The global gene therapy market is expected to witness significant growth during the forecast period, with projections indicating it could reach a substantial value of USD 17.2 billion by 2027, compared to USD 7.3 billion in 2022. This impressive expansion is primarily attributed to several key factors driving the market.
One of the major contributors to the market's growth is the prevalence of cancer and other target diseases. Gene therapy offers promising treatment approaches for these conditions, propelling the demand for innovative and effective therapeutic solutions.
Furthermore, the increasing number of product approvals for gene therapy treatments is playing a crucial role in fostering market growth. As regulatory bodies around the world continue to grant approvals for gene therapy products, it bolsters confidence among healthcare providers and patients, leading to wider adoption.
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Key Market Players
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.
The non-viral vectors segment accounted for the largest share in the gene therapy market, by vector, during the forecast period.
Based on vectors, the gene therapy market is segmented into non-viral vectors and viral vectors. Non-viral vectors accounted for the larger market share in 2021. Less immunogenicity than viral vectors coupled with easier mass production of non-viral vectors are the major factors driving the growth of this segment.
The Neurological diseases segment accounted for the largest share of the indication segment in the gene therapy market in 2021.
Based on indication, the gene therapy market is segmented into neurological diseases, cancer, duchenne muscular dystrophy, hepatological diseases, and other indications. The neurological diseases segment accounted for the largest share of the gene therapy market in 2021. The largest share is attributed to growing burden of neurological diseases coupled with rising adoption of gene therapy for the treatment of neurological disorders.
The in vivo segment accounted for the larger share of the delivery method segment in the gene therapy market in 2021.
On the basis of delivery method, the gene therapy market is segmented into in vivo and ex vivo. In vivo segment accounted for the larger share in the gene therapy market as majority of the approved gene therapy products fall under in vivo delivery method.
Opportunity: Strong product pipeline
Gene therapy indeed presents a promising revenue-generation opportunity for pharmaceutical and biotechnology companies. Many key players in the industry are directing their efforts towards developing new gene therapy products to capitalize on the market's growth potential. These products are at different stages of development, with some still in the pre-clinical phase, while others are advancing through clinical trials and are anticipated to obtain regulatory approval in the near future.
The diversity of disease areas targeted by gene therapy companies is also noteworthy. By focusing on a wide range of conditions such as hemophilia A and B, Fabry disease, wet age-related macular degeneration, mucopolysaccharidosis type II, ornithine transcarbamylase (OTC) deficiency, achromatopsia, and multiple myeloma, these companies are aiming to address various medical needs and expand their potential market reach.
As more gene therapy products receive regulatory approval and enter the market, the patient pool for gene therapies is expected to grow significantly. Patients suffering from the aforementioned diseases and other genetic disorders will have the potential to benefit from these innovative treatments, providing new hope for improved outcomes and better quality of life.
The combination of advancements in gene therapy research, increasing clinical trial success rates, and a focus on a broad range of disease areas bodes well for the growth and expansion of the gene therapy market in the coming years. This growing interest and investment in gene therapy from industry players indicate a strong belief in the potential of these treatments to revolutionize the field of medicine and offer transformative therapies to patients in need.
Recent Developments:
- In February 2022, Sarepta Therpeutics (US) announced a collaboration to use GenEdit’s NanoGalaxy platform and Sarepta’s 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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North America is the largest region and Asia Pacific is the fastest-growing region of the gene therapy market in 2021.
Based on region, the gene therapy market is segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2021, North America dominated the market, followed by Europe. The significant government and private investments to develop advanced gene therapy products, the growing adoption rate of these products, and the presence of key market players in the region are responsible for the large share of North America in the gene therapy market. The Asia Pacific market is projected to grow at the highest CAGR during the forecast period.
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