The market for gene therapy is anticipated to witness a significantly high CAGR of around 18.07% over the forecast period, i.e., 2019-2027.
Research Nester released a report titled “Gene Therapy Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global gene therapy market.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The process of gene therapy involves insertion of fragments of DNA or genes into the patient’s cells in order to treat a certain disorder. This method replaces the dysfunctional gene with a functional gene and eliminates the need for drugs or surgeries. Gene therapy can be used for the treatment of several disorders including cancer, cardiovascular disease, neurological disorders and others. The market for gene therapy is anticipated to witness a significantly high CAGR of around 18.07% over the forecast period, i.e., 2019-2027.
The global gene therapy market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. The market is estimated to grow globally on the back of increasing healthcare expenditure and rising demand for improved healthcare treatments. Gene therapy market in North America is anticipated to witness substantial growth on account of increasing incidences of cardiovascular disease in the region, mainly in the United States. According a report by the American Heart Association in 2018, around 2,300 Americans die from cardiovascular disease every day. The need for better methods for prevention and treatment of this disease is estimated to drive the market growth. The market in Europe is anticipated to grow as a result of rising healthcare spending and rising cases of various disorders which leads to advancements in medical technology in the region.
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Rising Cases of Cancer across Various Regions to Boost the Market Growth
As per the World Health Organization, Europe accounts for around 23.4% of the cancer cases occurring worldwide. Moreover, the cancer prevalence in the Americas was found to be 21% with 14.4% of the global cancer deaths. Cancer incidence in Asia and Africa was about 48.4% and 5.8% respectively.
The growing cases of cancer across the world is estimated to raise the demand for effective and improved therapies and technologies for the treatment which is anticipated to impact the market growth positively. However, the high cost of gene therapy, especially for people belonging to lower income groups, is predicted to hamper the market growth during the forecast period.
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