Driven by Rising Incidence of Cancer, Global Gene Therapy Market to Register Explosive Growth in Near Future

November 04 21:48 2020
Driven by Rising Incidence of Cancer, Global Gene Therapy Market to Register Explosive Growth in Near Future
The global gene therapy market to witness 31.1% CAGR during 2020–2030 by P&S Intelligence.

The global gene therapy market was valued at $3,407.5 million in 2019. According to the forecast of P&S Intelligence, a market research company based in India, the market will advance at a CAGR of 31.1% between 2020 and 2030. The positive results of various clinical trials, the increasing prevalence of chronic diseases, and the soaring R&D (research and development) activities being conducted in gene therapy are the main factors fueling the advancement of the market.

The rising prevalence of chronic diseases such as cancer and many rare diseases is a major growth driver of the gene therapy market. This is because the gene therapies, that are currently available to healthcare professionals, have the ability to treat various rare diseases, especially the ones that have genetic causes. For example, cancer therapies do not require long-term transgene expression. There has been a sharp rise in cancer cases throughout the world in recent times.

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According to the American Cancer Society, the number of new cancer patients increased in the U.S. from 1,685,210 in 2016 to 1,762,450 in 2019. Furthermore, the organization found that cancer mortality rose from 595,690 to 606,880 from 2016 to 2019 in the country. Because of these factors, the requirement for gene therapy grew massively in the country over the last few years. Depending on type, the gene therapy market is divided into in vivo and ex vivo.

Across the globe, the gene therapy market is predicted to register the fastest progress in the Asia-Pacific (APAC) region in the upcoming years. The presence of cost-effective labor, the rising operations of prominent market players, and the emergence of several group investors are the main factors fueling the expansion of the market in this region. In addition to this, the APAC nations are increasingly enacting regulations and policies for regulating the production and approval procedures of various gene therapy products.

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Market Size Breakdown by Segment

By Type

  • In vivo
  • Ex vivo

By Vector Type

  • Viral
    • Adeno-associated virus (AAV)
    • Adenovirus
    • Lentivirus
    • Retrovirus
  • Non-Viral

By Application

  • Oncology
  • Rare Diseases
  • Neurology
  • Ophthalmology
  • Hematology
  • Infectious Diseases
  • Cardiology

By End User

  • Pharmaceutical and Biotechnology Companies
  • Academic Institutes and Research Centers

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • Italy
    • Spain
    • U.K.
  • Asia-Pacific
    • Japan
    • China
    • India
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • Middle East and Africa
    • Saudi Arabia
    • South Africa

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