The positive results of various clinical trials, the increasing prevalence of chronic diseases, and the soaring R&D (research and development) activities being conducted in gene therapy are the main factors fueling the advancement of the market.

According to the American Cancer Society, the number of new cancer patients increased in the U.S. from 1,685,210 in 2016 to 1,762,450 in 2019. Furthermore, the organization found that cancer mortality rose from 595,690 to 606,880 from 2016 to 2019 in the country. Because of these factors, the requirement for gene therapy grew massively in the country over the last few years. Depending on type, the gene therapy market is divided into in vivo and ex vivo.

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Based on application, the gene therapy market is classified into oncology, rare diseases, neurology, ophthalmology, hematology, cardiology, and infectious diseases. Out of these, the oncology category generated the highest revenue in the market in 2019, mainly because of the high incidence of cancer all over the globe and the fact that nearly 60% of all the currently ongoing gene therapy clinical trials are targeted at cancer therapy. This is because gene therapy exhibits high selectivity in killing tumor cells.

Across the globe, the gene therapy market is predicted to register the fastest progress in the Asia-Pacific (APAC) region in the upcoming years. The presence of cost-effective labor, the rising operations of prominent market players, and the emergence of several group investors are the main factors fueling the expansion of the market in this region. In addition to this, the APAC nations are increasingly enacting regulations and policies for regulating the production and approval procedures of various gene therapy products.