Press release
Global Gene Therapy Market Size to Increase at a CAGR of 22.80% in the Forecast Period of 2023-2028
Gene Therapy Market Size, Share, Analysis, Growth, Demand, Forecast
The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2022): USD 6.32 billion
Forecast CAGR (2023-2028): 22.80%
Forecast Market Size (2028): USD 21.69 billion
The gene therapy market is growing as a result of the widening use of viral vectors in gene therapy for the treatment of neurological, metabolic, and neurodegenerative diseases. Viral vectors are becoming effectively popular in gene therapy because they have a number of advantageous qualities, including safety, low toxicity, and exceptional stability.
Adenoviruses are one of the most widely used viral vectors in gene therapy because they have good DNA harbouring capacity. They are also employed in the creation of medicines and cancer treatments, which is stimulating the market for gene therapy.
Gene Therapy Market Definition and Major Segments
Gene therapy is characterised as a medical strategy that focuses on a patient's genetic issues in order to treat or prevent diseases. Instead of using medications or surgery, gene therapy alters or modifies the patient's genetic makeup. This process involves a number of processes, including the replacement of disease-causing genes, inactivation of disease-causing genes, and the introduction of modified genes into the body.
Based on indication, the market is divided into:
Neurological Disorder
Oncological Disorder
Rare Diseases
Eye Disorders
Others
On the basis of vector, the market is segmented into:
Non-Viral Vector
Oligonucleotides
Others
Viral Vector
Retroviral Vectors
Adeno-associated Viral Vectors
Others
Based on region, the market is categorised into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Gene Therapy Market Trends
The key trends in the gene therapy market contributing to market expansion include the potential of gene therapy methods as a treatment for a number of genetic diseases, including cystic fibrosis and muscular dystrophy, among others. Emerging cancer treatment methods like oncolytic virotherapy and immunotherapy are becoming more popular.
Additionally, the market for gene therapy is expected to expand more quickly in the upcoming years due to the rising incidences of cancer and the active research and development efforts targeted at enhancing cancer treatment options. Gene therapy-based cancer treatment methods have a high rate of success and greater flexibility, so the market is anticipated to expand optimistically.
Key Market Players
The major players in the global gene therapy market report include Novartis AG, Amgen Inc., bluebird bio, Inc., Biogen Inc., and Sibiono GeneTech Co. Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers, and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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