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Gene Therapy Market Worth $23.9 billion | MarketsandMarkets

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Gene Therapy Market Worth $23.9 billion | MarketsandMarkets

November 20
18:48 2023
Gene Therapy Market Worth $23.9 billion | MarketsandMarkets
The European market is the second-largest gene therapy market globally, mainly due to factors such as advancements in targeted therapy research and government support.
Gene Therapy Market in terms of revenue was estimated to be worth $9.0 billion in 2023 and is poised to reach $23.9 billion by 2028, growing at a CAGR of 21.4%

Gene Therapy Market in terms of revenue was estimated to be worth $9.0 billion in 2023 and is poised to reach $23.9 billion by 2028, growing at a CAGR of 21.4% from 2023 to 2028 according to a new report by MarketsandMarkets. The rising number of product approvals followed by growing focus on genomic research focused on development of novel therapeutics including gene therapies against critical indications, are the factors supporting market growth.

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Gene augmentation subsegment accounted is the fastest-growing of the gene therapy market by type

Among the type subsegments, the market is segmented gene silencing, cell replacement, gene augmentation, and other therapies. In 2022, the gene augmentation segment accounted for the highest growth rate of the gene therapy market by end user. Growth in this market segment can be attributed to factors such as growing number of clinical pipeline products employing gene augmentation mechanism and the favorable therapeutic effects generated among others.

Oncology is the fastest-growing segment of the gene therapy market by therapeutic area

Among the therapeutic area subsegment, the gene therapy market is segmented into oncology, neurology, hepatology, and other therapeutic areas. In 2023, oncology segment accounted for the fastest-growing share of the therapeutic area segment of gene therapy market. Growth in this market segment can be attributed to one of the major factors which is growth in the demand for targeted therapies including gene therapy.

Europe: The second-largest region in the gene therapy market.

The European market is the second-largest gene therapy market globally, mainly due to factors such as advancements in targeted therapy research and government support. Moreover, greater awareness among people about emerging area of treatments such as gene therapy, especially compared to developing regions is another factor supporting the growth of European gene therapy market.

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Gene Therapy Market Dynamics:

Drivers:

  1. Increasing regulatory approvals for gene therapy products
  2. Increasing investments in gene therapy research
  3. Growing technological advancements
  4. Rising prevalence of genetic disorders and cancer

Restraints:

  1. High cost of gene therapy products

Opportunities:

  1. Rising demand for cell & gene therapies
  2. Increasing focus on precision medicine

Challenge:

  1. Complex manufacturing process
  2. Short shelf life and supply chain challenges

Key Market Players of Gene Therapy Industry:

The market for gene therapy is consolidated, with key players strategizing to capture the market. Prominent players 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.

The primary interviews conducted for this report can be categorized as follows:

  • By Respondent: Supply Side- 70% and Demand Side 30%
  • By Designation: Managers – 45%, Directors- 30%, and Executives – 25%
  • By Country: North America- 25%, Europe- 25%, Asia Pacific- 40%, Latin America- 5%, and Middle East- 3% & Africa- 2%

Recent Developments:

  • In May 2022, Novartis AG (Switzerland) received US FDA approval for KYMRIAH (Tisagenlecleucel) for a third indication, including relapsed or refractory (r/r) follicular lymphoma (FL) after two or more lines of systemic therapy.
  • In May 2022, Biogen Inc. (US) partnered with Scribe Therapeutics (US) to develop a new neurological disease target in gene therapy using the company’s CRISPR technology. The deal size for this partnership was ~USD 15 million.

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