by The global Gene Therapy Market is estimated to be valued at US$ 9.0 Bn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Gene therapy offers promising treatments for various diseases by delivering genetic material into cells of patients to treat or cure disease. Gene therapy helps in transferring genetic material into cells to compensate for abnormal genes or to introduce a new function. Viral vectors play a crucial role as vectors to deliver therapeutic gene in the body and are widely used in clinical research & commercial processes.
Market Overview:
Gene therapy products deliver therapeutic genes into patients’ cells and tissues to treat disease. Primary benefits include potential for permanent cure by addressing root cause of disease, low maintenance and risk of reoccurrence compared to continual drug administration. The market has witnessed significant growth owing to increased adoption in clinical trials & approvals for treatment of cancer, neurological disorders and genetic diseases.
Market key trends:
One of the major trends in the gene therapy market is increasing application of gene silencing technologies. Gene silencing uses multiple technologies for inhibiting expression of specific genes and modulating functions at the gene level. RNA interference (RNAi) technology helps in downregulating expression of target genes. CRISPR/Cas9 technology has emerged as a versatile gene editing tool for silencing genes responsible for disease conditions.
Market Key Trends:
The gene therapy market has been witnessing rising adoption rates in recent years. One of the key drivers of this trend is the increasing success rates of gene therapy clinical trials. Over 600 gene therapy clinical trials have been conducted globally so far, with many showing promising results for various genetic disorders. This is improving the perception of gene therapy among patients and physicians alike. Additionally, advancements in viral and non-viral vector engineering technologies have enhanced the efficacy and safety of gene therapy, making it a more viable treatment option.
SWOT Analysis:
Strength: Gene therapy offers the potential for a one-time curative treatment for many genetic diseases with no lifetime dependence on medications.
Weakness: High research and development costs associated with gene therapy limit its accessibility and affordability.
Opportunity: Growing pipeline of gene therapy candidates for various diseases and increasing public and private investments in this field.
Threats: Concerns around vector payload size limitations, off-target effects and immunogenicity pose safety and efficacy challenges. Regulatory hurdles also continue to be a bottleneck.
Key Takeaways:
The Global Gene Therapy Market Size is expected to witness high growth, exhibiting CAGR of 21% over the forecast period of 2023 to 2030, due to increasing success rates of clinical trials leading to regulatory approvals. By 2030, the market size is projected to reach US$ 50 Bn.
North America currently dominates the global market due to presence of major market players and high adoption rates. Presence of advanced research infrastructure and availability of funding also support market growth in the region. Europe is also a significant regional market supported by growing gene therapy clinical trials.
Key players operating in the gene therapy market are Novartis AG (Switzerland), Biogen Inc. (US), Gilead Sciences, Inc. (US), Bristol-Myers Squibb (US), Alnylam Pharmaceuticals, Inc. (US), and Sarepta Therapeutics, Inc. (US) among others. These players are continuously investing in R&D to develop novel gene therapy products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
