Global Gene Therapy Market - 2023-2030

Global Gene Therapy Market - 2023-2030

The Global Gene Therapy Market reached US$ 7.4 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 29.2 billion by 2030. The global gene therapy market is expected to exhibit a CAGR of 19.4% during the forecast period 2023-2030.

Gene therapy is a medical treatment or prevention method that corrects the underlying genetic issue. Instead of utilizing medications or surgery, gene therapy procedures allow doctors to cure a problem by modifying a person's genetic composition. Gene therapy may allow patients to live without the need for continued therapies or the burden of illness management daily.

Advancements in treatments to cure diseases such as cancer, neuro, and cardio diseases are driving the global gene therapy market in recent years and are anticipated to remain the same over the forecast period. An increasing number of gene therapy start-ups is also expected to be one of the major factors driving the growth of the global gene therapy market.

Market Dynamics

Novel Approaches of Gene Therapy

New approaches gene therapy is a fast-expanding subject in which multiple unique techniques for treating various genetic problems are being investigated. Here are several novel techniques for gene therapy using CRISPR-Cas9. CRISPR-associated protein 9 (Cas9) and Clustered Regularly Interspaced Short Palindromic Repeats (CRISPR) have revolutionized gene editing. Scientists may use CRISPR-Cas9 to precisely edit genes by cutting DNA at specified spots and inserting desired genetic alterations.

It is projected that there would be a need for gene therapy employing novel techniques being explored by researchers all over the globe and incorporated into conventional treatment, which will function as a driver for the expansion of the global gene therapy market.

High Cost of Gene Therapy Treatment

Despite the fact that chronic illnesses such as cancer are growing more widespread, the cost of treatment remains prohibitively expensive. The majority of gene therapy goods are covered by insurance in the United States. Patients who do not have insurance, on the other hand, frequently struggle to pay for such operations, and these risk factors are predicted to stymie the worldwide gene therapy industry.

According to the Institute for Clinical and Economic Review (ICER), the average cost of a gene therapy dosage is between $1 million and $2 million. Furthermore, the production cost prices are established by developers depending on a variety of criteria, including the quantity of R&D expenditure, expected market demand and likely competition.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a beneficial influence on the market and will drive it even higher throughout the projection period. Because the virus has already afflicted people with underlying disorders, gene therapy can protect the body from the infection's influence. It has been discovered that COVID-19 amplifies the impact of the underlying illness if the positive individual has any.

Gene therapy is being researched to be beneficial during this epidemic. Research institutes have also been provided access to money for R&D in this industry, which will boost the market even further.

Segment Analysis

The global gene therapy market is segmented based on therapy and application

The Oncological Disorders Application Segment Will be Dominated by Market Players During the Forecast Period.

The oncological diseases section produced the most revenue in 2022 at around 34.7% and is predicted to expand at a healthy rate over the projection period. The major factor is the growing incidence of cancer cases worldwide. The government has recently aided progress by expanding regulatory approval of gene therapy for cancer. The advancement of technology is the primary driver of growth.

According to the American Cancer Society, in 2022, it’s been 1,918,030 new cancer cases and 609,360 cancer deaths in the United States, with lung cancer, the leading cause of cancer mortality, accounting for nearly 350 fatalities each day. oncological diseases. As a result, the proportion of prostate cancer identified at a later stage has risen from 3.9% to 8.2% in the last decade. Overall, the oncological illnesses category has the greatest influence on the market expansion of gene treatments.

Geographical Analysis

North America is the Dominating Region During the Forecast Period

Regionally, North America represented the greatest share of the worldwide gene therapy market in 2022 capturing 41.2%, with a fast growth rate projected throughout the forecast period. An increase in the geriatric population and the incidence of chronic illnesses are key growth contributors. The rising acceptance of the gene therapy procedure by government agencies will inspire additional significant market participants.

Competitive Landscape

The major global players include Novartis AG, Gilead Sciences Jazz Pharmaceuticals Orchard Therapeutics, Bristol-Myers Squibb, Amgen, SiBiono Genentech, Shanghai Sunway Biotech Co, Adapt immune Therapeutics and Adverum Biotechnologies.

Why Purchase the Report?
• To visualize the global gene therapy market segmentation based on the Therapy type Application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of global gene therapy market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Gene Therapy Market Report Would Provide Approximately 92 Tables, 108 Figures and 195 Pages.

Target Audience 2023
• Manufacturers / Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies