Pune, India -- (SBWIRE) -- 01/14/2020 -- A recent report published by Infinium Global Research Gene Therapy Market (Type - Suicide Gene Therapy, Cancer Gene Therapy, Tumor Suppressor Gene Therapy, Cytokine Gene Therapy, Antigen Gene Therapy, and Others; Application - Neurological Diseases, Cardiovascular Diseases, Genetic Diseases, Infectious Diseases, Oncological Disorders, and others; Vector Type - Non-viral Vectors, and Viral Vectors): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024. According to the report, the global gene therapy market is projected to grow at a CAGR of 33.0% over the forecast period of 2018-2024.

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Gene Therapy Industry: Insight

Gene therapy is a form of therapy that inserts a gene into an individual's cells and tissues to treat genetic diseases or replace abnormal genes with correct genes to treat other diseases. Gene therapy inserts a working gene into a person who has a damaged gene. Gene therapy works by repressing, replacing, or repairing defective genes that cause disease and with the purpose of regenerating normal function. Further, when a cell does not work properly or is absent, a genetically planned gene is introduced into the cell. For proper functioning of the cell, the gene needs to be inserted correctly into the targeted cell to avoid causing any adverse effects.

Gene Therapy Industry: Drivers and Opportunities

Gene therapy is considered as a significant means of treatment as it eradicates the practice of surgery, drugs, or other procedures that can have side effects on the health of individuals. A genetic disorder is a consequence of gene modifications in which proteins are produced inaccurately. Modified gene is a reason for the absence of the important protein. Further, with the help of gene therapy normal replica of that absent or faulty protein can be presented to restore the function of the protein. Gene therapy is used for the treatment of various diseases such as cancer, hemophilia, Parkinson's disease, HIV, and can immune shortages through various approaches.

Innovation in gene therapy for rare & cardiovascular diseases treatment is growing and increasing awareness regarding the ability of gene therapy to cure diseases drives the growth of the gene therapy market. Further, several benefits such as the ability to replace defective cells help in eliminating diseases and significant therapeutic potential offered by gene therapy is boosting the growth of this market. Rising the occurrence of cancer and increasing government support for gene therapy in cancer treatment can further fuel the demand for gene therapy market. Gene therapy has substantial potential to eradicate and counter several genetic illnesses and frequent life-threatening disorders, such as AIDS, cancer, Parkinson's disease, heart diseases, age-related disorders, and cystic fibrosis.

As per WHO, there were approximately 36.9 million people living with HIV at the end of 2017 and 1.8 million people were newly infected in 2017 worldwide. In addition to this, in 2018 the American Cancer Society reported 609,640 people were dead owing to cancer in the United States. Moreover, the upsurge in a number of gene therapy treatment centers in developed countries and increasing adoption for gene therapy for Oncological disorder have expected to be a lucrative growth opportunity for this market. On the contrary, the high cost associated with gene therapies and the potential to give rise to other disorders is likely to restrain the growth of the gene therapy market.

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Gene Therapy Industry: Regional Insights

In terms of geographies, North America accounted for the largest market share for the gene therapy market. Factors such as the rise in disposable income, increasing incidents for cancer, and increasing investment for R&D activities are driving the growth for the gene therapy market in the North America region. Moreover, the Asia-Pacific region is likely to witness significant growth in this market due to the increase in a number of various chronic diseases, and growth in healthcare expenditure is driving the growth of the gene therapy market. Additionally, the accessibility of a wide range of innovative products that proposes better results to the patients at slightly lower costs is also boosting the market growth. Recently, a club of scientists directed by the National Cancer Center Japan (NCC) in, along with Toray Industries, Inc., and other institutions developed a new technique that could detect 13 types of different cancer using just a single drop of blood.

Gene Therapy Market: Segmentation

The report on the global gene therapy market covers segments such as type, applications, and vector type. On the basis of type, the sub-markets include suicide gene therapy, cancer gene therapy, tumor suppressor gene therapy, cytokine gene therapy, antigen gene therapy, and others. On the basis of applications, the sub-markets include neurological diseases, cardiovascular diseases, genetic diseases, infectious diseases, oncological disorders, and others. On the basis of the vector type, the sub-markets include non-viral vectors and viral vectors.

Gene Therapy Market: Competitive Landscapes

The report provides profiles of the companies in the market such as Adaptimmune, bluebird bio, Inc., Gilead, Merck & Co., Inc, Achieve Life Sciences, Inc., Abeona Therapeutics, Inc., AGTC, Audentes Therapeutics, and Editas Medicine.

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