Genes are made out of DNA that encodes vital data for the synthesis of proteins that are important for the human body to work in a normal way. Gene therapy an advanced method wherein DNA is acquainted with a patient to treat genetic diseases. New DNA contains a properly functioning gene to correct the impacts of an infection, which causes diseases. Such therapy includes repairing, replacing, or repressing dysfunctional genes that are major causes of disease and it aims to re-establish its normal functioning. Gene therapy acts as a promising way to treat some genetic diseases such as cystic fibrosis, muscular dystrophy along with inherited disorders such as cancer and viral infections.
Gene therapy helps in the development of drugs to find the right approach to address the root cause of diseases. In certain types of disorders where realized hereditary changes lead to nonfunctional or deficient protein creation, this therapy has the potential to provide a way to produce functional protein by fixing underlying defects. In addition to this, the risk factor associated with such therapy is comparatively less, as a new gene introduced continue functioning normal way without affecting other genes. These aforementioned factors make gene therapy a preferred choice over other options.
Major Growth Factors for Gene Therapy Market
Key factors driving substantial growth for the global gene therapy market include increasing prevalence of target diseases, rising demand for innovating drugs, and huge investment by leading players. Increasing funding for gene therapy studies, rising cases of cancer, and regulatory approval of gene therapy as a part of cancer treatment are some of the primary factors responsible for a surge in the growth of the global market. In addition to this, rapid progress in the field of cellular and molecular biology complemented by innovation in technologies has contributed to increased product pipelines. Furthermore, increasing R&D activities coupled with growing awareness about gene therapy fuels the market growth.
- The oncological disorders segment is expected to dominate the market, on account of the growing prevalence of cancer worldwide and the rise in major regulatory approval for gene therapy to treat cancer.
- The viral vector segment emerged as the largest contributor in terms of revenue, owing to easy modifications of several viruses such as Gamma RetroVirus, Lentivirus, Adeno-Associated Virus, and RetroVirus to deliver gene therapy drugs.
- The cardiovascular diseases segment is anticipated to grow at a lucrative rate during the forecast period, due to an increase in the number of clinical trials of gene therapies for the treatment of these diseases.
- North America accounted for the major market share and the trend is projected to continue in the coming years. The regional growth is attributed to rising cancer incidence, growing support for gene-related studies, and higher disposable income of regional consumers.
- The Asia Pacific is estimated to witness the highest growth in the near future, owing to an increased percentage of people diagnosed with various chronic diseases. Additionally, rising efforts by regional players to bring innovation in the field is also supporting segmental growth.
Prominent players have adopted various key strategies such as collaborations, product development, and product launch to gain an edge in the highly competitive global gene therapy market. Adverum Biotechnologies, Inc., Arbutus Biopharma Corporation, Adaptimmune Therapeutics Plc., Editas Medicine, Intellia Therapeutics, Inc., Bluebird Bio, Inc., Novartis AG, Sangamo Therapeutics, Inc., Uniqure N. V., Audentes Therapeutics, Inc., Spark Therapeutics, Inc., and Achieve Life Sciences, Inc., are some of the leading players which have contributed to the exponential growth of the market.
Deep-dive Insights on Gene Therapy Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/gene-therapy-market