DISEASE TYPE
9. GLOBAL GENE THERAPY MARKET BY GEOGRAPHY
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
11. COMPANY PROFILES
Novartis Pfizer Inc MeiraGTx Limited San Rocco Therapeutics American Gene Technologies IVERIC bio, Inc Lysogene AVROBIO Inc Adverum Biotechnologies Inc Spark Therapeutics, Inc.
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