Gene Therapy Market

The growing demand for personalized medicine is anticipated to openup the new avanue for Gene Therapy Market

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The 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.

Market Overview:

Gene therapy uses genes to treat or prevent disease. It works by introducing genetic material into cells to compensate for abnormal genes or to make a beneficial protein. The major applications of gene therapy are cancer, neurological disorders, infectious diseases, and other rare genetic disorders. Gene therapy has potential to treat several genetic medical conditions like neurodegenerative diseases, cancer, inherited disorders, and viral infections.

Market Dynamics:

The growth of the Gene Therapy Market is attributed to rising funding for R&D activities in gene therapy. For instance, in April 2021, Anthropic, an AI safety startup raised $175 million funding to develop AI systems that are beneficial to humanity. The funding will also be used on exploring applications of AI in healthcare domain, including gene therapy. Additionally, increasing prevalence of cancers and genetic disorders is expected to propel the market growth over the forecast period. According to Global Cancer Observatory, there were around 19.3 million new cancer cases and 10 million cancer deaths in 2020. However, high treatment cost associated with gene therapy may hamper market growth. Gene therapy requires extensive research and development along with specialized medical facilities and expertise which makes the treatment costly.

Segment Analysis

The global gene therapy market can be segmented into vector type, application, and end user. Based on vector type, the retroviral vector segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. Retroviral vectors offer advantages like long-term expression, improved safety profile, and targeted gene replacement or correction, which has led to their wide usage in majority of ongoing clinical trials.

PEST Analysis

Political: The governments across major countries are supporting gene therapy research through funding. For example, the National Institutes of Health in the US invested over US$ 500 Mn in gene therapy research in 2022.
Economic: The global gene therapy market size was valued at US$ 9.0 Bn in 2023 and is expected to grow at a high CAGR of 21% during 2023-2030. Increasing incidence of genetic disorders and cancer along with availability of health insurance coverage for gene therapy procedures will drive market revenue.
Social: Growing awareness about effective treatment options for inherited genetic conditions is positively impacting the adoption of gene therapy. Additionally, rise in disposable income supports patients’ ability to pay for high-cost gene therapy procedures.
Technological: Advancements in vector engineering, increasing focus on in vivo gene editing, and development of novel non-viral vectors are expected to expand applications of gene therapy in treating various diseases.

Key Takeaways

The Global Gene Therapy Market Demand is expected to witness high growth, exhibiting CAGR of 21% over the forecast period, due to increasing prevalence of cancer and genetic disorders. The market size is expected to reach ~US$ 42 Bn by 2030.
North America dominated the global market in 2022 owing to presence of majority of key players and growing gene therapy treatment adoption in the US. Europe and Asia Pacific are expected to be the fastest growing regional markets during the forecast period with growing governmental support for research.
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. Major players are focusing on portfolio expansion through partnerships to meet the increasing clinical demand for effective gene therapy treatments.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it