By Infinium Global Research Aug, 2020
The Global
Gene Therapy Market is expected to grow at a CAGR of 33.0% between 2018
and 2024 in terms of value. Innovation in gene therapy for rare &
cardiovascular disease treatment is growing and increasing awareness regarding
the ability of gene therapy to cure diseases drives the growth of gene therapy
market. Further, several benefits such as the ability to replace defective
cells help in eliminating diseases and significant therapeutic potential
offered by gene therapy is boosting the growth of this market. Rising the occurrence of cancer and increasing government support for gene therapy in
cancer treatment can further fuel the demand for the gene therapy market. Gene
therapy has substantial potential to eradicate and counter several genetic
illnesses and frequent life-threatening disorders, such as AIDS, cancer,
Parkinson’s disease, heart diseases, age-related disorders, and cystic
fibrosis.
As per WHO, there were approximately 36.9 million people
living with HIV at the end of 2017 and 1.8 million people were newly infected
in 2017 worldwide. In addition to this, in 2018 the American Cancer Society
reported 609,640 people were dead owing to cancer in the United States.
Moreover, the upsurge in a number of gene therapy treatment centers in
developed countries and increasing adoption for gene therapy for Oncological the disorder has expected to be a lucrative growth opportunity for this market. On
the contrary, the high cost associated with gene therapies and the potential to
give rise to other disorders is likely to restrain the growth of the gene
therapy market.
In terms of geographies, North America accounted for the
largest market share for the gene therapy market. Factors such as the rise in
disposable income, increasing incidents for cancer, and increasing investment
for R&D activities are driving the growth for the gene therapy market in the
North America region. Moreover, the Asia-Pacific region is likely to witness
significant growth in this market due to the increase in a number of various
chronic diseases, and growth in healthcare expenditure is driving the growth of the gene therapy market. Additionally, the accessibility of a wide range of
innovative products that proposes better results to the patients at slightly
lower costs is also boosting the market growth. Recently, a club of scientists
directed by the National Cancer Center Japan (NCC) in, along with Toray
Industries, Inc., and other institutions developed a new technique that could
detect 13 types of different cancer using just a single drop of blood.