The Business Research Company’s Global Gene Therapy Market Report 2020-30: Covid 19 Growth And Change
LONDON, GREATER LONDON, UK, September 25, 2020 /EINPresswire.com/ — The use of machine learning and artificial intelligence is gradually gaining popularity in the gene therapy market. Artificial intelligence (AI) is the simulation of human intelligence in machines, which are programmed to display their natural intelligence. Machine learning is a part of AI. Machine learning and AI help companies in the gene therapy market to conduct a detailed analysis of all relevant data, provide insights between tumor and immune cell interactions, and offer a more accurate evaluation of tissue samples often conflicted between different evaluators.
For instance, since January 2020, GlaxoSmithKline, a pharmaceutical company, has been investing in AI to optimize gene therapy and develop off-the-shelf solutions for patients. It is also expected to reduce turnaround time and the cost of gene therapies.
The global gene therapy market size is expected to decline from $3.22 billion in 2019 to $3.18 billion in 2020 at a compound annual growth rate (CAGR) of -1.30%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The global gene therapy market size is then expected to recover and reach $6.84 billion in 2023 at a CAGR of 29.09%.
Incidences of cancer and other target diseases have been increasing significantly, which is calling for effective treatments, thereby driving the growth of the gene therapy market share. The rise in the number of cancer cases across the globe is likely to contribute to the growth of the gene therapy market during the forecast period.
According to the American Cancer Society, there were 1.7 million new cases and 0.6 million cancer deaths in 2019 in the USA. The four most common types of cancer worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of all the new cancer cases. Therefore, the rise in the cancer incidence rate globally is anticipated to boost the demand for the gene therapy market over the forthcoming years. Gene therapy is one of the most effective treatments in oncology. In this treatment, new genes are introduced into a cancerous cell or the surrounding tissue to cause cell death or slow the growth of cancer.
For instance, in September 2019, RMIT University, Australia, found that non-viral gene therapy can be used to speed up cancer research, which can bring patient-friendly cancer treatment in the market.
The gene therapy market share consists of sales of gene therapy related services by entities (organizations, sole traders and partnerships) that manufacture gene therapy drugs. Gene therapy is used to replace faulty genes or add new genes to cure disease or improve the body’s ability to fight disease.
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Source: EIN Presswire