Global Gene Therapy Market to Grow Due to Increased Demand for Viral Vectors

The growing demand for viral vectors is one of the key drivers of global gene therapy market. These viral vectors have huge potential in efficiently and safely delivering genetic materials to the targeted tissues. As viral vectors possess high specificity, these are widely used by the major players in treating a huge range of diseases and further assist in the overall growth of the global gene therapy market.

According to Markets and Data Research report, “Gene Therapy Market Assessment, By Region, Opportunities and Forecast, 2017-2031F”, gene therapy market was valued at USD 7,640 million in 2023 and is expected to register a CAGR of 22.13% during the forecast period. The increasing prevalence of chronic and genetic disorders are the major factor leading to the growth of gene therapy market. With the increase in aging population, the prevalence of chronic diseases is increasing, leading to the higher demand of gene therapies to treat these growing chronic conditions. Technological advancements, such as application of AI in accelerating the speed of development of innovative gene therapy, as well as to enhance accuracy in the research process of gene therapies is leading to the significant growth of global gene therapy market. Increased investments by government organization and leading market players towards research and development activities to develop innovative gene therapies, along with increased collaboration activities by biotechnological companies and other related firms and favorable and supportive regulatory frameworks is accelerating the growth of the global gene therapy market.

Spread through 304 pages, the " Gene Therapy Market" report includes an in-depth TOC, over 98 market data figures, the latest market developments, key drivers and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.

Key Takeaways:

1 - The increasing prevalence of chronic diseases, technological advancements, and growing demand of personalized medicines are the factors boosting the gene therapy market growth.

2 - The rising research and development activities, along with favorable regulatory frameworks is facilitating the growth of the global gene therapy market.

3 - However, high developmental cost and strict regulatory measures are the challenges hindering the growth of the market.

4 - Major pharmaceutical and biotechnological companies are involved in collaborations and innovation to foster the expansion of the global gene therapy market.

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Gene therapy market is segmented in the following categories:

By Type: Gene Augmentation, Gene Silencing, and Others

By Vector: Viral Vectors and Non-Viral Vectors

By Gene Delivery Method: In vivo and Ex vivo

By Route of Administration: Intravenous, Others

By Application: Oncological Diseases, Genetic Diseases, Cardiovascular Diseases, Neuromuscular Diseases, Hematological Diseases, Infectious Diseases, and Others

By End-user: Hospitals, Cancer and Research Institutes, Clinics, and Others

By Region: Asia-Pacific, North America, Europe, South America, and Middle East and Africa

Based on application segment, the oncological disorders segment dominated the market by 50.63% value-share in 2023. The growing application of gene therapy for treating cancer can be attributed to the increasing initiatives by different biotechnological companies and government organizations to increase research and development activities to discover safe and efficient treatment options in oncology sector. The increasing prevalence of cancer worldwide, is yet another major factor augmenting the increased investments in this segment. Moreover, increased patent approvals of gene therapy for the treatment of cancer, along with growing collaborations and ventures by market players and research institutions to establish partnership in developing safe and potential gene therapy is further leading to the growth of global gene therapy market.

Likewise, based on region, North America is expected to hold a significant share in the global gene therapy market over the forecast period. The growth can be attributed to growing prevalence of chronic and genetic disorders in the region and technological advancements, such as application of AI in research and development activities due to accessibility of hi-tech facilities, along with a well-established healthcare infrastructure in the region. Growing initiatives by the government authorities in the region and pharmaceutical companies are expected to increase investment activities to develop safe and efficient gene therapies to combat growing chronic health conditions in North America, which is propelling the gene therapy market.

Major Companies Operating in Global Gene therapy Market Include:

·      Gilead Sciences Inc. (Kite Pharma)

·      Novartis AG

·      CSL Behring LLC (Manufactured by uniQure Inc.)          

·      Bristol-Myers Squibb Company

·      Johnson & Johnson Services, Inc. (Janssen Research & Development, LLC)

·      Amgen, Inc.

·      Sarepta Therapeutics, Inc.

·      F. Hoffmann-la Roche ltd. (Spark Therapeutics, Inc.)

·      JW Therapeutics (Shanghai) Co. Ltd.

·      Bluebird Bio, Inc.

Major companies are focusing on research and development activities, acquisitions, and joint ventures to strengthen their position in global gene therapy market. These partnership agreements capitalize on each other's advantages, enter new markets and technological domains, and combine resources for joint R&D projects and provide the best innovative products.

In May 2023, Novartis announced the successful acquisition of Avrobio’s rare disease gene therapy. Through the acquisition, Novartis aims to enhance its innovative cell and gene therapy product portfolio and expand its global presence in these critical therapeutic areas. These collaborative ventures further assist in accelerating the global gene therapy market.

“Gene Therapy Market Assessment, 2017-2031F” evaluates the future growth potential of global gene therapy market and provides statistics and information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers to take investment decisions for their organizations more strategically. Moreover, the report identifies and examines the emerging trends along with key drivers, challenges, and opportunities in the global gene therapy market.

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