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(IT-NEWSWIRE.COM, October 05, 2024 ) According to the latest research by InsightAce Analytic, the Global Gene Therapy Market is valued at US$ 7.54 Bn in 2022, and it is expected to reach US$ 41.38 Bn by 2031, with a CAGR of 21.06% during the forecast period of 2023-2031.
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Gene therapy is a medical technique that includes modifying or replacing genetic information in a person's cells to treat or prevent disease. The objective of gene therapy is to rectify or alter the functionality of genes that are responsible for or contributing to a disease. The gene therapy market is characterized by remarkable advancements in biotechnology, offering innovative treatment options for various genetic disorders. Key factors include increased R&D activity, favorable regulatory conditions, and expanding cooperation within the pharmaceutical industry. North America and Europe are at the forefront, owing to their well-established infrastructures and extensive clinical trialsadditionally, the market benefits from the growing investment in gene editing technologies. As more gene therapies progress through clinical trials and gain approvals, the market is expected to evolve further, offering new hope for patients with genetic disorders and contributing to the broader healthcare industry's growth.
List of Prominent Players in the gene therapy market:
Novartis Ag
Biogen Inc.
Gilead Sciences, Inc.
Bristol-Myers Squibb
Alnylam Pharmaceuticals, Inc.
Sarepta Therapeutics, Inc.
Amgen, Inc.
Orchard Therapeutics Plc
F. Hoffmann-La Roche Ag
Jazz Pharmaceuticals Plc
Uniqure N.V.
Johnson & Johnson
Bluebird Bio, Inc.
Biomarin Pharmaceutical Inc.
Krystal Biotech, Inc.
Shanghai Sunway Biotech Co. Ltd.
Sibiono Genetech Co. Ltd.
Ferring B.V.
Vertex Pharmaceuticals Incorporated
Pfizer, Inc.
Sangamo Therapeutics, Inc.
Regenxbio
Ultragenyx Pharmaceutical Inc.
Meiragtx Holdings Plc
Anges, Inc.
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Market Dynamics:
Drivers-
Gene therapy products undergo rigorous regulatory scrutiny before approval. They act at the genetic level to generate therapeutic effects, which are relatively more effective and long-term than traditional medicines. The number of approvals received for gene therapy products has been observed to increase due to this major advantage offered by these products. The US FDA has approved more than ten products between 2021 and 023. Additionally, a significant number of products in the clinical pipeline are expected to receive final approval during the forecast period. Thus, this is a major factor driving the market's growth during the forecast period.
Challenges:
Despite its promising growth, the gene therapy market faces several restraints. High treatment costs remain a major barrier to widespread adoption, limiting patient accessibility. Safety concerns and potential long-term side effects are also a concern, necessitating rigorous monitoring and post-treatment follow-ups. Regulatory challenges and reimbursement issues present obstacles to market expansion. Additionally, manufacturing complexities, including scalability and production consistency, could be improved for commercialization. Ethical and societal concerns surrounding genetic modification raise questions about broader acceptance. Addressing these restraints is crucial for the gene therapy market's continued development.
Regional Trends:
The gene therapy market in North America is experiencing substantial growth, driven by advancements in biotechnology and a supportive regulatory landscape. The region boasts a strong presence of key market players and remarkable investments in research and development. The United States, in particular, is a major contributor to the market, with numerous clinical trials and approvals for gene therapies. Increasing collaborations between pharmaceutical companies and academic institutions are accelerating innovation. North America is expected to maintain its leadership position in the gene therapy market, focusing on expanding treatment options for genetic disorders.
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Recent Developments:
In May 2023, Novartis acquired a candidate gene therapy from Avrobio, a company experiencing financial challenges. Novartis made an unprecedented advance payment of $87.5 million for the clinical-phase asset, with no stipulations regarding future payments. The agreement encompassed AVR-RD-04, a hematopoietic stem cell gene therapy program under investigation designed to treat the uncommon genetic disorder cystinosis.
In April 2023, Bristol-Myers Squibb expanded its global cell therapy manufacturing network. This expansion will enable in-house viral vector production via a manufacturing facility in the United States and its activities in Libertyville, Illinois. To make this happen, the business has signed an arrangement with Novartis. The facility and its operations could generate viral vectors for both of Bristol Myers Squibb's CAR T cell treatments. This advancement furthered the company's long-term goals in cell therapy.
Segmentation of Gene therapy market-
By Type
Gene silencing
Cell replacement
Gene augmentation
Other therapies
By Vector
Viral vectors
o Retroviral Vectors
Gamma Retroviral Vectors
Lentiviral Vectors
o Adeno-Associated Viral Vectors
o Other Viral Vectors
Non-Viral Vectors
o Oligonucleotides
o Other Non-Viral Vectors
By Therapeutic area
Neurology
Oncology
Hepatology
Other therapeutic areas
By Delivery method
In Vivo
Ex Vivo
By Route Of Administration
Intravenous
Other routes of administration
By Region-
North America-
The US
Canada
Mexico
Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific-
China
Japan
India
South Korea
South East Asia
Rest of Asia Pacific
Latin America-
Brazil
Argentina
Rest of Latin America
Middle East & Africa-
GCC Countries
South Africa
Rest of Middle East and Africa
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Insight Ace Analytics
Diana Dsouza
+917972967118
diana.dsouza@insightaceanalytics.com
Source: EmailWire.Com 
Source: EmailWire.com
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