Gene Therapy Market Size, SWOT Analysis, Growth Statistics, Share Evaluation, Prominent Players Strategies and Forecast to 2030

The gene therapy market value will reach USD 29,440 million by 2030 from USD 7,420 million in 2022, at an 18.80% CAGR.

P&S Intelligence majority credits this growth to the mounting research and development expenditure and increasing approvals of gene therapy products.

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The industry is majorly boosted by several factors, including rare illnesses genetic disorders, growing incidence of chronic diseases, like cancer and others worldwide, growing legal adoption of gene therapy for the treatment of cancer, rising frequency of cancer disease, and increasing government initiatives.

The in-vivo category is leading the market with the largest revenue share. As this technique removes the need for extracting the cells from the patient's body, operating them outside the body, and then fixing them back to their original place.

Furthermore, the Vivo gene therapy is also beneficial in modifying the genetic repertoire of aimed cells for therapeutic goals. With in-vivo gene therapy, novel genetic material is formed in a laboratory and implanted into your cells directly. A vector generally carries the new genetic material into the patient's body by injecting it into the blood, or directly into the aimed organ.

In 2022, The oncology category was the largest revenue generator in the market mainly because of the high frequency of cancer patients. For example, according to the report by WHO, more than 9 million individuals die from cancer annually.

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Furthermore, gene therapy is very precise in eliminating tumor cells, and more than 60% of the clinical research that is now being conducted in the field is for the cure of cancer.

The rising incidence of chronic illnesses, including cancer and several other illnesses, is the major reason behind the market growth. This is due to presently existing gene therapies can cure several rare diseases, specifically those that are triggered because of genetic issues, to some extent.

In 2022, North America had the highest gene therapy market share, at approximately 66%, and is projected to continue its dominance in the future as well. This can be credited to the snowballing occurrence of cancer and the existence of numerous key industry players in the continent.

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Furthermore, regulatory establishments are quickly approving gene therapy items, thus contributing to the market expansion. Within the continent, the U.S. is the largest utilizer of gene therapy due to its better healthcare sector and most of the industry giants have headquarters and labs here.

Hence, the mounting research and development expenditure and increasing approvals of gene therapy products are the major factors contributing in the growth of the gene therapy Market.

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