Gene Therapy Market Poised for Exponential Growth, Forecasted to Reach $27.3 Billion by 2030

The global gene therapy market is on the verge of unprecedented expansion, with a remarkable projected Compound Annual Growth Rate (CAGR) of 19.6% from 2023 to 2030, according to a comprehensive report by Fairfield Market Research. The markets revenue is anticipated to soar from $7.8 billion in 2022 to a staggering $27.3 billion by 2030.

For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/gene-therapy-market

Key Trends Fueling Market Growth:

• Advancements in Genetic Research and Technology: Continuous innovations in genetic research, including CRISPR-Cas9 and gene editing tools, are driving our understanding of genes and their roles in diseases, fueling gene therapys growth.
• Increasing Incidence of Genetic Disorders: The rising prevalence of genetic disorders, both congenital and acquired, has led to the development and adoption of gene therapy as a viable treatment option.
• Dominance of Viral Vectors: Viral vectors, particularly adeno-associated virus (AAV) vectors, lentiviral vectors, and retroviral vectors, have historically played a significant role in gene therapy, owing to their efficiency in delivering genetic material into target cells.
• Cancer Segment Leading the Way: The cancer segment is poised to dominate the market due to the substantial prevalence of cancer cases and the potential of gene therapy to offer innovative and effective treatments, including CAR-T cell therapy and oncolytic viral therapies.
• In Vivo Gene Therapy: In vivo gene therapy is gaining prominence for its targeted and precise treatment within the patients physiological environment, offering versatile applications across various diseases, including genetic disorders, cancer, cardiovascular diseases, and neurological disorders.
• Neurological Diseases Category: The market for gene therapy is witnessing significant demand for the treatment of neurological diseases such as Parkinsons disease, Alzheimers disease, and amyotrophic lateral sclerosis (ALS).

North America Leads the Charge:

North America is expected to dominate the global gene therapy market, thanks to its robust healthcare infrastructure, academic centers, and a high concentration of biotech companies driving groundbreaking research and innovation. The regions proactive regulatory approach and substantial investment ecosystem further accelerate gene therapys growth.

Asia Pacific Emerging as a High-potential Market:

The Asia Pacific region is experiencing rapid growth in the gene therapy market due to increased healthcare expenditure, technological advancements, and a rising prevalence of cancer and other chronic diseases. The regions economic growth fuels research, development, and adoption of cutting-edge technologies like gene therapy.

Key Growth Drivers:

1. Advancements in Gene Editing Technologies: Technologies like CRISPR-Cas9 enable precise modifications of genes, opening the door to curative treatments for genetic disorders, cancers, and neurological diseases.
2. Rising Prevalence of Genetic Disorders and Chronic Diseases: The increasing prevalence of genetic disorders and chronic conditions necessitates novel and effective treatment approaches offered by gene therapy.
3. Investment and Funding Influx: Significant funding from private and public sectors supports research, development, and commercialization of gene therapies, driving innovation in the field.

Major Challenges:

1. Prohibitive Costs: High costs associated with gene therapies, including research, development, manufacturing, and personalized treatments, pose affordability and accessibility challenges.
2. Lack of Long-term Data: The need for long-term data and comprehensive follow-up studies to ensure safety, efficacy, and durability of gene therapies is critical for building confidence among stakeholders.

Leaders in the Global Gene Therapy Market:

• Merck KGaA
• Novartis AG
• AstraZeneca Plc.
• BIOCAD
• Crinetics Pharmaceuticals Inc.
• EffRx Pharmaceuticals S.A.
• Euroscreen S.A.
• Vicore Pharma AB
• Amgen
• Bristol-Myers Squibb
• Cell Genesys Inc.
• Adaptimmune Therapeutics plc.
• Achieve Life Science Inc.
• BioCanCell Ltd.
• Genelux Corporation
• Advantagene Inc.
• GenVec Inc
• GlaxoSmithKline PLC

Market Segmentation:

By Vector:

• Non-viral Vectors (Oligonucleotides, Other Non-viral Vectors)
• Viral Vectors (Retro Viral Vectors, Adeno-associated Virus Vectors, Others Viral Vectors)

By Indication:

• Neurological Diseases
• Cancer
• Duchenne Muscular Dystrophy (DMD)
• Hepatological Diseases
• Other Indications

By Delivery Method:

• In Vivo
• Ex Vivo

By Sales Channel:

• Offline Sales Channel (Supermarkets/Hypermarkets, Departmental Stores, Convenience Stores, Other Sales Channels)
• Online Sales Channel (Company Website, E-commerce Platforms)

By Geographic Coverage:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Global Gene Therapy Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Vector Coverage, By Indication Coverage, By Delivery Method Coverage, By Sales Channel Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/gene-therapy-market

COMTEX_447098318/2840/2024-01-31T06:37:56