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 involves modifying or manipulating genes for therapeutic use. It aims to treat diseases by altering genetic material inside cells. Diseases like cancer, cystic fibrosis, heart disease, diabetes etc. are being explored for gene therapy. This technology holds potential to cure genetic disorders by correcting defective genes or introducing new genes.
Market key trends:
Gene therapy is witnessing increased demand due to rising prevalence of various genetic and chronic diseases worldwide. As per WHO estimates, around 6,000 rare genetic diseases are known today affecting over 400 million patients globally. Gene therapies offer long term clinical benefits over conventional medications. Advances in viral and non-viral gene delivery tools are furthering research capabilities. Scientists have achieved success in developing gene therapies for retinal disorders, hemophilia, and certain cancers. Approvals of advanced gene therapies will fuel market revenues during the forecast period. Strategic collaborations between pharmaceutical companies and research institutes are also positively impacting the market. However, high costs of development and therapeutic applications may moderately inhibit market growth.
The global gene therapy market is segmented based on vector, application, end user, and region. Based on vector, the market is segmented into viral and non-viral vectors. The viral vector segment is expected to dominate the market as viral vectors have higher transfection efficiency compared to non-viral vectors. Based on application, the market is segmented into oncology, cardiovascular diseases, neurological disorders, infectious diseases, and others. The oncology segment is expected to hold the largest share of the market as cancer is one of the leading causes of mortality. By end user, the market is segmented into hospitals, ambulatory surgical centers, and research institutes. Hospitals are expected to hold a dominant position due to the availability of better infrastructure and facilities for gene therapy.
The Global Gene Therapy Market Size is expected to witness high growth, exhibiting a CAGR of 21% over the forecast period, due to increasing prevalence of cancer and other target diseases.
The North American region is expected to dominate the global market during the forecast period. This is attributed to the presence of advanced healthcare infrastructure, high healthcare expenditures, and increasing R&D activities for gene therapy development in the region.
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. Novartis AG holds the leading position owing to its diverse portfolio of gene therapy products and promising late-stage clinical pipeline.
The global gene therapy market size is expected to reach US$ 9.0 Bn in 2023 and further projected to reach over US$ 25 Bn by 2030, expanding at a high CAGR of 21% during the forecast period. Increasing investment by key players, rising demand for effective treatments, and improving regulatory guidelines are some factors expected to propel the market growth.