Pune, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Gene Therapy Market Size & Growth Overview:
“According to SNS Insider, The Gene Therapy Market Size was valued at USD 9.2 Billion in 2023 and is expected to reach USD 54.39 Billion by 2032 and grow at a CAGR of 23.12% over the forecast period 2024-2032.”
The market growth of the target market is driven by various factors such as technological advancement, growing R&D investment, and increasing incidence of target diseases. Moreover, R&D investment is expected to drive the market significantly. Various companies are focusing on gene therapy platforms, which include building a transformational portfolio through in-house capabilities and improving and enhancing these capabilities through strategic collaboration, expansion of R&D activities, and potential licensing, merger, and acquisition activities. For example, in January 2022, the Cystic Fibrosis Foundation announced that it has invested in SalioGen Therapeutics to support preclinical research into the company’s gene therapy approach. Salonen’s Gene Coding approach is designed to turn on, turn off, or modify any gene’s function in the genome.
Moreover, in March 2021, ElevateBio, Inc., one of the major biotechnology companies involved in providing gene-based therapies raised around USD 525 Million to accelerate the development of cell and gene therapy technologies. Additionally, the rise in approvals from international regulatory agencies bodes well for the market's growth. For example, in August 2022, USFDA launched its first gene therapy called Zynteglo the first cell-based gene therapy for the treatment of adult and pediatric patients having transfusion-dependent beta-thalassemia. Such developments are expected to drive market growth owing to the rise in the development of gene therapies.
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Major Players Analysis Listed in this Report are:
- Amgen Inc.
- Biogen Inc.
- BioMarin.
- bluebird bio, Inc.
- Bristol-Myers Squibb Company
- Editas Medicine
- F. Hoffmann-La Roche
- Gilead Sciences Inc.
- Legend Biotech.
- Merck & Co.
- Novartis AG
- Pfizer Inc.
- Regenxbio Inc.
- Sangamo Therapeutics
- Sarepta Therapeutics Inc.
- Spark Therapeutics
- uniQure N.V.
- Voyager Therapeutics
Gene Therapy Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 9.20 Billion |
| Market Size by 2032 | US$ 54.39 Billion |
| CAGR | CAGR of 23.12% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Segmentation Dynamics
In 2023, the intravenous segment was the largest in the global gene therapy market with 75%. Intravenous administration is highly effective because it delivers treatments directly to the bloodstream. The rapid and widespread delivery is thus effective for all types of conditions, making intravenous administration highly effective for gene therapies. Additionally, advancements in vector design and delivery have made intravenous administration the preferred approach in many gene therapies. Thus, intravenous administration is the segment leader with substantial growth during the forecast period. Within North America, the United States accounted for a substantial market share.
Gene Therapy Market Key Segmentation:
By Indication
- Acute Lymphoblastic Leukemia (ALL)
- Inherited Retinal Disease
- Large B-cell lymphoma
- Melanoma (lesions)
- Beta-Thalassemia Major/SCD
- Spinal Muscular Atrophy (SMA)
- Others
By Route of Administration
- Intravenous
- Others
By Vector Type
- Lentivirus, AAV
- RetroVirus & gamma RetroVirus
- Modified Herpes Simplex Virus
- Adenovirus & Others
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Regional Insights
In 2023, North America holds 31% of the total worldwide market share. The United States dominates the market in North America. The market is being driven by an increasing number of government investments in the gene therapy sector, advancements in gene therapy research and development, and the growing prevalence of target diseases. For instance, according to an article by the United States Center for Disease Control and Prevention updated in December 2021, spinal muscular atrophy (SMA) is a genetic disorder affecting about 1 in every 10,000 individuals and is considered one of the deadliest rare diseases. These figures indicate a significant demand for gene therapy in the United States. Additionally, in May 2022, the FDA approved Evrysdi, a drug for treating spinal muscular atrophy in children under two months old. Evrysdi is an SMN-enhancing therapy designed to enhance the operation of the SMN2 gene. Such product approvals in the region have been fueling the growth of the market.
Recent Developments
- Biogen, Inc. and Ginkgo Bioworks, Inc. announced the closure of their gene therapy business in January 2024. The major focus of the business was the development of Adeno-associated viruses-based vectors. This will go a long way in fuelling the demand for gene therapies in the years to come.
- The Swiss Agency for Therapeutic Products approved Libmeldy for metachromatic leukodystrophy, which is a Nordic gene therapy product in December 2023.
- VYJUVEK, which is a gene therapy for Dystrophic Epidermolysis Bullosa treatment from Krystal Biotech, Inc. was approved in the United States in May 2023.
Key Takeaways
- The global gene therapy market is dominated by the intravenous segment in 2023, acquiring a 75% share of the market. Intravenous administration is the most effective in delivering treatments directly into the bloodstream which ensures immediate and uniform distribution of drugs throughout the body.
- In terms of the North American market for gene therapy, the United States is the leader due to its government investments, improved research and development, and high penetration of target diseases like spinal muscular atrophy.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Incidence and Prevalence (2023)
5.2 Prescription Trends, (2023), by Region
5.3 Drug Volume: Indication and usage volumes of pharmaceuticals.
5.4 Healthcare Spending: Expenditure data by government, insurers, and out-of-pocket by patients
6. Competitive Landscape
7. Gene Therapy Treatment Market Segmentation, by Indication
8. Gene Therapy Treatment Market Segmentation, by Route of Administration
9. Gene Therapy Treatment Market Segmentation, by Vector Type
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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