The global gene therapy market was valued at USD 2.26 billion in 2020, with a compound annual growth rate (CAGR) of 20.4 percent predicted from 2021 to 2028. The growing field of advanced therapeutics and gene delivery technologies has spawned a competitive environment in which a large number of market companies are attempting to commercialize their gene therapy products. Collaborations, mergers, and acquisitions are being considered by therapy developers as a potential option for enhancing in-house knowledge and strengthening product pipelines. These factors are projected to contribute to the market’s expansion. Although the high prices of currently accessible therapies encourage therapeutic development, they also limit accessibility and may lead to market withdrawals owing to the goods’ lack of economic sustainability.
As a result, a variety of payment methods, such as financial-based agreements and health-outcome-based agreements, have been proposed or implemented to improve therapy accessibility and market survival. These models have had a considerable impact on the market’s uptake of medicines. Currently, the globe is attempting to offset the negative effects of the SARS-CoV-2 epidemic in order to restore market revenue flow. The cell and gene therapy industries have been severely hit. Progress in ongoing R&D has been slow since many universities have shut down and halted all non-essential research and enrollment processes for clinical trials.
Biopharma businesses, on the other hand, have taken a number of steps to establish a competitive advantage in the market. Companies are pursuing a variety of market entry methods, including expanding biopharmaceutical facilities, collaborating with other important stakeholders, and developing products with Contract Manufacturing Organizations (CMOs). Univercells, for example, launched Exothera, a viral vector CDMO that supports cell and gene therapy companies, in March 2020.
The pandemic-related postponement of Zynteglo’s introduction has slowed the market’s growth significantly. Novartis, on the other hand, gained EMA permission for its two European locations for commercial manufacture of CAR-T treatments in July 2020. Tecartus, a CAR T therapy for patients with relapsed or refractory mantle cell lymphoma, was also approved by the US FDA, according to Kite, a Gilead Company. These approvals show that the emerging field of medicine in this segment is gaining traction.
Insights into Key Companies and Market Share
An rise in financing and investment for gene therapy breakthroughs is likely to present market players with lucrative growth prospects. Additionally, firms are forming strategic alliances to expand their product offerings in the domain, which is expected to increase market competition throughout the projected period. REGENXBIO, Inc. and Ultragenyx Pharmaceutical, Inc., for example, cooperated in March 2020 to leverage the NAV technology platform. REGENXBIO’s NAV AAV9 and AAV8 vectors were licenced worldwide to the latter business for the development of gene treatments for a rare metabolic condition as part of this agreement. The following companies are important players in the worldwide gene therapy market:
● REGENXBIO Inc
● Oxford BioMedica plc
● Dimension Therapeutics Inc
● Bristol-Myers Squibb Company
● SANOFI
● Applied Genetic Technologies Corporation
● F. Hoffmann-La Roche Ltd
● Bluebird Bio Inc
● Novartis AG
● Taxus Cardium Pharmaceuticals Group Inc (Gene Biotherapeutics)
● UniQure N.V
● Shire Plc
● Cellectis S.A
The Report’s Covered Segments
From 2017 through 2028, this research anticipates revenue growth at the global, regional, and country levels, as well as an analysis of the most recent industry trends in each of the sub-segments. Grand View Research has segmented the global gene therapy market research based on Product Type, Application, and Region for this study:
By Product Type outlook : Somatic Gene Therapy, Germline Gene Therapy and Others
By Application outlook : Oncology, Rare Diseases, Infectious Disease and Others
Regional Perspectives
With a revenue share of more than 55 percent in 2020, the North America regional market will lead the industry and will grow at the fastest CAGR during the forecast years. Several government agencies are investing in the region due to a solid regulatory framework for fostering the development of cellular treatment and the existence of a large number of biopharma firms. This, in turn, is propelling the regional market forward.
Read more at : https://www.zionmarketresearch.com/news/gene-therapy-market
About Us :
Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, and company reports to country report. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vague and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is being updated constantly in order to fulfill our clients with prompt and direct online access to our database.
See Also: Organic Soaps Market Future Plans and Industry Growth
