Gene therapy market size to grow by USD 4,613.9 million from 2022 to 2027 | North America is estimated to contribute 39% to the growth - Technavio
NEW YORK, Dec. 12, 2023 /PRNewswire/ -- Technavio categorizes the global gene therapy market size as estimated to increase by USD 4,613.9 million between 2022 and 2027. The market's growth momentum will be progressing at a CAGR of 19.91% during the forecast period. By geography, the global gene therapy market is segmented into North America, Europe, Asia, and Rest of World (ROW). The report provides actionable insights and estimates the contribution of all regions to the growth of the global gene therapy market. North America is estimated to contribute 39% to the growth of the global gene therapy market during the forecast period. The US has become a lucrative market for increased investment in the North American gene therapy market. This comes from government agencies such as the National Institutes of Health (NIH) and the Biomedical Advanced Research and Development Authority (BARDA) providing funding to small industries and companies focused on developing new products. Moreover, increasing funding from government and private organizations will drive the development of gene therapy during the forecast period. Discover some insights on market size historic data (2017 to 2021) and Forecast (2023 to 2027) before buying the full report - Request a sample report
Global Gene Therapy Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on therapy areas (oncology, CNS, ophthalmology, rare diseases, and others), and delivery mode (in vivo and ex vivo).
- The market growth in the oncology segment will be significant during the forecast period. The global oncology drugs market has a huge unmet demand for the treatment of various indications. Also, the increasing prevalence of cancer indications has led pharmaceutical companies and research institutions to conduct extensive research to develop drugs for these indications. The lack of efficacy of small molecules and biomolecules has led companies to move towards effective therapeutic options such as gene therapy. Such factors will increase the segment growth during the forecast period.
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Global Gene therapy market – Vendor Analysis
Vendor Landscape - The global gene therapy market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer gene therapy in the market are Abeona Therapeutics Inc., Adaptimmune Therapeutics plc, Adverum Biotechnologies Inc., Amgen Inc., Astellas Pharma Inc., Biogen Inc., bluebird bio Inc., Editas Medicine Inc., ElevateBio, F. Hoffmann La Roche Ltd., Generation Bio Co., Gilead Sciences Inc., Novartis AG, Orchard Therapeutics Plc, Poseida Therapeutics Inc., Sangamo Therapeutics Inc., Sibiono GeneTech Co. Ltd., Syncona Ltd., uniQure NV, and Voyager Therapeutics Inc. and others.
A few prominent vendors that offer secure access service edge services in the market include:
- Abeona Therapeutics Inc.: The company offers gene therapy solutions such as Phase 3 VIITAL Clinical Trial of EB 101.
- Amgen Inc.: The company offers gene therapy solutions such as CAR T cell immunotherapies.
- Astellas Pharma Inc.: The company offers gene therapy solutions such as AT132, AT845, AT466.
- Biogen Inc.: The company offers gene therapy solutions such as GTxAU.
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Global Gene Therapy Market – Market Dynamics
Key Driver - The growth of the market is driven by the increase in special drug designations. Most gene therapy programs have been granted orphan drug designation, fast track designation, or breakthrough designation by the U.S. FDA, EMA, and other regulatory bodies for the treatment of certain diseases. In addition, orphan drug status will also help the company with tax incentives in its next research. Such advantages of specialty drug designations will drive the growth of the market during the forecast period.
Leading trend -Growing research in gene therapy for CVDs and orphan diseases is one of the key market trends that is contributing to the market growth. Due to the high prevalence of cardiovascular disease in adult patients over the age of 65, companies are shifting their R&D efforts toward developing gene therapies for these diseases. Coronary artery disease and heart failure require immediate treatment. Companies are therefore working to develop gene therapies that are administered to patients using viral vectors to angiogenic growth factors to promote collateral vessel development. For example, MYDICAR, a gene transfer therapy, is in Phase II development of Celladon for the treatment of heart failure. Such factors drive market growth during the forecast period.
Major challenges - High treatment cost is one of the factors hindering the gene therapy market growth. Gene therapy costs range from USD 3 million to USD 1.2 million. Unlike other biomolecules and small molecules, gene therapy works differently for every individual and needs to be tailored separately for each. A mutated gene in a cell is taken from a patient and modified in the laboratory. The modified stem cells are introduced into the patient using a viral vector that is administered intravenously. This increases manufacturing costs and thus the overall cost of gene therapy. Such rising costs will be a challenging factor for the growth of the gene therapy market during the forecast period.
Driver, Trend & Challenges are the factor of market dynamics which states about consequences & sustainability of the businesses, find some insights from a sample report!
What are the key data covered in this Gene Therapy Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the gene therapy market between 2023 and 2027
- Precise estimation of the gene therapy market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the gene therapy market across North America, Europe, Asia, and Rest of World (ROW)
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of gene therapy market vendors
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TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Therapy Areas
- market Segmentation by Delivery Mode
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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