Pune, India -- (SBWIRE) -- 05/02/2019 -- The latest report on Gene Therapy Market. The report covers the analysis of global as well as regional markets of gene therapy. The objective of the study is to identify market sizes of different segments & countries in recent years and to forecast the values for the next six years. The report also deep dives into the sub-segments of gene therapy market by type (suicide gene therapy, cancer gene therapy, tumor suppressor gene therapy, cytokine gene therapy, antigen gene therapy, and other), application (neurological diseases, cardiovascular diseases, genetic diseases, infectious diseases, oncological disorders, and others), vector type (non-viral vectors, and viral vectors) through main geographies in the global market such as North America, Europe, Asia-Pacific and RoW. 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 is the therapeutic delivery of nucleic acid into a patient's cells as a drug to treat disease. It is primarily an experimental technology, which is highly regulated and carefully monitored to maximize patient safety. Gene therapy is used to treat genetic disorders with single or few administrations rather than frequent dosing, improving quality of life and reducing the need for physician visits. Gene therapy has the potential to treat a variety of cancers, neurological disorders, and infectious diseases, as well as cardiac diseases and several inherited conditions. This novel treatment method can deliver to target cells genes that code for the missing biological factor to treat hereditary or acquired genetic defects.

Increasing Awareness about the Benefits of Gene Therapy to Promote the Growth of Gene Therapy Market

The lack of suitable treatment for chronic diseases is extending the scope of gene therapy. Particularly patients with hereditary diseases will increasingly benefit from these innovative methods in the future. The number of gene therapy products in pre-clinical and clinical phases has doubled in recent years. Several diseases such as ADA-SCID, X-linked SCID, Leber's congenital amaurosis, Parkinson's disease, multiple myeloma, chronic and acute lymphocytic leukaemia have reported successful clinical trials for gene therapy. In addition, a growing number of gene therapies seeking approval is anticipated to drive the growth of the gene therapy market. However, the high cost of the treatment and lack of reimbursement models restrains its growth. Furthermore, increased funding for research and development activities related to gene therapy and increased awareness about the benefits of gene therapy are expected to create fruitful opportunities for the growth of this market over the forecast period.

Cancer Gene Therapy Segment to Hold the Maximum Market Share over the Forecast Period of 2018-2024

The gene therapy market is set to grow with a CAGR of 33.0 % over the period 2018 - 2024. The market is bifurcated into type and applications. The type segment is further bifurcated into suicide gene therapy, cancer gene therapy, tumor suppressor gene therapy, cytokine gene therapy, antigen gene therapy, and others. The cancer gene therapy holds the largest market share among the type segment. The cancer gene therapy is mainly driven owing to the increasing incidences of cancer and the rising number of clinical trials for oncological treatment. In addition, the ongoing innovations in gene therapy are expected to support the growth of the market during the forecast period.

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North America Region to Hold the Dominant Position in the Gene Therapy Market

Geographically, the market is divided into North America, Europe, Asia Pacific and RoW. The North America region dominates the gene therapy market. The U.S is a key country that is driving the North America gene therapy market. The growth in this region is mainly attributed owing to the high prevalence of chronic diseases and the growing number of gene-therapy clinical trials in the U.S. Moreover, high per capita expenditure on healthcare, high disposable income, and increased investment on R&D activities is driving the growth for the gene therapy systems. Europe holds the second largest market share in the gene therapy market. The growth of gene therapy centers and clinical institutions in European countries such as the U.K., Germany, and France are contributing to the growth of the gene therapy market in this region. The APAC region is expected to grow at the fastest rate over the forecast period. Countries such as Japan and China are among the top countries with a high number of gene therapy clinical trials. Going further, government initiatives in healthcare policies and rising investments in the medical sector are among the vital factors that would lead to the adoption of the gene therapy market in the Asia Pacific region.

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Report Findings

1. Drivers

-Growing gene therapy innovations for rare diseases and cardiovascular treatment.

-Increasing consciousness regarding the ability of gene therapy to cure diseases.

2. Restraints

-High costs associated with gene therapies.

-Risk of weakening of the immune response.

3. Opportunities

-Upsurge in number of gene therapy treatment centers in developed countries.