Gene Therapy Product Demand To Surge Exponentially in Coming Years
The WHO estimates that non-communicable diseases or chronic illnesses affect 41 million people each year, accounting for around 71% of the global deaths. Every year, over 15 million people in the age group of 30–69 years lose their lives due to such illnesses. Approximately 85% of these premature deaths are recorded in low- and middle-countries. As per the organization, CVDs, diabetes, respiratory diseases, and cancers cause around 17.9 million, 1.5 million, 4.1 million, and 9.3 million deaths, respectively, around the world.
The growing prevalence of chronic diseases will help the gene therapy market grow at a notable CAGR of 31.1% between 2020 and 2030. According to P&S Intelligence, the market generated a revenue of $3,407.5 million in 2019. The market growth will also be driven by the rising R&D activities, and increasing number of clinical trials. In recent years, the outsourcing of production of gene therapy products has become a prominent market trend.
In recent years, the players operating in the gene therapy market have engaged in numerous collaborations and partnerships to gain a competitive edge. For example, in August 2019, NIBRT partnered with Allegran plc to develop AAV-based gene therapies. With this collaboration, both companies aimed to investigate sensitive analytical methods to differentiate between empty and full plastids, establish transduction/transfection conditions to minimize incorrect packaging events, and optimize the cell culture process of infectious AAV particles of several stereotypes.
Globally, the North American gene therapy market generated the highest revenue in 2019, and it is expected to retain its dominance throughout this decade. The leading position of this region can be ascribed to the high prevalence of cancer and rare illnesses, rapid approval of gene therapy products, and the presence of established market players in Canada and the U.S. According to the US FDA, more than 7,000 rare diseases affect over 300 million individuals in the U.S. Additionally, the CDC states that 1,708,921 new cancer cases were recorded in the U.S. in 2018.
Therefore, the soaring burden of chronic ailments and the rising number of R&D initiatives and clinical trials will fuel the use of gene therapy products worldwide.
