New York, USA, Jan. 02, 2023 (GLOBE NEWSWIRE) -- Gene Therapy Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), "Gene Therapy Market Information By Product, Indication, End User, And Region - Forecast till 2030", the market is expected to reach USD 3,251.92 million by 2030 at 19.10% CAGR during the forecast period 2022-2030
Market Synopsis
A gene, a functional hereditary unit of life, carries an instruction set for a particular function. Gene therapy is the most cutting-edge treatment for blood problems, chronic illnesses, infectious diseases, and cancer. To cure or stop the spread of disease, gene therapy entails replacing some or all of a patient's body's damaged genes with healthy ones. Based on where the target gene is located on a chromosome, there are two types of gene therapy: somatic gene therapy and germ-line gene therapy. To fix a defective, non-functioning, or missing gene in a patient's body, the method primarily relies on injecting functional genes into the patient through viral or non-viral vectors. Gene editing can occur in either somatic or germ-line cells. The development of the technology has made it possible to take a fresh approach to treat chronic diseases that have no known cure, like cancer and spinal muscular atrophy. Since it helps fix the problem at the source DNA, this therapy is frequently marketed as a one-dose cure.
Giving the essential players satisfying development liberties necessitates increasing subsidies and investing in quality treatment advancements. The expansion of the gene therapy market is thought to be fueled by this effective opportunity. Cardiovascular disorders are becoming more prevalent in many industrialized nations, and there is a rising need to treat them quickly. As a result, several players are investing heavily in researching and developing extremely potent and novel treatments. The prevalence of uncommon conditions like cancer and cardiovascular illnesses will increase the demand for gene therapy applications.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 3251.92 Million |
| CAGR | 19.10% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Indication and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising rates of cancer, uncommon diseases, genetic abnormalities, and other chronic diseases |
| Government backing and ethical acceptance of gene therapy as a cancer treatment |
Gene Therapy Market Competitive Landscape:
The distinguished contenders in the gene therapy market are:
- Amgen, Inc. (U.S.)
- Celgene Corporation (US)
- Thermo Fisher Scientific Inc. (U.S.)
- CEVEC (Germany)
- Spark Therapeutics, Inc. (U.S.)
- Bristol-Myers Squibb Company (U.S.)
- Novartis AG (Switzerland)
- Gilead Sciences, Inc. (U.S.)
- uniQure N.V. (Netherlands)
- Orchard Therapeutics plc (U.K.)
- Lonza (Switzerland)
Gene Therapy Market Dynamics:
Market Drivers:
The primary drivers of the market expansion for gene therapy are the rising incidence rates of cancer, rare diseases, gene mutations, and other chronic conditions worldwide. Growing government support increased cancer incidence, and the ethical acceptability of gene therapy as a cancer treatment all contribute to the market's expansion. Due to increased healthcare expenditures, state-of-the-art better healthcare, and the affordability of reimbursements, there is also a market opportunity for gene therapy. Advanced chronic disease treatment methods are being used in industrialized nations. As a result, it encourages patients to switch to this treatment rather than more traditional ones like chemotherapy, which has negative long-term impacts and side effects. To create these medicines, there is also a move toward using viral vectors, which have high immunogenicity and low toxicity. These gene therapies assist individuals highly susceptible to developing the condition due to genetic mutations passed down in the past generation in preventing certain types of cancer.
Market Restraints:
During the projection period, the market growth is anticipated to be somewhat constrained by the high cost of gene treatments. Even though cancer and SMA are becoming more common, the available treatments are quite expensive. The technique is primarily promoted as a single-dose treatment plan that corrects the patient's body's genetic dysfunction.
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COVID 19 Analysis
According to several sources, the coronavirus epidemic hasn't significantly affected the sale of gene therapy medicines. Due to a decrease in the number of cancer patients visiting hospitals and clinics for gene therapy (ICI), which resulted in a decrease in demand for gene therapy products, COVID-19's overall impact on the market for gene therapy remained unfavorable. These models have profoundly altered the market's acceptance of medicines. The global community is currently working to reduce the negative effects of the SARS-CoV-2 epidemic to restore market income flow.
The field of gene and cell therapy has been significantly impacted. Progress in continuing R&D has been sluggish because many universities have stopped all non-essential research and enrollment procedures for clinical trials. Biopharmaceutical companies have taken several actions to achieve a competitive edge in the market. Companies are using various market entry techniques, including collaborations with other important players and the growth of biopharmaceutical facilities.
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Gene Therapy Market Segmentation
By end-user, the market includes hospitals & clinics and specialty treatment centers.
By product, the market includes kymriah, zolgensma, luxturna, yescarta, strimvelis, and zynteglo.
By indication, the market includes oncology and genetic diseases.
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Gene Therapy Market Regional Insights
Due to factors including an increase in the high and rising healthcare spending, prevalence of chronic diseases, the presence of sophisticated healthcare infrastructure, the availability of compensation, and the presence of significant market players, North America held the largest market share for gene therapy and is anticipated to continue growing over the course of the forecast period. The European Union is quite open to novel approaches to treating incurable diseases. Increased research spending in these areas would stimulate regional market expansion. On the other hand, Asia-Pacific has a much smaller market revenue share. The main cause is the poor uptake of this type of treatment due to its high price. Guidelines are being established for the marketing and release of these items in developing nations like India.
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