Gene therapy is described as the treatment of an illness by changing, replacing, or supplementing a missing or aberrant genetic combination that is responsible for the disease. Gene therapy has become one of the most sought-after research goals in the fight against terminal diseases. The need for gene therapy is being driven by an increase in the number of cases of HIV, cancer, and other difficult-to-cure diseases around the world. It also discusses prospective growth possibilities in the coming years, as well as market drivers, restraints, growth indicators, challenges, market dynamics, competitive landscape, and other important aspects of the gene therapy market.
Gene Therapy Market – Dynamics
Due to an increase in the number of people suffering from inherited disorders, cancer, HIV, and other chronic diseases, demand for gene therapy is skyrocketing. According to a 2018 report from the American Cancer Society, cancer was responsible for 609,640 deaths in the United States. Furthermore, the World Health Organization (WHO) revealed that HIV-related illnesses claimed the lives of 1.0 million people globally in 2017. Technological advancements, inventions, and clinical and pre-clinical trials are all on the rise. According to a 2014 research published in Regenerative Medicine, there are 4749 registries of clinical studies using stem cell treatment. Several disorders are expected to drive the gene therapy market size upwards over the forecast period. Furthermore, government agencies and commercial market participants are increasing research and development spending for the creation of new, efficient, and safer gene therapy procedures, which has encouraged market growth.
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