Gene Therapy Market Size, Share, And Growth Rate Analysis 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s gene therapy market report forecasts the gene therapy market size to grow to $24.03 Billion by 2027, with a CAGR (compound annual growth rate) of more than 26%.
Learn More On The Gene Therapy Market Report 2023 – https://www.thebusinessresearchcompany.com/report/genes-therapy-global-market-report
Gene Therapy Market Size Forecast
The global gene therapy market is expected to grow from $7.37 billion in 2022 to $9.42 billion in 2023 at a compound annual growth rate (CAGR) of 27.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The gene therapy market is expected to grow from $24.03 billion in 2027 at a CAGR of 26.4%.
North America held the largest gene therapy market share.
Key Gene Therapy Market Driver – Rise In The Number Of Cancer Cases Across The Globe
According to the American Cancer Society, there will likely be 1.9 million new cancer diagnoses and 609,360 cancer-related deaths in the United States in January 2022, or around 1,670 deaths each day. Lung, prostate, bowel, and female breast cancer are the four most frequent kinds of cancer worldwide, accounting for 43 percent of all new cancer cases. Lung, prostate, bowel, and female breast cancer are the four most frequent kinds of cancer worldwide, accounting for 43 percent of all new cancer cases. As a result, the global increase in cancer incidence is expected to raise demand for the gene therapy industry in the future years. One of the most effective cancer treatments is gene therapy. New genes are injected into a malignant cell or surrounding tissue in this treatment to promote cell death or delay cancer growth.
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Key Gene Therapy Market Trend – Adopting Machine Learning And Artificial Intelligence
Artificial intelligence (AI) is the replication of human intelligence in robots that have been programmed to mimic human intelligence. AI includes machine learning. Machine learning and artificial intelligence (AI) assist enterprises in the gene therapy market in conducting a thorough analysis of all relevant data, providing insights into cancer and immune cell interactions, and providing a more reliable evaluation of tissue samples, which is frequently disputed by different evaluators. For example, GlaxoSmithKline, a pharmaceutical business, has been investing in AI since January 2020 to optimise gene therapy and develop off-the-shelf treatments for patients. It is also predicted to reduce gene therapy turnaround time and cost.
Gene Therapy Market Segment
1) By Gene Type: Antigen, Cytokine, Suicide Gene, and Other Gene Types
2) By Vector: Viral Vector, Non-Viral Vector, Other Vectors
3) By Application: Oncological Disorders, Rare Diseases, Cardiovascular Diseases, Neurological Disorders, Infectious Diseases, Other Applications
4) By End Users: Hospitals, Homecare, Specialty Clinics, Other End-Users
Gene Therapy Market Major Players and Strategies
Major players in the gene therapy market are Novartis AG, Bluebird Bio Inc., Spark Therapeutics Inc., Audentes Therapeutics, Voyager Therapeutics, Applied Genetic Technologies Corporation, UniQure N.V., Celgene Corporation, Cellectis S.A., and Sangamo Therapeutics.
Novartis AG, a Swiss pharmaceutical corporation specialising in the research, development, production, and commercialization of pharmaceuticals, paid $800 million for Gyroscope Therapeutics Holdings plc in December 2021. GT005, an experimental, one-time gene therapy currently in Phase 2 for the treatment of people with geographic atrophy (GA), will be added to the Novartis portfolio as part of this acquisition, increasing gene therapy research capabilities and bringing ophthalmic innovation to treat and prevent blindness globally. Gyroscope Therapeutics Holdings plc is a clinical-stage biopharmaceutical company situated in the United Kingdom that is a pioneer in the discovery and development of gene therapies for the treatment of eye ailments.
The Gene Therapy Global Market Report 2023 covers regional data on gene therapy market size, gene therapy market trends and drivers, opportunities, strategies, and gene therapy market competitor analysis. The countries covered in the gene therapy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Gene therapy is a way of treating or curing illness that involves altering a person’s DNA. Gene therapy can work in a variety of ways, including replacing a disease-causing gene with a healthy copy of the gene and rendering a defective gene that causes an illness inactive.
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Nucleic Acid Based Gene Therapy Global Market Report 2023
Cell And Gene Therapy Global Market Report 2023
Drugs For Immunotherapy Global Market Report 2023
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