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The global gene therapy market size is projected to reach USD 35.67 billion by 2027. It is set to gain impetus from the ever-increasing development of state-of-the-art treatment options for various chronic diseases. Such initiatives by the companies are causing a rapid shift of the masses from traditional treatment options, such as chemotherapy to gene therapy. This information is given by Fortune Business Insights™ in a newly published report, titled, “Gene Therapy Market Size, Share & COVID-19 Impact Analysis, By Application (Oncology, Neurology, and Others), By Vector Type (Viral and Non-viral), By Distribution Channel (Hospitals, Clinics, and Others), and Regional Forecast, 2020-2027.” The report further states that the market stood at USD 3.61 billion in 2019. However, it is likely to exhibit a CAGR of 33.6% during the forecast period between 2020 to 2027.
Bluebird Bio, Inc. Bags Marketing Approval for ZYNTEGLO™
In June 2019, Bluebird Bio, Inc., a biotechnology company headquartered in the U.S., was granted conditional marketing authorization by the European Commission (EC) for ZYNTEGLO™. It is the therapy for patients belonging to the age group of 12 years and older affected by transfusion-dependent β-thalassemia (TDT). They will be applicable for receiving this therapy only if they do not have a β0/β0 genotype. The company is set to begin its reimbursement process from one country to another for providing access to this new gene therapy to appropriate patients.
As per an official of the company, “The approval for ZYNTEGLO™ is a milestone that represents commitment and dedication of healthcare providers, our employees, patients & their families, as well as clinical investigators. Everyone helped us in boosting this treatment from just a mere concept to an approved marketed therapy. We are looking forward to bring about this vital treatment option for the patients.”
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Increasing Prevalence of Rare Genetic Disorders to Drive Growth
The National Organization for Rare Diseases (NORD) estimated that annually, the cases of spinal muscular atrophy (SMA) are 1 in 10,000 live births in the U.S. It proves that the increasing prevalence of rare genetic disorders among the masses is a major contributor to the gene therapy market growth. Apart from that, the rising technological advancements to develop new gene therapies for treating such diseases would propel growth. As per Globocan and the World Health Organization (WHO), the total prevalence of cancer worldwide is 43 million in five years. Such therapies are very beneficial for treating different cancer types. However, the expensive nature of this therapy may obstruct the market growth in the forthcoming years.
Key Players Aim to Develop New Gene Therapies to Gain Fast-track Approvals
The prominent enterprises present in the global market are persistently striving to develop novel treatment options for a large number of diseases that affect people severely. They are also trying to gain fast-track approvals from the healthcare authorities to distribute and sell their products in the market.
Fortune Business Insights™ lists out the names of all the gene therapy providers operating in the global market. They are as follows:
A Significant Industry Development-
Further Report Findings-
The global market can be segmented in the following way:
Value (USD billion)
By Vector Type
By Distribution Channel