The Latin American gene therapy market size is estimated to be growing at a healthy CAGR during the forecast period.
Gene therapy has become one of the most sought-after research goals for curing incurable diseases. Y-O-Y growth in the prevalence of HIV, cancer, and other hard-to-cure diseases is majorly driving the growth of the Latin American gene therapy market.
The Latin American gene therapy market is expected to be strengthened by a strong product portfolio. The increased funding for major companies is expected to create a positive scenario for development in the years to come. Furthermore, the high incidence of target diseases and the need for innovative drugs are expected to drive the gene therapy market in the future.
The constant investment and consolidation in cell and gene therapy have contributed to the growth of the gene therapy market. After recognizing the potential of the gene therapy market, 16 of the top 20 biopharmaceutical companies by revenue added gene therapy products to their portfolio. In addition, 13% of industrial, clinical development products and at least 17% of products in preclinical development consist of gene therapy products. Furthermore, the constant investments and consolidation of GENE THERAPY's production capacities have led to an increase in production capacities and contributed to the market's growth.
Limited reimbursements that prevent patients from receiving treatments are expected to limit the growth of cell and gene therapy markets in Latin America. The gene therapy market is believed to be small due to the high cost of developing products for various therapies. In addition, strict regulatory policies and a lack of funds by the government are expected to reduce growth momentum over the forecast period.
Impact of COVID-19 on the Latin American gene therapy market:
The use of genetics has been a central tool in understanding the effect of various diseases, including infection with COVID-19. The element of precision in gene therapy is believed to create more opportunities for the market. It can be effectively implemented to treat diseases that have not yet been treated. Currently, available gene therapies are designed to provide an effective treatment option for patients with advanced resistance to chemotherapy in many cancer indications.
The growth is mainly driven by the resumption of operations and businesses adapting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive social distancing containment measures, at work remote and business closures that have created operational challenges.
This research report on the Latin American Gene Therapy Market has been segmented & sub-segmented into the following categories:
By Vector Type:
The emergence of gene therapies presents a real challenge and an opportunity for regions like Latin America, where countries are already starting to prepare to be part of these research projects and to have patients in clinical trials.
According to a 2019 study, Cuba had the highest cancer rate, affecting 138.4 men and 91.4 women per 100,000. While Mexico had the lowest cancer rate with 64.2 men per 100,000 population and 61.4 women per 100,000 population
The Brazilian gene therapy market is estimated to dominate the Latin American market during the forecast period and accounted for the largest share of 18.4% in 2020 due to the country's economic growth. In addition, Brazil has strategic collaborations with other countries, with initiatives such as the Canada-Brazil Joint Committee for Cooperation in Science, Technology, and Innovation. The Joint Science, Technology, and Innovation Committee are expected to bring together leading experts from the public and private sectors to develop innovative strategies for life sciences and other industrial fields.
The Colombian gene therapy market is another lucrative regional market in the Latin American region and is driven by the continued efforts of Latin American gene therapy and technology companies. For example, in 2019, an international Genetic subsidiary, Veritas Intercontinental, opened an office in Bogotá, Colombia, to manage the company's operations and activities in Colombia and Latin America. This widened the landscape for gene therapy and preventive medicine, ultimately generating income in this region.
KEY MARKET PLAYERS:
Companies such as 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. are playing a significant role in the Latin American gene therapy market.