The size of the gene therapy market in the North American region is estimated to grow at a CAGR of 28.84% during the forecast period.
The expanding field of advanced therapies and gene delivery technologies has created an increasingly competitive dynamic in which a significant number of market players are participating in the commercialization of their gene therapy products. In addition, Gene Therapy developers are investing in Medicine & Agriculture industries as a viable strategy to enhance internal expertise and strengthen product lines. These factors are expected to drive the North American gene therapy market growth.
Increased funding of R&D activities related to gene therapy and increased awareness of gene therapy are the major growth factors of the gene therapy market. Additionally, increased government support, ethical acceptance of gene therapy for cancer treatment, and increased prevalence of cancer may drive the growth of the North American gene therapy market.
The United States Food and Drug Administration (FDA) has stated it expects to receive more than 200 applications of this therapy by the end of 2020. This shows that the growing number of research studies and innovations in this area would positively affect the gene therapy market's growth in the near future. In the U.S., nearly 220 companies currently operate in this market. On top of that, the Alliance for Regenerative Medicine said that in mid-2019, around 270 potential drug candidates were in clinical trials around the world.
Although the high prices of currently available therapies encourage the development of therapies, this limits accessibility and may lead to recalls in the market due to the lack of economic viability of the products. In addition, currently, Health officials are only prioritizing drugs associated with the coronavirus that make treatment easier. Therefore, there has been no increase in the application of possible drugs for gene therapy. These factors may hamper the growth of the market for years to come.
Impact of COVID-19 on the North American Gene Therapy Market:
Currently, the world is trying to mitigate the negative impact of the SARS-CoV-2 pandemic to restore the flow of income to the markets. As a result, the cell and gene therapy sector has been severely affected. As many universities have closed and halted all non-essential research and registration processes for clinical trials, ongoing R&D progress has been slow.
However, biopharmaceutical companies have undertaken various initiatives to gain a competitive advantage in the market. For example, companies adopt various go-to-market strategies, such as expanding biopharmaceutical facilities, collaborating with other key stakeholders, and developing with contract manufacturing organizations (CMOS).
This research report on the North American Gene Therapy Market has been segmented & sub-segmented into the following categories:
By Vector Type:
Geographically, the U.S. gene therapy market is forecasted to account for most of the share in the North American market during the forecast period. Due to a strong regulatory framework to promote the development of cell therapy and the presence of a significant number of biopharmaceutical companies, several government agencies are investing in the region. This, in turn, stimulates the growth of the regional market. The presence of centers and institutes dedicated to R&D in gene therapy should continue to drive the United States of America market. Several companies in regions plan to receive FDA approvals focusing on the healthcare sector during the forecast period.
In 2019, the United States generated $ 2.16 billion in revenue in gene therapy. It was expected to dominate over the next few years, fueled by the increasing use of advanced gene therapies to treat rare diseases. Besides, the presence of favorable reimbursement policies and guidelines would also help drive the growth of the market here. Moreover, as this type of treatment is not legal in several developing countries, the industry giants are focusing on the United States to launch their products.
KEY MARKET PLAYERS:
A few of the promising companies operating in the North American 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.