by The global 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 or human gene transfer involves modifying or manipulating the genetic material of living cells or tissues to treat or prevent disease. Gene therapies aim to repair genetic mutations that are responsible for causing diseases such as cancer, cystic fibrosis, heart disease, and neurological and musculoskeletal disorders. It has applications in treating both acquired and inherited disorders by utilizing different vector systems, including retroviruses and their derivatives, lentiviruses, adenoviruses, non-viral systems, and recombinant adeno-associated viruses for delivery of therapeutic genes. Gene therapies help overcome challenges of drugs and treatment regimens by means of a single administration with sustained long-term effects in correcting the underlying genetic defect. This reduces healthcare costs over the lifetime of a patient compared to conventional treatment and management of diseases.
Market Key Trends:
One of the major trends in the gene therapy market is the increasing research on gene therapy for cancer treatment. Gene therapy offers an alternative approach to cancer treatment and seeks to introduce genetic material into cells to fight cancer or correct gene defects. Various gene therapy approaches are being explored for cancer, including gene transfer to enhance the immune response against cancer cells, replace missing or nonfunctional tumor suppressor genes, and selectively exploit vulnerabilities in cancer cells. Another key trend is the use of advanced CRISPR/Cas9 gene editing technology which has revolutionized biomedical research and enabled more precise gene therapy approaches. CRISPR/Cas9 allows genome editing and modification of DNA sequences and offers more precise targeting of mutations compared to earlier technologies. This has increased research in developing CRISPR-based therapies for genetic disorders.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as building drug development expertise and capabilities requires significant capital investment and time. However, new biotech companies are entering the market with focused capabilities.
Bargaining power of buyers: The bargaining power of buyers is moderate as the unmet medical needs provide pricing power to pharmaceutical companies in the absence of substitutes. However, payers are pushing for value-based pricing models.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as specialized services, manufacturing capabilities and raw material supply are concentrated among few players. However, outsourcing is increasing competition.
Threat of new substitutes: The threat of new substitutes is moderate as regenerative medicines and other alternative therapeutics are emerging but gene therapies target disease in a novel way by addressing the underlying genetic cause.
Competitive rivalry: The competition is intense as large pharmaceutical players are heavily investing in research and business development to gain early leadership in gene therapy market segments.
Key Takeaways
The Global Gene Therapy Market is expected to witness high growth, exhibiting CAGR of 21.% over the forecast period, due to increasing prevalence of genetic disorders such as cancer. The market size for 2023 is US$ 9.0 Bn.
Regional analysis – North America dominated the gene therapy market, owing to high adoption of gene therapy and the presence of well-established healthcare facilities. However, Asia Pacific is expected to witness the highest growth rate over the forecast period owing to rising awareness, healthcare expenditure and increasing product approvals.
Key players – 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. Novartis AG leads the gene therapy market with multiple late-stage clinical trials and approved therapies in its portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
