Global Gene Therapy Market Scope, Industry Trends, and Forecast to 2027

The global gene therapy market is projected to reach USD 13.0 billion by 2024 from USD 3.8 billion in 2019, at a CAGR of 27.8% during the forecast period of 2019 to 2024.

The growth of this market is majorly driven by the high prevalence of cancer and other target diseases, availability of reimbursements, and the increasing funding for gene therapy research.

However, the high cost of gene therapy is expected to hamper market growth to a certain extent in the coming years.

The gene therapy market is consolidated in nature.

(UK), Sibiono GeneTech Co. Ltd. (China), Alnylam Pharmaceuticals, Inc. (US), Human Stem Cells Institute (Russia), AnGes, Inc. (Japan), Dynavax Technologies (US), Jazz Pharmaceuticals, Inc. (Ireland), and Akcea Therapeutics (US).Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=122857962Biogen is the leading player in the global gene therapy market, with a share of ~65% in 2018.

Strong business operations across all key regions, coupled with a strong brand image, have made Biogen a leading player in this market.

The global gene therapy market was valued at $3,407.5 million in 2019.

According to the forecast of P Intelligence, a market research company based in India, the market will advance at a CAGR of 31.1% between 2020 and 2030.

The positive results of various clinical trials, the increasing prevalence of chronic diseases, and the soaring R (research and development) activities being conducted in gene therapy are the main factors fueling the advancement of the market.The rising prevalence of chronic diseases such as cancer and many rare diseases is a major growth driver of the gene therapy market.

This is because the gene therapies, that are currently available to healthcare professionals, have the ability to treat various rare diseases, especially the ones that have genetic causes.

There has been a sharp rise in cancer cases throughout the world in recent times.Receive Sample Copy of this Report: https://www.psmarketresearch.com/market-analysis/gene-therapy-market/report-sampleBetween them, the in vivo category is predicted to register higher growth in the market in the future years.

This would be because unlike the ex vivo method, the in vivo approach eliminates the need for removing the cells from the patient’s body, manipulating the cells after removing them, and returning the cells to the body.

A detailed presentation of forecast, trends, and dollar values of international Gene Therapy market is offered.

In accordance with the report, the global Gene Therapy market is projected to expand at a CAGR of 30% over the period of forecast.

Market Insight, Drivers, Restraints& Opportunity of the Market:Gene therapy is a medical procedure which replaces defective genes or introduces new genes n order to prevent or cure genetic disorders.

The rising awareness about the capability of cure of several rare genetic diseases by gene therapy is another important driver which leads the global gene therapy market during the forecast period.

The results of Gendicine clinical trials were published in 2003 and the medicine got approval by the China State Food and Drug Administration in the same year.

Companies such as Novartis, Gilead Sciences, Orchard Therapeutics Ltd, SiBiono GeneTech Co, Introgen Therapeutics and among others have been profiled into detail so as to offer a glimpse of the market leaders.