New York, NY 18 Nov 2019 : According to a new report
published by Polaris Market Research, the global gene therapy
market is anticipated to reach USD 4,300 million by 2021. The
demand for gene therapy is primarily driven by continuous technological
advancements and successful progression of several clinical trials targeting
treatments with strong unmet need. Moreover, rising R&D spend on platform
technologies by large and emerging biopharmaceutical companies and favorable
regulatory environment will accelerate the clinical development and the
commercial approval of gene therapies in the foreseeable future. Despite
promise, the high cost of gene therapy represents a significant challenge for
commercial adoption in the forecast period.
Gene therapy involves inactivating a mutated gene that is not functioning
properly and introducing a new gene to assist in fighting a disease. Overall,
the field of gene therapy continues to mature and advance with many products in
development and nearing commercialization. For instance, Spark Therapeutics
received approval of Luxturna, a rare form inherited blindness in December
2017. Gene therapy market in late 2017 also witnessed the approvals of Gilead/Kite
Pharma’s Yescarta and Novartis’ Kymriah in the cancer therapeutic area.
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Gene therapy offers promise in the treatment of range of
indications in cancer and genetic disorders. Large Pharmaceuticals and
Biotechnology companies’ exhibit strong interest in this field and key among
them include Allergan, Shire, Biomarin, Pfizer and GSK. The gene therapy space
is witnessing a wave of partnerships and alliances. Pfizer has recently
expanded its presence in gene therapy with the acquisition of Bamboo Therapeutics
and Allergan entered the field, with the acquisition of RetroSense and its
Phase I/II optogenetic program.
North America holds a dominating position in the global gene therapy
market which is followed by Europe and the Asia Pacific. The U.S. has maximum
number of clinical trials ongoing followed by Europe. Moreover, the field of
gene therapy in the U.S. and Europe continues to gain investor attention driven
by success of high visible clinical programs and the potential of gene therapy
to address strong unmet need with meaningful commercial opportunity. Moreover,
the increasing partnerships and alliances and the disruptive potential of gene
therapy bodes well for the sector through the forecast period.
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Key Findings from the study suggest products accessible in the
market are much competitive and manufacturers are progressively concentrating
on advancements to pick up an aggressive edge. Companies are in a stage of
development of new items in order to guarantee simple implementation and
connection with the current gene. The hospatility segment is anticipated to
grow at a high growth rate over the forecast period with the expanding utilization
of smart locks inferable from expanding security-related worries among clients
amid their stay at the hotels. North America is presumed to dominate the global
smart locks market over the forecast years and Asia Pacific region shows signs
of high growth owing to the booming economies of India, and China.
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