The Global Gene Therapy Market is likely to grow at an impressive CAGR over the forecast period, owing to recent technological advancements in gene replacement procedures. According to a report by Fortune Business Insights, titled ‘Gene Therapy: Global Market Analysis, Insights, and Forecast, 2018 – 2025’ the market is likely to expand at a high rate due to increasing adoption of gene therapy in several countries across the world. Recently, there has been a growing emphasis on the development of new gene replacement therapies.
Encouraged by advancements in gene therapy and high demand from end users, many companies are investing more in the research and development (R&D) of these products. According to Fortune Business Insights, in the coming years, the market is likely to gain from the rising demand for gene therapy for hemophilia and other diseases.
The exceptional benefits of gene therapy include replacement of a defective gene altogether. In initial years, research analysts were more focused on repairing the defective genes, but with the option of replacing the gene altogether, more end users are opting for the gene therapy process. This factor has had a positive impact on the Global Gene Therapy Market and the increasing adoption is likely to drive the market in the forecast period.
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Introduction of New Tools in Gene Therapy to Drive the Market
Regenerative medicine is an emerging area of research and development, with research analysts expressing their intent of emphasizing on developments in gene therapy. As gene therapies involve infusion of new genes into cells for regeneration of tissues, tools used for these therapies need to be precise and of high caliber. Thus, the focus of existing companies is gradually shifting towards the development of novel and more advanced tools. This offers growth opportunities for existing as well as new players in the market.
Availability of Few Gene Therapy Products Creates Opportunities for Entry of New Players
Currently, there are very few gene therapy products that have been approved by the FDA. As gene therapy process involves very high risk and the margin for error in gene therapies is minimal to almost zero, the efficiency of gene therapies needs to be high. Companies are finding it too hard to get adhere to the standards set by the FDA. Never mind this, end users can be certain about the efficiency of the approved gene therapy process and products as these therapies have already gone through various clinical trials and have met the standards set by FDA and other compliances. Having said that, there is an increasing opportunity for market entrants to achieve rapid growth in this area, due to lesser competition and high scope for expansion. Many companies are in the latter stage of clinical trials and it is expected that these companies will get full commercialization in the forecast period. Either way, these factors are bound to have a positive impact on the global gene therapy market in the forecast period.
Increasing Efforts for Cost Reduction to Boost the Market in Near Future
Cost of gene therapies is expected to remain steep through the forecast period. Although there have been significant developments in concepts of gene therapies and regenerative medicines, there hasn’t been any major advancements that have favored cost reductions in gene therapies.
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As companies have identified this as a major barrier and are now putting in more efforts to develop newer concepts to bring down therapy cost and increase end-user coverage. This is expected to bode well for the global gene therapy market in the coming years.
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