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| Global Gene Therapy Market Size |
Gene therapy is an experimental technique that uses genes to treat or prevent
disease. Viruses are commonly used to deliver genetic material to target cells.
Once inside the cells, the therapeutic gene either increases the production of
a missing protein or switches off a harmful or unnecessary gene. This can cure
genetic disorders caused by a single gene, such as cystic fibrosis, hemophilia,
sickle cell anemia, and several others. The global gene therapy market is witnessing
a high demand for the treatment of chronic diseases like cancer, cardiovascular
diseases, neurological disorders, and infectious diseases. Due to the rising
prevalence of cancer and various genetic disorders, the adoption of gene
therapy has increased significantly over the past few years.
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 key trends:
The growth of the global gene therapy market is primarily driven by the
increasing adoption of gene therapy for chronic diseases. Chronic diseases
require prolonged treatment and have high medical costs associated with them.
Gene therapy offers significant advantages over conventional drug therapies by
potentially providing a one-time curative treatment for certain inherited
disorders and chronic diseases. It modifies the expression of a gene or
introduces a new gene to produce the needed protein. This advancement has
accelerated research into developing gene therapies for various chronic
diseases including cancer. Moreover, increasing research funding for developing
gene therapies and the approval of new gene therapies are expected to
contribute to the market growth over the forecast period.
Segment Analysis
The global gene therapy market is divided into various segments based on vector
type, and application. Based on vector type, the retroviral vectors accounted
for the largest market share in 2023. Retroviruses are able to integrate their
genes stably into the host cell genome. This ability makes retroviral vectors
preferred for delivering gene therapy. The lentiviral vectors segment is
expected to grow at the fastest pace during the forecast period. Lentiviruses
have the ability to infect both dividing and non-dividing cells. This helps
them deliver transgenes efficiently to various target cells for therapy.
Based on application, the cancer segment dominated the global market in 2023
and is expected to maintain its lead throughout the forecast period. Gene
therapy is being extensively researched for treating various cancers. The
genetic alteration of immune cells to recognize and attack cancer cells has
shown promising results in clinical trials. Other segments such as genetic
disorders and infectious diseases are also adopting gene therapy at a steady
rate.
Key Takeaways
Global
Gene Therapy Market Size is expected to witness high growth during the
forecast period of 2023 to 2030.
Regional analysis:
North America accounted for the largest share of the global gene therapy market
in 2023 due to easy availability of funds for research and presence of major
players in the region. The US and Canada are pioneers in clinical research of
gene therapy. Europe followed North America in terms of market share and is
anticipated to grow steadily owing to increasing investment in genetic
research.
Asia Pacific is projected to grow at the fastest pace during the forecast
period. Presence of large patient pools, low-cost clinical trials, and
improving research infrastructure are fueling market growth in Asia Pacific.
China, India, South Korea, and Japan are likely to offer high demand potential
in the coming years.
Key players:
Key players operating in the gene therapy market include Solvay, Sakai Chemical
Industry, Quimicos Aragonesas, Jinyan Strontium Industry, Joyieng Chemical,
Hongkong XinRunDe Chemicals, Huaqi Fine Chemical, Barium & Chemicals,
American Elements, ABASSCO. Solvay, Sakai Chemical Industry are the major
manufacturers of gene therapy vectors globally. Other players are focusing on
developing novel delivery systems and targeting new therapeutic areas.
Partnerships between pharmaceutical companies and academic institutions are
also on the rise to expedite clinical research.
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