Gene therapy is one of the most promising and rapidly growing areas in the medical field. As the technology continues to advance, the gene therapy market is projected to reach an estimated value of $17.2 billion by the year 2027.
Gene therapy is a form of treatment that involves inserting new genetic material into cells in order to correct genetic disorders. It is being used to treat a variety of diseases and conditions, including cancer, genetic disorders, HIV/AIDS, and even certain neurological conditions.
Currently, Gene therapy market is projected to reach USD 17.2 billion by 2027 from USD 7.3 billion in 2022, at a CAGR of 18.6% during the forecast period. The lucrative growth is attributed to factors such as the high incidence of cancer and other target diseases, increasing product approvals, and the availability of funding for gene therapy research. On the other hand, the high cost of treatment and the availability of alternative treatment methods are expected to limit market growth to a certain extent.
The gene therapy market is consolidated, with three major players holding the dominant share of the market. In 2021, Biogen (US), Novartis AG (Switzerland), and Gilead Sciences, Inc. (US) were the leading players in the gene therapy market. Other major players in this market include Sarepta Therapeutics (US), Amgen, Inc. (US), Spark Therapeutics, Inc. (US), AGC Biologics (Italy), Orchard Therapeutics plc. (UK), Sibiono (China), Alnylam Pharmaceuticals, Inc. (US), Human Stem Cells Institute (Russia), AnGes, Inc. (Japan), Dynavax Technologies (US), Jazz Pharmaceuticals, Inc. (Ireland), and Akcea Therapeutics (US). The intensity of competitive rivalry in the gene therapy market is high.
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The standalone segment accounted for the second largest share of the type segment in the cardiac safety services market in 2021.
Standalone services are single or specific cardiac safety services offered by cardiac safety service providers. Some end users choose specific services to be performed at different phases of clinical trials per their needs. During preclinical and clinical trials and drug discovery, standalone services are mainly used by CROs and pharmaceutical and biopharmaceutical companies. These services are preferred due to their cost-efficiency.
The pharmaceutical biopharmaceutical accounted for the largest share of the end user segment in the cardiac safety services market in 2021.
Pharmaceutical biopharmaceutical companies primarily use cardiac safety services to manage clinical trials for newly developed drugs. Companies are engaged in the development of novel drugs for the treatment of various diseases. Cardiac safety issues are among the most common reasons promising drugs can be halted during development. As a result, there is a high demand for cardiac safety services among pharmaceutical and biopharmaceutical companies.
The gene therapy market is being driven by advances in gene delivery technologies, such as viral vectors and non-viral vectors. These technologies are enabling the delivery of genetic material directly to target cells, which can improve the effectiveness of gene therapy treatments. Additionally, the increasing use of gene editing technologies, such as CRISPR, are helping to advance the gene therapy market.
The gene therapy market is also being supported by regulatory advances, such as the approval of the first gene therapy product in the United States in 2017. This approval has opened up the market to a wider range of gene therapy products and has created a more favorable regulatory environment for gene therapy companies.
Finally, the increasing prevalence of genetic diseases and the growing demand for personalized medicine are helping to drive the growth of the gene therapy market. As more patients become aware of the potential benefits of gene therapy, the demand for these treatments is likely to continue to increase.
Overall, the gene therapy market is expected to continue to grow at a rapid pace in the coming years, as technological advances and regulatory approvals continue to open up new opportunities for gene therapy companies.
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Recent Developments
- In February 2022, Sarepta Therpeutics (US) announced a collaboration to use GenEdit NanoGalaxy platform and Sarepta gene editing technology to develop gene editing therapeutics to treat neuromuscular diseases.
- In May 2022, Novartis AG (Switzerland) received FDA approval for KYMRIAH for adult patients with relapsed or refractory follicular lymphoma after two or more lines of systemic therapy.
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