Gene therapy involves modifying genes to treat or cure disease. It has the potential to treat a variety of both rare and common diseases by delivering genetic material into a patient’s cells for therapeutic effect. Recently, several new gene therapies have received regulatory approval to treat various genetic disorders, raising hopes for many people suffering from debilitating conditions with no cure until now.
The global Gene Therapy Market is estimated to be valued at US$ 9 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rapid adoption of new gene therapies: Over the past few years, multiple new gene therapies have received regulatory approvals to treat various rare genetic diseases like spinal muscular atrophy, haemophilia, and retinal dystrophy. This has driven rapid uptake of these novel therapies amongst patients. However, high cost of treatment remains a challenge for wider adoption. With continued research and development in this space, more such therapies are expected to be approved which will further propel the gene therapy market growth over the forecast period.
SWOT Analysis
Strength: Gene therapy allows direct manipulation of genes which provides potential treatment for currently incurable genetic disorders. It enables permanent cure and avoids lifetime therapy.
Weakness: High costs associated with research and development in gene therapy. Regulations for approval of new gene therapy products are complex and time consuming.
Opportunity: Increasing approval and adoption of gene therapies presents significant opportunities. Growing prevalence of cancers and genetic disorders offers scope for development of new gene therapies.
Threats: Safety issues associated with gene therapy delivery methods can negatively impact patient acceptance. Intellectual property disputes between companies can delay the availability of new therapies.
Key Takeaways
The Global gene therapy market size is expected to witness high growth over the forecast period of 2023 to 2030. North America is currently the dominant as well as the fastest growing regional market due to high adoption and presence of key market players. Factors such as strong research funding, ongoing clinical trials and new product approvals are driving the North American market growth.
Europe is another major regional market attributed to growing focus on gene therapy research. Availability of public funding and presence of major pharmaceutical companies are supporting market growth in Europe. However, Asia Pacific region is anticipated to offer lucrative opportunities owing to rising healthcare expenditure, increasing patient awareness and improving research infrastructure in countries like China.
Key players operating in the gene therapy market are Novartis AG, Biogen Inc., Gilead Sciences, Inc., Bristol-Myers Squibb, Alnylam Pharmaceuticals, Inc., and Sarepta Therapeutics, Inc. among others. The market is witnessing heavy investments by these players to develop new gene therapy products for genetic disorders as well as cancer indications. Partnerships with biotech companies and academia are also enabling expansion of product pipelines.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it