With 33.6% CAGR, Gene Therapy Market Size worth USD 35.67 Billion in 2027 – GlobeNewswire

Pune, India, April 20, 2022 (GLOBE NEWSWIRE) -- The global gene therapy market size is set to gain momentum from the rising incidence of different types of cancer. The field of this therapy is undergoing several technological advancements that would help in treating cancer in those patients who are at high risks of getting affected by this disease through genetic mutations. The report further mentions that the market size was USD 3.61 billion in 2019 and is projected to reach USD 35.67 billion by 2027, exhibiting a CAGR of 33.6% during the forecast period.

Fortune Business Insights provided this information in a new report, titled, Gene Therapy Market Size, Share & COVID-19 Impact Analysis, By Application (Oncology, Neurology, and Others), By Vector Type (Viral and Non-viral), By Distribution Channel (Hospitals, Clinics, and Others), and Regional Forecast, 2020-2027.

Get Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/gene-therapy-market-100243

Industry Developments:

Report Scope & Segmentation

Drivers & Restraints-

Increasing Innovations & Research Activities to Boost Growth

The U.S Food and Drug Administration (FDA) stated that it is expecting to receive more than 200 applications of this therapy by the end of 2020. This showcases that the rising number of research studies and innovations in this field would affect the gene therapy market growth positively in the near future. In North America, almost 208 companies are currently operating in this market. In addition to this, the Alliance for Regenerative Medicine declared that as of 2018, approximately 259 potential drug candidates are under Phase I clinical trials across the globe.

For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/gene-therapy-market-100243

However, the outbreak of the COVID-19 pandemic is presently impacting the field of research. According to the director of the Office of Tissues and Advanced Therapy (FDA) named Wilson Brayan, nowadays the officials are prioritizing only those drugs that are associated with coronavirus. Hence, there hasnt been a surge in the application of potential drugs for gene therapy. This factor may hamper the gene therapy market growth in the forthcoming years.

Highlights of This Report:

Segment-

Neurology Segment to Earn High Share Fueled by High Cost of Drugs

Based on product type, the market is divided into neurology, oncology, and others. Out of these, the neurology segment earned 78.2% in terms of gene therapy market share in 2019. This growth is attributable to the increasing usage of this therapy for treating patients living with spinal muscular atrophy.

Quick Buy - Gene Therapy Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100243

The U.S. to Dominate Owing to Presence of Favorable Policies

In 2019, the U.S. generated USD 2.16 billion in terms of revenue. The country is expected to dominate throughout the coming years stoked by the increasing usage of advanced gene therapies for the treatment of rare conditions. Besides, the presence of favorable reimbursement policies and guidelines would also help in propelling the market growth here. As this type of treatment is not legal in several developing nations, industry giants are emphasizing on the U.S. for launching their products.

Europe, on the other hand, is anticipated to grow significantly backed by the adoption of unique treatment options. Asia Pacific is set to hold a comparatively lower share on account of the decreasing usage of gene therapy because of its expensive nature.

Fortune Business Insights lists out the names of all the gene therapy providers present in the global market. They are as follows:

Speak To Our Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/gene-therapy-market-100243

Major Table of Contents:

TOC Continued

Ask for Customization of this Report: https://www.fortunebusinessinsights.com/enquiry/customization/gene-therapy-market-100243

About Us:

Fortune Business Insights delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights Pvt. Ltd.

Pune - 411045, Maharashtra, India.

Phone:

US :+1 424 253 0390

UK : +44 2071 939123

APAC : +91 744 740 1245

Email:sales@fortunebusinessinsights.com

View post:
With 33.6% CAGR, Gene Therapy Market Size worth USD 35.67 Billion in 2027 - GlobeNewswire