Global Gene Therapy Market Trends And Strategies
The global gene therapy market is expected to decline from $3.22 billion in 2019 to $3.18 billion in 2020 at a compound annual growth rate (CAGR) of -1.30%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The market is then expected to recover and reach $6.84 billion in 2023 at a CAGR of 29.09%. Incidences of cancer and other target diseases have been increasing significantly, which is calling for effective treatments, driving the growth of the gene therapy market. However, high prices of gene therapy medicines are expected to limit the growth of the market.
The gene therapy market consists of sales of gene therapy related services by entities (organizations, sole traders and partnerships) that manufacture gene therapy drugs. Gene therapy is used to replace faulty genes or add new genes to cure disease or improve the body’s ability to fight disease. Only goods and services traded between entities or sold to end consumers are included.
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The global gene therapy market is further segmented based on type and geography.
By Gene Type: Antigen, Cytokine, Suicide Gene, Others
By Vector: Viral Vector, Non-Viral Vector, Others
By Application: Oncological Disorders, Rare Diseases, Cardiovascular Diseases, Neurological Disorders, Infectious Diseases, Others
By End Users: Hospitals, Homecare, Specialty Clinics, Others.
By Geography: The global gene therapy market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American gene therapy market accounts for the largest share in the global gene therapy market.
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Trends In The Gene Therapy Market
The use of machine learning and artificial intelligence is gradually gaining popularity in the gene therapy market. Artificial intelligence (AI) is the simulation of human intelligence in machines, which are programmed to display their natural intelligence. Machine learning is a part of AI. Machine learning and AI help companies in the gene therapy market to conduct a detailed analysis of all relevant data, provide insights between tumor and immune cell interactions, and offer a more accurate evaluation of tissue samples often conflicted between different evaluators.
Gene Therapy Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides gene therapy market overviews, analyzes and forecasts gene therapy market size and growth for the global gene therapy market, gene therapy market share, gene therapy market players, gene therapy market size, gene therapy market segments and geographies, gene therapy market trends, gene therapy market drivers and gene therapy market restraints, gene therapy market’s leading competitors’ revenues, profiles and market shares. The gene therapy market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.