Gene therapy is an experimental technique that uses genes to treat or prevent disease. In ophthalmology, gene therapy aims to introduce genetic material into cells of the eye in order to treat a disease or disorder. It is mainly used to treat conditions like Leber’s congenital amaurosis (LCA), choroideremia and retinitis pigmentosa among others. Gene therapy offers a promising treatment option for various retinal diseases that cause severe vision loss and blindness as it helps to replace faulty genes or supplements missing or non-functioning genes.
The global Gene Therapy in Ophthalmology market is estimated to be valued at US$ 621.9 million in 2030 and is expected to exhibit a CAGR of 16.4% over the forecast period 2020-2030.
Key players operating in the Gene Therapy in Ophthalmology areSpark Therapeutics, Inc., PTC Therapeutics, Agios Pharmaceuticals, Inc., Biogen, Novartis AG, MeiraGTx Limited, Abeona Therapeutics Inc., Orchard Therapeutics Limited among others. The key players are focusing on developing novel gene therapies for various ocular diseases through collaborations and acquisitions. For instance, in 2022 Spark Therapeutics announced positive results from the Phase III clinical trial evaluating the investigational gene therapy voretigene neparvovec for the treatment of patients with vision loss due to RPE65 mutation-associated retinal dystrophy.
The key opportunities in the market include rising research into developing more effective viral and non-viral vectors for delivering therapeutic genes into retinal cells. With advancements in genome editing technologies like CRISPR, the efficiency and success rate of gene therapy is expected to improve over the coming years.
Globally, North America dominated the gene therapy in ophthalmology market in 2020 due to advancements in research and a strong presence of key market players. However, Europe and Asia Pacific are expected to grow at a high rate owing to increase in awareness regarding new treatment options and improving healthcare infrastructure.
Market Drivers
The rising prevalence of vision loss and blindness due to untreatable retinal diseases is a major driver for the gene therapy in ophthalmology market. According to the statistics provided by Bright Focus Foundation, around 2.2 million people in the US suffer from retinitis pigmentosa, 1200 from choroideremia and 2,500 from LCA. Gene therapy offers durable treatment benefits for these inherited retinal diseases. In addition, increasing research funding from private and public organizations as well as new product approvals are further fueling the market growth.
PEST Analysis
Political: Gene therapy faces tight regulations from agencies like FDA. Regulations aim to ensure safety and efficacy.
Economic: Cost of developing and testing gene therapies is very high. Gene therapies help reduce healthcare costs by providing long term cures.
Social: As scientific community make progress, social acceptance of gene therapy is growing. However, some ethical concerns remain regarding altering human genes which may hamper growth.
Technological: Recent advances in vector engineering, gene editing and targeted delivery help tackle technical hurdles and expand capabilities of gene therapy. Customized treatments for retinal diseases are being developed using these technologies.
Geographical Regions
North America currently accounts for the largest share of gene therapy market for ophthalmology, primarily driven by availability of advanced healthcare facilities and huge patient population. Presence of major players and adoption of latest gene therapies contribute to its leading position. Europe follows North America in terms of revenue share due to growing geriatric population and increasing government funding for R&D.
Fastest growing region
Asia Pacific region is expected to offer most attractive growth opportunities during the forecast period. Rising awareness, improved accessibility and increasing healthcare expenditure are major factors driving the market in China, India and other Asia Pacific countries. Large untapped market potential along with supportive initiatives by regional governments will fuel the market growth in Asia Pacific region in coming years.
What Are The Key Data Covered In This Gene Therapy in Ophthalmology Market Report?
:- Comprehensive information on the aspects that will drive the Gene Therapy in Ophthalmology’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Gene Therapy in Ophthalmology and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Gene Therapy in Ophthalmology Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Gene Therapy in Ophthalmology vendors
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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