Global Gene Therapy Market to Register 31.1% CAGR during 2020-2030

 The burden of chronic diseases has only been increasing since past few years. The cases for cancer, for example, are growing rapidly. According to the American Cancer Society, from 2016–2019, the number of new cases of cancer in the U.S. increased from 1,685,210 to 1,762,450, and the cancer mortality rose from 595,690 to 606,880 during the same time period. Doubtless, a number of advancements have been made in the medical industry for developing a proper cure for cancer and other rare chronic diseases, however, the fact remains that there is a long way to go before anything certain comes to light.

The advancements regarding gene therapy though can significantly aid in getting closer to dealing properly with several chronic diseases. Gene therapy is designed for introducing genetic material into cells for compensating for abnormal genes or for making a beneficial protein. In case a mutated gene causes an essential protein to be faulty or non-existent, gene therapy may potentially be able to introducing a new copy of the gene for restoring the function of the protein. Attributed to these reasons, the gene therapy market generated revenue of $3,407.5 million in 2019 and is expected to advance at a 31.1% CAGR during the forecast period (2020–2030).

In 2019, North America was the largest gene therapy market, which is ascribed to the rising number of cancer and rare disease cases and the presence of a large number of key companies in the region. In addition to this, various gene therapy products are getting regulatory approvals in North America. Other than this, the adoption of gene therapy is also projected to rise substantially in the Asia-Pacific because of the cost-effective labor and rising activities of major industry players.

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This Study Covers

Historical and the present size of the gene therapy market

Major factors driving the market and their impact during the short, medium, and long terms

Market restraints and their impact during the short, medium, and long terms

 Recent trends and evolving opportunities for the market participants

Historical and the present size of the market segments and understand their comparative future potential

Major players operating in the gene therapy market and their service offerings

Recent strategic developments by the major players in the market