Nucleic Acid Based Gene Therapy Global Market Report 2022
May 30, 2022
Major players in the nucleic acid-based gene therapy market are Celsion Corporation, Wave Life Sciences, Imugene, Caperna, Phylogica, Protagonist Therapeutics, Benitec Biopharma, EGEN, BioMedica, Transgene, and Copernicus Therapeutics. May 30, 2022 04:15 ET
New York, May 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Nucleic Acid Based Gene Therapy Global Market Report 2022" - https://www.reportlinker.com/p06280834/?utm_source=GNW
The global nucleic acid based gene therapy market is expected to grow from $0.62 billion in 2021 to $0.68 billion in 2022 at a compound annual growth rate (CAGR) of 9.5%. The market is expected to grow to $0.96 billion in 2026 at a compound annual growth rate (CAGR) of 9.0%. The nucleic acid-based gene therapy market consists of sales of nucleic acid-based gene therapy products and services.Gene therapy is used for correcting defective genes that are responsible for disease development. Moreover, nucleic acid-based therapeutics are used to treat genetic disorders and diseases for which there exists no permanent cure such as anemia, sickle cell, cystic fibrosis, diabetes, and thalassemia. The main technologies in nucleic acid-based gene therapy are anti-sence and anti-gene, short inhibitory sequences, gene transfer therapy, nucleoside analogs, ribozymes, aptamers, and others.The nucleoside analogues are a significant class of antiviral agents that are generally utilized in the therapy of human immunodeficiency virus (HIV) infection, hepatitis B virus (HBV), hepatitis C virus (HCV), cytomegalovirus (CMV). The various applications include oncology, muscular dystrophy/ muscular disorders, and rare diseases that are used by end-users such as hospitals and clinics and academic and research institutes. Rising financial support by the government and the companies is projected to drive the demand for nucleic acid-based gene therapy.Nucleic acid therapeutics are analogs of naturally occurring acids or proteins responsible for genetic expression. The traditional therapies do not have any cure for the treatment of diseases such as cystic fibrosis, hemophilia, sickle cell anemia, thalassemia, and diabetes.Genetic profiling and molecular target identification form the backbone of these classes of drugs. Nucleic acid medication has greater potential for the treatment of these diseases, as they target the genetic basis of diseases and have a permanent cure.Rising financial support by the government and the companies dealing in the market for gene therapy is expected to contribute to increasing the demand for nucleic acid-based gene therapies. For instance, in October 2019, the USA National Institutes of Health (NIH) announced plans to invest $100 million for the next four years to cure HIV and sickle cell disease with gene therapies. The government support for gene therapies will contribute to the growth of the market. Stringent regulations imposed on gene therapies raise the price of gene therapies, which in turn hinders the demand for nucleic acid-based gene therapies.The excessive regulatory oversights create an expensive and elongated route for approval increasing the expenses. According to Foundation for Economic Education (FEE), unlike other drugs approved or regulated by the Food and Drug Administration (FDA), gene therapies are not only subject to the regulatory structure of the FDA, but also the Recombinant DNA Advisory Committee and Office of Biotechnology Activities. Also, as estimated by FEE, an approved gene therapy drug costs nearly $5.0 billion, which is five times higher than that of the average cost of FDA approval. The high cost of gene therapeutics drugs places them beyond the financial reach of the populace. This scenario is anticipated to restrain the market growth of the nucleic acid-based gene therapy market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the nucleic acid-based gene therapy market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.