The gene therapy market in the Asia-Pacific is expected to witness the fastest growth rate among all the regions during the forecast period.
The market growth of gene therapy in APAC is mainly driven by cancer proliferation and targeted diseases, growing gene therapy techniques across the Asia Pacific. Gene therapy includes repairing, repressing, or replacing dysfunctional genes that cause disease to re-establish normal function, which is a favorable factor in market growth. Rising funding and finance activities by the governments in emerging countries such as India and China for better healthcare infrastructure and increasing research and developing activities by the researchers are further expected to drive the gene therapy market growth in this region.
Gene therapies have brought a revolutionary change in the field of health science and pharmaceuticals. The active participation of key market players has been witnessed in adapting strategies such as product development and product launch to expand their foothold in the regional market. Moreover, growing new pipeline developments for gene therapy was provided significant growth during the previous years. The factors such as acceleration of clinical trials, the introduction of new products into the market, collaborations, and product developments positively affect the market growth in Asian countries.
Stringent regulations by the governments in Asian countries on the gene therapy market are significant restraining factors. However, lack of skilled professionals, high costs associated with the gene therapies, and unwanted immune responses impede the market growth.
Impact of COVID-19 On the APAC gene therapy market:
During the first half of 2020, the gene therapy market had been negatively impacted by the covid-19. COVID-19 is an infectious disease that spreads quickly from person to person; governments have implemented nationwide lockdown to control the disease transmission. A ban on transportation was imposed to restrict the migrants from foreign countries. The virus was first identified in Wuhan, China, and spread across the globe. The manufacture and delivery of gene therapy treatments had been postponed as the primary focus of the government and healthcare professionals to combat the virus.
Moreover, research and clinical development, and commercial operations are the areas within the gene therapy sector that had been interrupted. The development of gene therapies has been less affected. However, the second half of 2020 was acted favorably to the market growth. Reduction in the covid-19 cases has led to the uplift of lockdown, resumed activities on gene therapies. Researchers have doubled their R&D activities, and the government is investing in regional healthcare development. It is expected that the global gene therapy market will register a healthy growth rate during the forecast period.
This research report on the Asia-Pacific Gene Therapy Market has been segmented & sub-segmented into the following categories:
By Vector Type:
Geographically, the Asia Pacific gene therapy market is estimated to be the fastest-growing region globally during the forecast period due to the factors such as an increase in the people prone to chronic diseases, a growing geriatric population, and high disposable income in this region. The major contributors in this region are China, India, and Japan.
The Chinese gene therapy market is forecasted to register the highest CAGR in the APAC market during the forecast period. Gene therapies have brought a revolutionary change in health science and pharmaceuticals in China as it replaces dysfunctional genes that cause disease to re-establish normal function. Factors such as researchers in the China region boost their activities and the high prevalence of cancer, expanding the gene therapy market.
The Indian gene therapy market is one of the fastest-growing regional markets in the APAC market. Y-O-Y rise number of people prone to chronic diseases, presence of key market players and government investments, and improving healthcare infrastructure are propelling India's market growth.
The Japanese market is projected to account for a moderate share during the forecast period in this regional market. The high prevalence rate of cancer, advancing therapies, and gene delivery technologies are expected to contribute to a better market share.
KEY MARKET PLAYERS:
Companies playing a significant role in the APAC gene therapy market profiled in this report are Biogen, Sarepta Therapeutics, Gilead Sciences, Inc., Amgen, Inc., Novartis AG, Orchard Therapeutics Plc, Spark Therapeutics, Inc., Molmed S.P.A., Anges, Inc., Bluebird Bio, Inc., Jazz Pharmaceuticals Plc, Dynavax Technologies, Human Stem Cells Institute, Sibiono Genetech Co., Ltd., Shanghai Sunway Biotech Co., Ltd., Uniqure N.V., Gensight Biologics S.A., Celgene Corporation, Cellectis, Sangamo Therapeutics, Mustang Bio, Applied Genetic Technologies Corporation and Poseida Therapeutics, Inc.