Gene Therapy Market Size Growth Rate by Application Analysis, Share, Latest Entries, Growth Factor and Forecast

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Gene Therapy
Gene Therapy

Genes are made up of deoxyribonucleic acid (DNA), which contains instructions for making proteins that are necessary for the body's proper functioning. Gene mutations cause proteins to be made incorrectly, resulting in genetic disorders. Gene therapy aims to introduce healthy genes into damaged cells in order to counteract abnormal genes or produce a desired protein. Several diseases are expected to drive the Gene Therapy Market size upwards over the forecast period. A mutated gene causes the absence of an important protein; however, gene therapy can restore the function of that protein by introducing a normal copy of that missing or faulty protein.

Due to an increase in the number of patients suffering from hereditary disorders, cancer, HIV, and other chronic diseases, demand for Gene Therapy Market is skyrocketing. According to a 2018 report from the American Cancer Society, cancer was responsible for 609,640 deaths in the United States. Furthermore, the World Health Organization (WHO) reported that HIV-related illnesses claimed the lives of 1.0 million people worldwide in 2017. Technological advancements, innovations, and clinical and pre-clinical trials are all on the rise. According to a 2014 article published in Regenerative Medicine, there are 4749 registries of clinical trials involving stem cell treatment. 

The growing number of clinical trials, product launches, collaborations, and product developments are expected to create a lucrative opportunity for the Gene Therapy Market to grow. Therapy developers, on the other hand, are heavily investing in collaboration/mergers and acquisition deals in order to improve in-house expertise and expand product pipelines. Gene therapy can provide a path to producing a functional protein by correcting the fundamental defect in certain disorders. 

Furthermore, government agencies and commercial market players are increasing research and development funding for the development of innovative, efficient, and safer gene therapy practises, which has boosted market growth. For example, the National Institutes of Health received $1,644 million in funding for stem cell research in 2017. Furthermore, the market is growing due to rising public awareness and acceptance of gene therapy for various disease treatments.

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