Worldwide gene therapy market is poised to reach US $4,300 million by the year 2021, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2021.
According to the latest report, the global gene therapy market growth is primarily driven by the constant technological advancements and progressions in trials of drugs targeting unmet medical needs. Increasing research & development on platform technologies by the big and emerging biopharmaceutical companies, and favorable regulatory environment would rev up clinical development as well as commercial approval of gene therapies in the near future. In spite of being highly promising, the high costs of gene therapy would constrain their commercial adoption over 2016-2021.
Gene therapy involves the inactivation of a mutated gene which is not functioning effectively and introducing a new gene to help in in combating a disease. Market analysts claim that the domain of gene therapy is maturing and advancing, with several products in the development and commercialization phase. For example, Spark Therapeutics gained approval for Luxturna, which is a gene therapy for a rare form of inherited blindness, in December 2017. Reportedly, the gene therapy market further observed the approvals of Novartis’ Kymriah and Gilead/Kite Pharma’s Yescarta in the cancer therapeutic field, in late 2017.
Gene therapy can treat a wide range of cancer and genetic disorder indications. Leading pharmaceuticals and biotechnology companies, including Biomarin, GSK, Allergan, Shire, and Pfizer, exhibit strong interest in this field. The gene therapy space has been witnessing a number of partnerships and alliances. For instance, Pfizer has recently strengthened its presence in the gene therapy market by acquiring Bamboo Therapeutics, while Allergan made its entry into this field with the purchase of RetroSense and its Phase1/2 optogenetic program.
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In terms of regional contribution, North America dominates the worldwide gene therapy market, followed by Europe and the Asia Pacific region. The United States is ahead of Europe in the number of ongoing clinical trials. Furthermore, gene therapy is gaining massive investor attention in these regions, which is significantly driven by the success of visible clinical trials, and the potential of gene therapy in curing unmet medical needs along with significant commercial opportunity. The market researchers speculate that the disruptive potential of gene therapy, and the surging number of partnerships and alliances would facilitate the market growth in the coming years.
The latest report also provides an exhaustive scrutiny of the global gene therapy market drivers, challenges, and opportunities which are believed to impact the commercialization scope of this industry over the predicted timeframe.