by Gene therapy techniques are being widely used for treating inherited disorders like cystic fibrosis, muscular dystrophy. It also offers promising results for various types of cancers, heart diseases, HIV/AIDS, hemophilia and neurodegenerative disorders. With rising chronic disease burden, increasing investment in research and advancements in vector and delivery system development, gene therapy market is projected to witness significant growth over the coming years.
The global Gene Therapy Market is estimated to be valued at US$ 9 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Viral vectors continue to dominate the gene therapy market. Adeno-associated viruses have emerged as the preferred vector for delivering therapeutic genes owing to their safety profile and ability to infect dividing as well as non-dividing cells. Significant research is ongoing to develop better and more efficient viral vectors with higher gene loading capacity, targeted tissue delivery capabilities and ability to evade innate immune responses. This will allow addressing wider therapeutic areas and improving clinical outcomes through gene therapy techniques.
Segment Analysis
The global Gene Therapy market is dominated by Cancer and Genetic disorder sub segments. Cancer segment is dominating owing to the increasing number of Cancer incidences across the globe. Genetic disorder segment is also gaining traction due to increasing focus of key players on developing therapies for genetic disorders like cystic fibrosis, hemophilia etc.
Key Takeaways
The global Gene Therapy market is expected to witness high growth. Research and development activities in the area of gene therapy are expected to drive the market growth over the forecast period. Extensive research for developing advanced gene therapies for treating cancer and genetic disorders are supporting the market expansion. The global Gene Therapy Market is estimated to be valued at US$ 9 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030.
Regional analysisÂ
The North America region currently dominates the global Gene Therapy market due to increasing funding for research activities in the area of gene therapy from both private and public organizations. Presence of key market players and availability of advanced healthcare infrastructure further supports market growth in this region. Asia Pacific region is expected to witness fastest growth over the forecast period owing to rising prevalence of cancer and genetic disorders coupled with improving healthcare infrastructure.
Key playersÂ
Key players operating in the Gene Therapy market are Novartis AG, Biogen Inc., Gilead Sciences, Inc., Bristol-Myers Squibb, Alnylam Pharmaceuticals, Inc., and Sarepta Therapeutics, Inc. among others. Key players are mainly focusing on strategic collaborations and new product launches to strengthen their market position. For instance, in 2023 Biogen Inc launched Zolgensma gene therapy drug for treatment of spinal muscular atrophy.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
