APAC Gene Therapy Market To Generate Revenue Worth $6,931.5 Million in 2030
- Published: May 2021
The rising number of clinical trials, increasing therapy development activities, growing burden of chronic diseases, increasing number of strategic developments among market players, and increasing number of initiatives being taken by public and private organizations to raise awareness are some of the main factors positively impacting the growth of the Asia-Pacific (APAC) gene therapy market. Due to the aforementioned factors, the market is projected to grow at a CAGR of 36.8% during the forecast period (2021–2030), to reach $6,931.5 million by 2030.
Due to the ongoing COVID-19 pandemic, the gene therapy market has been moderately impacted. This is due to the disruption in the workflow of clinical trials due to the restricted movement of individuals during lockdowns and calls for social distancing by several governments worldwide. This created a halt in the gene therapy research worldwide. However, this halt was for a short period; thus, the market recovered significantly quickly.
In-Vivo Category Dominated Industry in 2020
The gene therapy market is categorized into in-vivo and ex-vivo therapies, based on type, of which thein-vivo category accounted for the larger share during the historical period (2015–2020). This is mainly attributed to the less difficulty and high efficacy associated with this type of gene therapy.
The gene therapy market is categorized into adenovirus, non-viral, herpes simplex virus (HSV), and lentivirus, based on vector type. Out of these, adenovirus is expected to be the fastest-growing category due to the higher efficiency of this vector type as compared to other viral vectors.
The gene therapy market is categorized into pharmaceutical and biotechnology companies and academic institutes and research centers, based on end user. Out of the two, pharmaceutical and biotechnology companies held the larger share in the gene therapy market in the region in 2020. This was due to the rising funding received by the companies, growing number of clinical trials being conducted by them, and technological advancements.
Geographically, China is expected to be the fastest-growing country during the forecast period. This is ascribed to the rising number of strategic developments among key companies and increasing number of cancer and rare disease cases. According to an article published in April 2019 in the South China Morning Post, close to 20 million people suffer from rare diseases in mainland China. This has created high demand for such therapies in the country.
Industry Players Involved in Product Launches and Approvals to Improve Their Position
Players in the APAC gene therapy market are actively involved in product launches and approvals to gain a competitive edge over others. For instance, in March 2020, Novartis AG announced that the Japanese Ministry of Health, Labour and Welfare (MHLW) approved Zolgensma (onasemnogene abeparvovec) for the treatment of spinal muscular atrophy (SMA) in patients under the age of two, including those who are pre-symptomatic at diagnosis. Zolgensma gene therapy is designed to address the genetic root cause of the disease, by replacing the functioning of the missing or non-working SMN1 gene.
Similarly, in May 2019, Novartis AG announced the launch of Kymirah for the treatment of relapsed or refractory B-cell ALL in Japan.
Some of the key players operating in the market are Novartis AG, Sibiono GeneTech Co. Ltd., Shanghai Sunway Biotech Co. Ltd., Kolon Life Science Inc., AnGes Inc., and Amgen Inc.