Global Gene Therapy Market is Expected to Reach Around USD 2269 Million by 2024

The global gene therapy market was valued at approximately USD 655 million in 2017 and is expected to generate around USD 2,269 million by 2024, at a CAGR of around 19.42 percent between 2018 and 2024. Gene therapy is the process where a DNA is inserted into a patient to treat a specific disease. The DNA is carefully selected to correct the effect of a mutated gene. Gene therapy is suitable for treating cancer by destroying a certain group of cells. Gene therapy has the potential to eventually eliminate genetic defects, kill cancerous cells, and prevent cardiovascular diseases. A fundamental requirement for gene therapy is the correct identification of genes coding for diseases. The global gene therapy market is likely to be driven by the growing prevalence of life-threatening genetic disorders, such as sickle-cell anemia, cystic fibrosis, down syndrome, across the globe in the future. Gene therapy aims to correct the underlying genetic cause of a disease instead of just treating the symptoms like a vast majority of drugs available in the market.

Other major factors that are anticipated to drive the gene therapy market are the need for gene therapy based personalized solutions and increasing adoption of gene therapy for treatment. However, the requirement of an individual case-by-case approach and high treatment cost might hamper the gene therapy market on a global scale in the estimated timeframe. Based on the type, the gene therapy market is bifurcated into somatic cell gene therapy and germ cell gene therapy. The somatic cell segment holds the maximum share of the global gene therapy market. Based on application, the gene therapy market is classified into genetic disorders, cancer, cardiovascular diseases, and others. Genetic disorders are likely to hold a significant market share.

North America, Europe, Asia Pacific, Latin America and the Middle East and Africa comprise the regional segment of the global gene therapy market. North America dominated the global gene therapy in 2017 market and is expected to remain the dominant region. This can be attributed to the developed healthcare infrastructure, favorable government policies, and research activities across the region. The Asia Pacific is likely to register the fastest rate of growth in the gene therapy market in the upcoming years, owing to the low cost of clinical trials and large regional population, especially in India, China, and Japan. The Latin American gene therapy market is projected to grow moderately over the estimated time period. The Middle Eastern and African market is projected to experience noticeable growth in the years ahead.

Some key players of the gene therapy market include UniQure N.V, Spark Therapeutics LLC, Bluebird Bio, Juno Therapeutics, GlaxoSmithKline, Celgene Corporation, Shire Plc, Sangamo Biosciences, Dimension Therapeutics, Voyager Therapeutics, Human Stem Cell Institute, Bristol Myer’s Squibb, and Chiesi Farmaceutici S.p.A., among others. – Zion Market Research