by The global Gene Therapy For Rare Disease Market is estimated to be valued at US$ 193.56 Bn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Gene therapy aims to treat diseases by supplementing, manipulating, or even fixing the mutated gene responsible for causing the disease. It has immense potential for treating rare diseases as most of them are caused by genetic defects. Gene therapy products can provide life-long cure or critical relief to patients by replacing or modifying defective genes. The recent approval and commercialization of gene therapies have strengthened the market potential for rare diseases.
Market key trends:
The growing genetic testing adoption rates is expected to drive the market growth. High costs of gene therapies and reimbursement concerns in many countries continue to remain a challenge to market growth. However, advancements in gene therapy delivery methods such as nanoparticles, gene editing tools, and novel viral and non-viral vectors are increasing efficacy and safety profiles. Partnerships between key players and government funding for research and development are also fueling the progress. Moreover, increasing patient awareness and acceptance levels of gene therapy are positively impacting the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the gene therapy for rare disease market is relatively low due to the high costs involved in R&D and clinical trials. Established players have significant economies of scale in manufacturing and distribution.
Bargaining power of buyers: The bargaining power of buyers is moderate. However, the urgent medical needs of patients suffering from rare diseases make them less price-sensitive.
Bargaining power of suppliers: A few biotech companies control the innovation and development of innovative gene therapies. This gives them strong bargaining power over drug developers.
Threat of new substitutes: Currently, there are limited treatment options for rare diseases. Gene therapies offer superior treatment benefits over traditional drug therapies, hence threat from substitutes is low.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of major players investing heavily in R&D and pipeline development. Players compete based on innovation, pricing, and marketing strategies.
Key Takeaways
The Global Gene Therapy For Rare Disease Market Demand is expected to witness high growth, exhibiting CAGR of 11.% over the forecast period, due to increasing research funding and strong pipeline candidates.
Regional analysis: North America dominates the global gene therapy for rare disease market currently, owing to significant research funding and approvals. Europe and Asia Pacific are promising markets and expected to grow at a fast pace during the forecast period.
Key players: Key players operating in the gene therapy for rare disease market include Amgen Inc., Biomarin Pharmaceuticals, and Bayer AG. These players are focusing on developing innovative gene therapies and strengthening their pipeline through partnerships and acquisitions.
The global gene therapy for rare disease market size was valued at US$ 193.56 Bn in 2023 and is anticipated to reach over US$ 500 Bn by 2030. Gene therapies offer transformative treatment benefits for patients suffering from various rare genetic disorders. Government support in the form of funding and research grants is also encouraging pharmaceutical companies to develop gene therapies for rare diseases. North America currently dominates the market due to sizeable research expenditures and new product approvals. Europe and Asia Pacific are identifying as high potential markets and trade shows consistent growth over the forecast period. The market is highly competitive with key players including Amgen, Biomarin, and Bayer focusing on pipeline expansion through licenses and collaborations. Increasing research pipeline and favorable regulatory environment are expected to drive the growth of global gene therapy for rare disease market during the forecast period from 2023 to 2030.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
