by Gene therapy involves using genes to treat or prevent disease. It involves modification of genes or introduction of new genes to treat genetic diseases or acquired diseases. Gene therapy products help treat genetic disorders like cancer, cystic fibrosis, heart disease, diabetes, and inflammatory bowel disease. The growing prevalence of genetic disorders and increasing funding for research and development of new gene therapies are driving the demand for gene therapy.
The global Gene Therapy Market is estimated to be valued at US$ 9 Bn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends propelling the growth of the gene therapy market is the growing demand for personalized medicine. Gene therapy provides customized treatment by addressing the specific genetic mutation causing the disease. It allows highly targeted treatment at the molecular level with minimal side effects. Development of new gene editing technologies like CRISPR is also fueling the gene therapy market growth. CRISPR/Cas9 system enables precise genetic modifications and holds promise for developing treatments against several life-threatening genetic conditions. Continued successes in clinical trials and the approval of new gene therapy products will translate into larger market opportunities. Novel viral and non-viral gene delivery vectors are also being developed to improve the efficacy and safety of gene therapies.
SWOT Analysis
Strength: Gene therapy has potential to cure genetic diseases with a single treatment. Currently there are approved gene therapies to treat retinal disease, hemophilia, and cancer.
Weakness: Gene therapy is still an expensive treatment option and long-term safety is still not fully known. Developing gene therapies is a complex process and manufacturing is difficult at commercial scale.
Opportunity: Many drug companies and research institutes are conducting research to expand gene therapy for more diseases. Approvals of new gene therapies will drive the market growth in coming years.
Threats: Strict regulatory approval process can delay market entry of new gene therapies. Ethical issues associated with gene editing can hamper overall growth of the market. Insurance coverage and reimbursement policies also impact market acceptance.
Key Takeaways
Global Gene Therapy Market Size is expected to witness high growth between 2023-2030. The market size is projected to grow from US$ 9 Billion in 2023 to over US$ 30 billion by 2030, registering a CAGR of around 4.4% during the forecast period.
Regional analysis: North America currently dominates the global gene therapy market due to presence of major players and availability of advanced healthcare facilities for clinical research. Europe and Asia Pacific markets are also growing at a rapid pace due to increasing R&D investments for development of novel gene therapies.
Key players:
Key players operating in the gene therapy market are Solvay, Sakai Chemical Industry, Quimicos Aragonesas, Jinyan Strontium Industry, Joyieng Chemical, Hongkong XinRunDe Chemicals, Huaqi Fine Chemical, Barium & Chemicals, American Elements operating in the gene therapy market. These players are involved in various strategic collaborations and new product launches to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
