by Gene therapy involves modifying genes to treat or cure disease. In recent years, gene therapy has emerged as a promising approach for treating various diseases including cancer, cardiovascular diseases, infectious diseases and rare genetic disorders. It works by introducing genetic material into a patient’s cells to treat a disease by either replacing a faulty gene or to help fight disease. Cancer gene therapy uses modified genes or genetic material to boost, restore or slow down the immune system’s ability to fight cancers. There has been an increasing focus on developing gene therapies for cancer treatment and several genes therapies are currently under clinical trial evaluation.
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 Dynamics:
One of the major drivers behind the growth of gene therapy market is the increasing research and development in gene therapies for cancer treatment. Various biotech and pharmaceutical companies are investing heavily in developing better targeted and more effective gene therapies to treat different types of cancers like lung cancer, brain cancer, blood cancer and others. For instance, Gilead Sciences acquired Kite Pharma in 2017 to gain access to its lead chimeric antigen receptor T (CAR-T) cell therapy product Yescarta which is approved for treatment of diffuse large B-cell lymphoma. The acquisition demonstrated the potential of cell and gene therapies in oncology. Additionally, increasing funding from both private and public organizations for gene therapy research is also fueling the market growth. For example, National Cancer Institute invested over US$ 157 million in fiscal year 2020 for gene therapy research programs in the US.
Segment Analysis
The global gene therapy market can be segmented based on vector type, application, end user and region. Based on vector type, the lentivirus segment accounts for the largest market share as it efficiently transfers genes into the genome of the target cell. Based on application, cancer segment dominates the market as genetic therapies for cancer are being extensively researched and several gene therapy products are approved for cancer treatment. Based on end user, hospitals and clinics segment holds the major share as most gene therapy procedures are carried out in hospital settings.
PEST Analysis
Political: Stringent regulations for advanced therapies pose challenges for market growth. However, favorable reimbursement policies boost the adoption of gene therapy products.
Economic: High cost of gene therapy development and treatments remain a barrier. Various initiatives by governments and investors to support research and development make the market lucrative.
Social: Rising prevalence of genetic disorders and cancers drives the demand for effective treatment via gene therapy. However, safety concerns regarding gene therapy restrict its adoption.
Technological: Advancements in vector engineering, gene editing tools and delivery mechanisms improve gene therapy targeting and efficacy. CRISPR-Cas9 technology opens up new avenues.
Key Takeaways
Global Gene Therapy Market Size is expected to witness high growth over the forecast period driven by rising incidence of genetic diseases, growing application scope and technological advancements. The North America region dominates the market owing to presence of key players, high healthcare spending and regulatory support for clinical research.
Key players operating in the gene therapy market are Solvay, Sakai Chemical Industry, Quimicos Aragonesas, Jinyan Strontium Industry, Joyieng Chemical, Hongkong XinRunDe Chemicals, Huaqi Fine Chemical, Barium & Chemicals, American Elements, ABASSCO. Solvay leads the market with its broad portfolio of excipients and formulation development capabilities to support vector manufacturing.
The cancer segment leads the application-based market space with heavy R&D investments in genetic therapies for tumors. Hospitals and clinics accounts for maximum end users due to availability of infrastructure and expertise required for gene therapy procedures.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
