The European Gene Therapy Market size is estimated to be growing at a CAGR of 24.6% between 2021 to 2026.
The European gene therapy market is expected to be driven by the factors such as the growing incidence of cancer, other target diseases, and growing new pipeline developments for gene therapy. Gene therapies have brought a revolutionary change in the field of health science and pharmaceuticals. Rising government support and financing activities for improved healthcare facilities in developed countries such as Germany, the United Kingdom, France, and Italy and increased research and development activities by researchers and industry players are projected to further propel the gene therapy market. The active participation of major industry players has resulted in adopting strategies such as productivity growth and product launch to strengthen their presence in the European regional market. Accelerating clinical trials, introducing new drugs to the market, partnerships, and product creation positively impact market growth in European countries.
Gene therapy includes repairing, repressing, or replacing dysfunctional genes that cause disease to re-establish normal function as it is influencing the market growth. Financial-based agreements and health outcomes-based agreements have been proposed or implemented to improve therapy accessibility and market survival. These models have significantly impacted the adoption of therapies in the market. However, European biopharmaceutical firms have taken several steps to achieve a strategic advantage. Companies use various market penetration techniques, such as expanding biopharmaceutical facilities, collaborating with other primary partners, and collaborating with Contract Manufacturing Organizations (CMOs).
Progress in current R&D has been sluggish as several universities have shut down and suspended all non-essential testing and enrollment procedures for clinical trials. The high cost of gene therapy, on the other hand, is likely to restrict market growth to a certain extent during the projected period. Stringent government regulations by the government in European countries on the gene therapy market are considered the major growth decline factor for market growth.
Impact of COVID-19 on the European Gene Therapy Market:
The European cell and gene therapy market has been affected by COVID-19. The majority of the raw materials required for cell and gene therapy can't get to the factories due to the ban on transportation. Patients and volunteers for cell therapy cannot visit hospitals, limiting the market for cell and gene therapy in Europe. The gene therapy sector's research and clinical growth, and industrial activities have been disrupted. Gene therapy research has remained relatively unaffected at the end of the forecast period. However, the market is anticipated to witness significant growth in the coming years.
This research report on the European Gene Therapy Market has been segmented & sub-segmented into the following categories:
By Vector Type:
The Gene therapy market has witnessed significant growth in Europe over the years, and it is expected to have a promising growth rate during the forecast period. It increases healthcare expenditures, and introducing emerging technology in health care drives demand growth in this region. Hospitals are growing at a significant rate due to the increasing target population in Europe. In Europe, the United Kingdom gene therapy market had the largest share in 2020 and is expected to grow at a robust CAGR during the forecast period. In the health sciences and pharmaceutical sectors, gene therapy is seen as a future breakthrough. Despite the limited number of drugs that have made it to market, the number of clinical trials investigating gene therapy is rising in Europe. Delivering cell and gene therapies necessitates specialist equipment, capabilities, and clinician expertise. Cell and gene therapies can cure various severe disorders that aren't treatable by traditional approaches, fuelling the country's market growth.
The German gene therapy market is growing at a notable CAGR for a couple of years and is projected to share lucrative growth to the European market. Due to the expanded target population, provision of reimbursements, and novel payment solutions for cell and gene therapies in Germany, the Country accounted for the largest share of the European cell and gene therapy market, accounting for more than 20%.
KEY MARKET PLAYERS:
Some of the noteworthy companies operating in the European gene therapy market analyzed 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.