Gene Therapy Market is Estimated To Witness High Growth Owing To Increasing Prevalence Of Genetic Disorders
The Gene Therapy Market is estimated to be valued at US$ 9.0 Bn in 2023 and is expected to exhibit a CAGR of 21.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Gene therapy involves insertion of functional genes into target cells to treat disease by supplementing missing or mutated genes or by inactivating harmful genes.It holds promise for treating various disorders including cancer, cardiovascular diseases, neurological disorders, infectious diseases, and genetic disorders. Gene therapy products are safer and more effective compared to other treatment options.
Market key trends:
The key trend fueling growth of the gene therapy market is rising prevalence of genetic disorders. According to the Genetic and Rare Disease Information Center, around 7,000 genetic disorders have been identified so far and approximately 25-30% of the population is affected by one or more genetic disorders. Other major drivers include increasing R&D investments by key players, strong product pipeline, and first FDA approvals of gene therapy products for various disorders. For instance, Zolgensma by Novartis is currently the only FDA approved gene therapy for pediatric patients with spinal muscular atrophy.
Porter’s Analysis
Threat of new entrants: The gene therapy market requires large investments in R&D for developing new therapies. In addition, stringent regulatory approvals pose barriers for new companies.
Bargaining power of buyers: As there are limited approved gene therapies currently available for rare diseases, patients have less bargaining power. However, as more therapies enter the market, bargaining power may increase.
Bargaining power of suppliers: Key raw material suppliers and contract manufacturing organizations have some bargaining power due to specialized expertise required. However, presence of many substitutes limits their power.
Threat of new substitutes: Development of alternative treatment methods like small molecule drugs pose a threat. However, gene therapies offer potential for cure which is difficult to substitute.
Competitive rivalry: Large companies focus on commercialization while small firmswork on early research. Partnerships are common due to high costs and risks.
SWOT Analysis
Strength: Gene therapy offers curative treatments, providing long-lasting benefits to patients. It holds immense potential to treat hereditary diseases. Scientists continuously working on optimizing gene delivery methods making the treatment more efficient.
Weakness: High costs associated with gene therapy research and development makes the treatment extremely expensive. There are also safety concerns related to viral and non-viral vectors used in gene transfer.
Opportunity: Rising prevalence of cancer and genetic disorders is creating demand for innovative treatment options. Growing geriatric population prone to such diseases will drive the market. Successful clinical trials and approval of new therapies will boost the market size.
Threats: Strict regulations for gene therapy approval delays market access. Limited healthcare budgets in certain regions hampers widespread adoption. Challenges in developing safe and effective viral and non-viral vectors remains a bottleneck.
Key Takeaways
The Global Gene Therapy Market Size is expected to witness high growth, exhibiting CAGR of 21.% over the forecast period, due to increasing prevalence of cancer and genetic disorders. Gene therapy offers potential cure for conditions previously considered untreatable.
Regional analysis: North America dominated the global market in 2020 owing to presence of advanced healthcare infrastructure, high healthcare spending and ongoing clinical trials. Asia Pacific is anticipated to exhibit highest growth during the forecast period due to rising income, healthcare reforms and availability of low-cost treatment options.
Key players analysis: Key players operating in the Gene Therapy market are Novartis AG (Switzerland), Biogen Inc. (US), Gilead Sciences, Inc. (US), Bristol-Myers Squibb (US), Alnylam Pharmaceuticals, Inc. (US), and Sarepta Therapeutics, Inc. (US) among others. These players are involved in new product launches, collaborations and commercialization activities to strengthen their market position.
Read more: https://makuv.com/gene-therapy-is-fastest-growing-segment-fueling-the-growth-of-gene-therapy-market/
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