PORTLAND, Oregon, August 31, 2018 /PRNewswire/ --
The North American gene therapy market is expected to lead in terms of revenue during the forecast period due to the rise in incidence of cancer and high funding for R&D activities associated with gene therapy
The new report published by Allied Market Research, titled, Gene Therapy Market by Vector Type (Viral Vector and Non-viral Vector), Gene Type (Antigen, Cytokine, Tumor Suppressor, Suicide, Deficiency, Growth Factors, Receptors, and Others), and Applications (Oncological Disorders, Rare Diseases, Cardiovascular Diseases, Neurological Disorders, Infectious Disease, and Other Diseases) - Global Opportunity Analysis and Industry Forecast, 2016-2023 thoroughly analyzes the gene therapy market by studying the current market trends, key growth drivers, challenges & opportunities, prolific investment zones, growth strategies implemented by the industry players, and competitive landscape. According to the report, the global gene therapy market garnered $584 million in 2016 and is likely to accrue a sum of $4,402 million by 2023, growing at a CAGR of 33.3% from 2017 to 2023.
The increased funding for R&D activities pertaining to gene therapy, strong government support, rise in prevalence of cancer, ethical acceptance of gene therapy for cancer treatment, and the growing awareness of gene therapy are the factors that fuel the growth of the gene therapy market. However, high cost associated with the treatment and unwanted immune responses are likely to impede the market growth. On the other hand, untapped potential for emerging markets is expected to create opportunities for the industry players in the future.
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Viral vector to witness more than seven-fold increase in revenue by 2023
The report bifurcates the gene therapy market based on vector type into viral vector and non-viral vector. The viral vector segment generated the highest revenue in 2016, accounting for more than half of the total market share. This segment is expected to remain dominant throughout the forecast period, registering more than seven-fold increase in its revenue by 2023. However, the non-viral vector segment is projected to grow at the fastest CAGR of 34.6% during the study period.
Antigen segment to lead the market in terms of revenue through 2023
The report analyzes the gene therapy market based on gene type into antigen, cytokine, tumor suppressor, suicide, deficiency, growth factors, receptors, and others. The antigen segment contributed about one-third of the total market share in 2016. It would maintain its lion's share throughout the forecast period, generating a revenue of $872 million by 2023. However, the tumor suppressor segment would grow at the fastest CAGR of 35.5% during the analysis period.
Cardiovascular diseases to take over oncological disorders segment in terms of growth by 2025
The report classifies the gene therapy market based on application into oncological disorders, rare diseases, cardiovascular diseases, neurological disorders, infectious disease, and other diseases. The oncological disorders segment held the highest revenue in 2016. It is forecast to be at the forefront through 2023, generating a revenue of $2,039 million. However, the cardiovascular diseases segment would grow at the fastest CAGR of 35.0% from 2017 to 2023.
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North America to dominate the market in terms of revenue by 2023
The report offers insights on the global gene therapy market into regions including North America, Europe, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA). The North American region held the highest market share in 2016, contributing to more than half of the total market share and would maintain its dominance through 2023. However, the market in Asia-Pacific would supersede that of the North American region in terms of growth rate by 2023, registering the fastest CAGR of 34.8%.
Market players leading the industry
The leading market players in the global gene therapy industry include Novartis, Kite Pharma, Inc., GlaxoSmithKline PLC, Spark Therapeutics Inc., Bluebird bio Inc., Genethon, Transgene SA, Applied Genetic Technologies Corporation, Oxford BioMedica, and NewLink Genetics Corp. Other prominent players operating in the field include Amgen, Epeius Biotechnologies, Abeona Therapeutics, Sanofi, UniQure, Juno Therapeutics, Adaptimmune, Celgene, and Advantagene.
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SOURCE Allied Market Research