Global Gene Therapy Market 2022 – Market Opportunities And Strategies
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The gene therapy market is forecasted to achieve exponential growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 30%, as per The Business Research Company’s market report!
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The Gene Therapy Market Size In 2022 And Forecast
The global gene therapy market is expected to grow from $5.77 billion in 2021 to $7.37 billion in 2022 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, affecting many markets across the globe. The gene therapy market is expected to reach $21.25 billion in 206 at a CAGR of 30.3%.
The gene therapy market consists of sales of gene therapy-related services by entities (organizations, sole traders, and partnerships) that manufacture gene therapy drugs.
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Incidences Of Cancer And Other Target Diseases Is Driving The Growth Of The Gene Therapy Market
According to the American Cancer Society, there were 1.7 million new cases and 0.6 million cancer deaths in 2019 in the USA. The four most common types of cancer worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of all new cancer cases. Therefore, the rise in the cancer incidence rate globally is anticipated to boost the demand for the gene therapy market over the forthcoming years. Gene therapy is one of the most effective treatments in oncology. In this treatment, new genes are introduced into a cancerous cell or the surrounding tissue to cause cell death or slow the growth of cancer. For instance, in September 2019, RMIT University, Australia found that non-viral gene therapy can be used to speed up cancer research, which can bring patient-friendly cancer treatment to the market.
Competitive Landscape And The Regional Analysis Of The Gene Therapy Market
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.
The Gene Therapy Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. 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. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the gene therapy market.
Machine Learning And Artificial Intelligence – A Key Trend In The Gene Therapy Market
Artificial intelligence (AI) is the simulation of human intelligence in machines, which are programmed to display their natural intelligence. Machine learning is a part of AI. Machine learning and AI help companies in the gene therapy market to conduct a detailed analysis of all relevant data, provide insights between tumor and immune cell interactions, and offer a more accurate evaluation of tissue samples often conflicted between different evaluators.
Gene Therapy Market Segmentation By The Business Research Company
1) By Gene Type: Antigen, Cytokine, Suicide Gene, Others
2) By Vector: Viral Vector, Non-Viral Vector, Others
3) By Application: Oncological Disorders, Rare Diseases, Cardiovascular Diseases, Neurological Disorders, Infectious Diseases, Others
4) By End Users: Hospitals, Homecare, Specialty Clinics, Others
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