6 Key Projections on Future of Gene Therapy Industry

Overview:

Although the feasibility of gene delivery in patients was first demonstrated nearly 25 years ago, the technology has only recently begun to yield therapeutic benefits. Gene therapy could be an effective means of delivering proteins that are required systemically, such as antibodies. Antibodies are important for a variety of reasons, including providing rapid prophylaxis, preventing infectious diseases, and curing cancer and autoimmune diseases. However, some problems remain. Several risks are associated with gene therapy. While many clinical trials have been promising, some have revealed serious side effects. New genes introduced in gene therapy can spark a harmful immune response. To overcome this problem, scientists must find a way to deliver these genes without triggering an immune response.

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Market Drivers:

High prevalence of cancer and other target diseases is expected to augment growth of the global and Japan gene therapy market over the forecast period. According to the National Cancer Institute, cancer is expected to affect 1,806,590 people in the U.S. and is estimated to cause 606,520 deaths in the country in 2020. 

Moreover, increasing product approvals and growing funding for gene therapy research is also expected to boost growth of the global and Japan gene therapy market over the forecast period. 

Market Restraints:

Factors such as lack of standard regulations, high product costs, development challenges such as lengthy procedures, efficiency and safety issue for conducting clinical trials are expected to hamper growth of the global and japan gene therapy market over the forecast period. 

Regional Statistics:

North America is expected to witness significant growth in the global and Japan gene therapy market over the forecast period. This is due to increasing healthcare expenditure, availability of advanced healthcare infrastructure, strong presence of key market players and availability of reimbursement policies in the region.

Moreover, Europe is also expected to witness significant growth in the global and Japan gene therapy market over the forecast period, owing to increasing research funding in such fields. 

Competitive Section:

Major players functioning in the global and Japan gene therapy market are UniQure N.V., Amgen Inc., Spark Therapeutics (Roche AG), Bluebird Bio, Sibiono GeneTech Co. Ltd., Gilead Sciences, Inc., Orchard Therapeutics, and Novartis AG.

In March 2021, Abecma (idecabtagene vicleucel), a cell-based gene therapy received approval from the U.S. Food and Drug Administration (FDA) for treating adult patients with multiple myeloma, whose disease has returned after at least four prior lines of therapy.