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Global Gene Therapy Market is expected to grow at a CAGR of 33.0% over the Forecast Period of 2018– 2024

Infograph - Global Gene Therapy Market

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.

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