by Gene therapy involves modifying genes or introducing new genes into cells or tissues to treat or prevent disease. It represents a novel approach to treating a disease by addressing its underlying genetic cause. Diseases that are commonly treated with gene therapy include inherited disorders, certain types of cancer, certain viral infections, and certain bleeding disorders. Gene therapies are being investigated for diseases like cancer, heart disease, diabetes, and neurological disorders.
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 Dynamics:
For instance, according to the Alliance for Regenerative Medicine, global investments in cell and gene therapy increased by more than 75%, from US$ 1.4 billion in 2018 to US$ 2.4 billion in 2019. Additionally, funding from venture capital firms and government agencies has also increased substantially over the years. Further, advancements in viral and non-viral vector technologies have also opened new opportunities for successful human gene therapy. Introduction of novel vectors like AAV vectors that can efficiently deliver therapeutic genes are also propelling the market growth. However, potential side effects, high costs associated with gene therapy treatments may restrain the market growth.
SWOT Analysis
Strength: The gene therapy market has high growth potential owing to its applications in treating various life-threatening genetic and acquired diseases. Gene therapy aims to fix the root cause of diseases with increased precision and personalized treatment options. Furthermore, advancements in gene sequencing and genetic engineering technologies have enabled effective development of gene therapy.
Weakness: Gene therapy is still an emerging field and has high costs associated with R&D and clinical trials. Safety concerns still exist over its side effects and long term impact on patients. Regulatory approvals are stringent as any adverse events can impact patient safety and market adoption negatively.
Opportunity: The demand for new treatment options for cancer, neurological disorders, cardiovascular diseases and other genetic anomalies provides significant scope for gene therapy. Rising healthcare spending in developing nations and growing awareness about genetic illnesses is expanding the patient pool globally. Partnerships between pharmaceutical companies and research institutes can help address challenges and accelerate product developments.
Threats: Ethical issues around gene editing and regulations restricting certain applications are barriers limiting the industry’s potential. Competition from other advanced therapies and conventional drug developments poses pricing and market share threats to gene therapy products. Dependence on biological systems for success rate is a risk and requires extensive validation through clinical trials before commercialization.
Key Takeaways
The global gene therapy market is expected to witness high growth driven by rising prevalence of genetic and chronic diseases. 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.
Regional analysis: North America holds the largest share of over 40% in the global gene therapy market due to well-developed regulatory framework, high healthcare spending, availability of advanced treatment options and presence of key industry players. The US FDA has approved highest number of gene therapies to date. On the other hand, Asia Pacific region is estimated to grow at fastest CAGR of over 6% during the forecast period. This can be attributed to large patient population, increasing healthcare expenditure, low-cost clinical trials and manufacturing facilities attracting industry players to set up subsidiaries in the region.
Key players: 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. The companies are focused on expanding their gene therapy portfolios through acquisitions, licensing agreements, clinical trial collaborations and new product launches to strengthen their market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
