June 23, 2024

Gene Therapy For Rare Disease Market Is Estimated To Witness High Growth Owing To Rising Incidences Of Genetic Disorders

The gene therapy for rare disease market comprises of therapeutics and technologies used to treat rare genetic conditions by replacing defective genes or introducing new genes. Gene therapy has emerged as a promising treatment approach to address disorders caused by single-gene defects by correcting the underlying genetic abnormalities. There are over 7,000 known rare diseases affecting nearly 400 million individuals worldwide. However, only 5% of rare diseases have approved treatments as pharmaceutical companies have little incentive to develop treatments for small patient populations. This has led to an increase in demand for more effective treatment options for rare diseases.

The Global Gene Therapy For Rare Disease Market is estimated to be valued at Us$ 222.99 Mn in 2024 and is expected to exhibit a CAGR Of 5.9% over the forecast period from 2024 To 2030.

Key Takeaways

Key players operating in the Gene Therapy For Rare Disease  are Topcon Corporation, Agfa-Gevaert N.V., Sonomed Escalon, Carl Zeiss Meditec AG, EyePACS, VersaSuite, Heidelberg Engineering GmbH, ScImage, Inc., IBM Corporation, and Visbion Limited. These key players are actively involved in various strategic collaborations and new product launches to enhance their market share in the gene therapy for rare disease market.

The key opportunities in the gene therapy for rare disease market include increasing research funding for development of new gene therapies, growing approval of gene therapies and strong clinical pipeline. There are currently around 1500 gene therapy trials ongoing globally for various rare diseases which is expected to drive market growth during the forecast period.

The global expansion of the gene therapy for rare disease market is driven by rising awareness regarding genetic disorders and approvals of gene therapies in new markets. Pharmaceutical companies are also strategically expanding their operations in emerging Asian markets with large patient pools and focus on deployment of innovative treatments. Establishing clinical trial sites and manufacturing facilities in Asia Pacific and Latin America will help meet the growing demand.

Market drivers

The primary driver for growth of the gene therapy for rare disease market is rising incidences of genetic disorders due to changing lifestyle and environmental factors. According to statistics, over 350 million people worldwide suffer from some type of rare disease. Increasing research collaborations between biotechs and pharma companies for development of advanced gene therapy solutions using latest technologies like CRISPR is another key factor facilitating market growth. Development of personalized therapies targeting specific genetic mutations is also propelling market revenues.

PEST Analysis

Political: Governments across several nations are increasing funding for gene therapy research and clinical trials through grants and subsidies. Regulations have also been made to expedite approval of new gene therapies.

Economic: Due to high development costs of gene therapies, product pricing becomes a major factor. Manufacturers may have to offer patients financing options or cost-sharing programs for ensuring access and adoption.

Social: As understanding of genetic illnesses increases, patients and families are more willing to accept new treatment methods. However, some social concerns remain regarding gene editing and its long-term effects.

Technological: Gene therapy techniques are rapidly advancing through CRISPR and other tools. Targeted delivery methods are improving and offering potential cures for various genetic defects. Further research focuses on making therapies more effective and safe.

Geographical Regions of Concentration

In terms of value, North America currently dominates the global gene therapy market due to strong research support and an encouraging regulatory environment in the US and Canada. Presence of key industry players and favorable reimbursement policies have accelerated product adoption in the region. Europe is another major market supported by increasing public funding for healthcare innovation.

Fastest Growing Regional Market

The Asia Pacific gene therapy market is expected to witness the fastest growth over the forecast period due to rising healthcare investments, growing patient access to treatments, and an improving regulatory framework in countries like China, India, and South Korea. Emerging biotech hubs and increasing collaborations between global drug makers and regional centers of excellence will aid market development.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it