The global gene therapy market, valued at USD 7.35 billion in 2022, is projected to reach an impressive USD 30.15 billion by 2030, exhibiting a remarkable compound annual growth rate (CAGR) of 19.3% from 2023 to 2030. This growth is driven by advancements in genetic research, increased investment in healthcare innovation, and a rising prevalence of genetic disorders.
Key players
Some major key players in Gene Therapy Market are REGENXBIO, Inc., Taxus Cardium Pharmaceuticals Group, Inc., Oxford BioMedica plc, Bristol-Myers Squibb Company, Dimension Therapeutics, Inc., Applied Genetic Technologies Corporation, SANOFI, bluebird Bio, Inc., Novartis AG, F. Hoffmann-La Roche Ltd. and other players.
Market Analysis
Gene therapy, a transformative medical approach that involves modifying or manipulating the genes within a patient's cells to treat or prevent disease, is rapidly gaining traction. The market is segmented based on vectors used (viral and non-viral), application (oncology, rare diseases, cardiovascular diseases, and others), and regions. Oncology remains the dominant application segment, driven by the urgent need for effective cancer treatments and the development of innovative therapies.
KEY MARKET SEGMENTS
By Vector Type
-
Non-Viral Vector
-
Viral Vector
By Therapy
-
Ex Vivo Therapy
-
In Vivo Therapy
By Gene Type
-
Antigen
-
Growth factors
-
Tumor Suppressor
-
Cytokine
-
Suicide
-
Receptors
-
Deficiency
-
Others
By Application
-
Neurological Disorders
-
Rare Diseases
-
Oncological Disorders
-
Other Diseases
Impact of the Russia-Ukraine Conflict
The ongoing conflict between Russia and Ukraine has significantly impacted global markets, including gene therapy. Disruptions in the supply chain, increased cost of raw materials, and uncertainties in the regulatory environment have posed challenges. However, major players in the gene therapy market have adapted by diversifying their supply chains and seeking alternative production locations to mitigate these risks.
The Impact of Economic Slowdown
The recent economic slowdown has had a mixed impact on the gene therapy market. While funding and investments in biotech startups have seen some restraint, the essential nature of gene therapy in treating life-threatening diseases has ensured continued interest and funding from governments and private entities. Additionally, the urgency brought about by the COVID-19 pandemic has underscored the importance of investing in advanced healthcare technologies, thereby providing a counterbalance to the economic downturn.
Regional Analysis
- North America: Dominates the gene therapy market, accounting for the largest share due to robust healthcare infrastructure, substantial R&D investments, and supportive regulatory frameworks. The United States leads in both market share and the number of clinical trials underway.
- Europe: Holds a significant market share, with countries like Germany, France, and the UK at the forefront of gene therapy research and development. The presence of key market players and extensive academic research contribute to this growth.
- Asia-Pacific: Expected to witness the highest growth rate during the forecast period. Increasing healthcare expenditure, rising awareness about gene therapy, and government initiatives to support biotech innovation are key drivers.
- Latin America and Middle East & Africa: These regions are also showing potential growth due to increasing investments in healthcare infrastructure and rising prevalence of genetic disorders.
Key Takeaways
- The gene therapy market is set for significant growth, projected to expand from USD 7.35 billion in 2022 to USD 30.15 billion by 2030.
- Oncology remains the leading application segment within the market.
- The Russia-Ukraine conflict and global economic slowdown have posed challenges but also highlighted the resilience and adaptability of the gene therapy sector.
- North America continues to lead the market, with Asia-Pacific showing the highest growth potential.
- Continued investments in R&D, supportive regulatory frameworks, and technological advancements are critical for sustaining market growth.
Other Trending Report
Recombinant Vaccines Market Share
Wound Care Devices Market Share
Scoliosis Management Market Share
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
Contact Us:
Akash Anand – Head of Business Development & Strategy
info@snsinsider.com
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)
Website: https://www.snsinsider.com