Gene therapy involves the use of nucleic acids such as DNA, RNA, oligonucleotides or antisense molecules to treat or prevent disease. It involves the insertion of genes into an individual's cells and tissues to treat disease, replace missing or mutated genes that cause disease, and prevent or cure disease. The global gene therapy market has witnessed rising demand for treatment of various cancers, neurodegenerative disorders, genetic disorders and others.

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 Dynamics:

The gene therapy market growth is majorly driven by rising development of novel gene therapies for treatment of various diseases. According to the report by American Society of Gene and Cell Therapy, over 3000 clinical trials of gene therapies are ongoing globally as of 2020. Moreover, increasing funding from public and private players for R&D of gene therapies is also positively impacting the market growth. For instance, National Institutes of Health (NIH) allocated almost US$ 1 Bn funding for research in gene therapy and gene editing for year 2020.

SWOT Analysis 

Strength: Gene therapy has the potential to treat many genetic diseases and some cancers. It allows long-term benefits without repetitive hospital visits or medicine. Gene therapy is focused on a one-time fix for the underlying condition.

Weakness: Gene therapy is an expensive treatment option. The development of new gene therapies is a long, complex process, taking 10-15 years of research and testing. Safety concerns over gene therapy can lead to regulatory delays.

Opportunity: Rising prevalence of cancer, infectious diseases and genetic disorders are driving the demand for newer treatment options. Increasing funding for research is leading to development of innovative gene therapies.

Threats: Biosimilar competition can erode sales of commercially successful gene therapies. Regulatory hurdles and lengthy approval times can negatively impact revenue generation within the forecast period.

Key Takeaways:

Global Gene Therapy Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Rapid technological advancements and large funding from both public and private sectors is fueling the development of novel gene therapies. The market size is anticipated to reach US$ 9 Billion by 2023, registering a CAGR of 4.4% during 2023-2030 forecast period.

Regional analysis indicates that North America region currently dominates the global gene therapy market and is expected to continue its dominance through 2030. Presence of advanced healthcare infrastructure, high adoption of advanced therapies and greater patient access to insurance coverage contributes to high market share of North America in the global gene therapy market. Europe is anticipated to be the second largest regional market due to rising research investments by key European markets like U.K. and France for development of new gene therapies.

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, ABASSCO.

The global gene therapy market is expected to witness high growth. Regional analysis related content comprises Regional analysis related content (North America region currently dominates the global gene therapy market and is expected to continue its dominance through 2030. Presence of advanced healthcare infrastructure, high adoption of advanced therapies and greater patient access to insurance coverage contributes to high market share of North America in the global gene therapy market.

 

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