Gene Therapy Market is Estimated to Witness High Growth Owing to...

Gene Therapy Market is Estimated to Witness High Growth Owing to Rising Prevalence of Genetic Disorders

Posted 2024-01-11 11:04:59

Gene therapy is a type of treatment that involves the modification of genes or genetic material to treat or cure disease. Diseases that gene therapy aims to cure include inherited disorders, various types of cancer, and certain viral infections. Gene therapy typically works by inserting a normal gene to replace the abnormal gene responsible for the disease. Gene therapy holds the potential to treat a wide range of both rare and common diseases and many view it as a revolutionary new medical technology.

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 Dynamics:

The Global gene therapy market size is expected to witness high growth owing to the rising prevalence of genetic disorders across the globe. According to the National Institutes of Health, genetic disorders have affected over 25 million Americans thus far. Genetic disorders arise due to changes in DNA or chromosomes, such as mutations, deletions, and additions. Gene therapy holds the potential to treat genetic disorders by introducing a normal gene that can replace an abnormal or missing gene. Another major driver fueling growth of the gene therapy market is the rising adoption of gene therapy as a treatment option for various forms of cancer. According to a study published in Mayo Clinic Proceedings, gene therapy has resulted in complete remission in some cancer patients, especially in certain types of leukemia.

SWOT Analysis

Strength: The Gene Therapy Market offers revolutionary treatment options for several genetic disorders. There is a growing pipeline of gene therapy candidates that target high-impact diseases. Researchers are developing more targeted and efficient delivery methods for gene therapy.

Weakness: Gene therapy is still an evolving field with several technical challenges to overcome. The development costs associated with gene therapy are massive. There are concerns regarding the long-term safety and efficacy of gene therapies which hinders widespread adoption.

Opportunity: The increasing research focus on complex diseases like cancer presents significant commercial opportunities. Emerging areas like CRISPR/Cas9 gene editing hold promise to unlock new applications. Favorable regulatory environment and healthcare reforms in major markets are encouraging investments.

Threats: Strict regulations for gene therapy development and approvals delay market entry. Dependence on third-party manufacturers for vector production poses supply issues. Emergence of alternative next-gen treatment options can replace gene therapies. IP disputes between players can negatively impact research progress.

Key Takeaways

The global Gene Therapy Market is expected to witness high growth in the coming years. North America currently dominates the market due to availability of advanced healthcare facilities and presence of major gene therapy players in the region. The US and Canada are pioneering research in gene therapy development.

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. Novartis and Biogen are collaborating on gene therapies to target retinal disorders. Gilead Sciences is developing gene therapies for chronic liver diseases and hemophilia.

The Gene Therapy Market size for 2024 is projected to reach US$ 9 Bn, growing at a CAGR of 4.7% during the forecast period of 2023 to 2030. Factors such as the increasing prevalence of cancer and other genetic disorders will drive market revenues. Ongoing clinical trials evaluating gene therapies for conditions like solid tumors indicate huge commercial potential.