Gene Therapy Market worth $17.2 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 27, 2022 /PRNewswire/ -- Gene Therapy Market is projected to grow from USD 7.3 billion in 2022 to USD 17.2 billion by 2027, at a CAGR of 18.6% from 2022 to 2027, according to a new report by MarketsandMarkets™. Factors such as growing cases of cancer and neurological diseases, rising gene therapy product approvals, and increasing investment in research and development of gene therapies will drive the market growth. However, factors such as high cost associated with gene therapy are restraining the growth of this market.
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The non-viral vectors segment accounted for the largest share in the gene therapy market, by vector, during the forecast period.
Based on vectors, the market is segmented into non-viral vectors and viral vectors. Non-viral vectors accounted for the larger market share in 2021. Less immunogenicity than viral vectors coupled with easier mass production of non-viral vectors are the major factors driving the growth of this segment.
The Neurological diseases segment accounted for the largest share of the indication segment in the gene therapy market in 2021.
Based on indication, the market is segmented into neurological diseases, cancer, duchenne muscular dystrophy, hepatological diseases, and other indications. The neurological diseases segment accounted for the largest share of the market in 2021. The largest share is attributed to growing burden of neurological diseases coupled with rising adoption of gene therapy for the treatment of neurological disorders.
The in vivo segment accounted for the larger share of the delivery method segment in the gene therapy market in 2021.
On the basis of delivery method, the market is segmented into in vivo and ex vivo. In vivo segment accounted for the larger share in the market as majority of the approved gene therapy products fall under in vivo delivery method.
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North America is the largest region and Asia Pacific is the fastest-growing region of the gene therapy market in 2021.
Based on region, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2021, North America dominated the market, followed by Europe. The significant government and private investments to develop advanced gene therapy products, the growing adoption rate of these products, and the presence of key market players in the region are responsible for the large share of North America in the market. The Asia Pacific market is projected to grow at the highest CAGR during the forecast period.
Key players in the gene therapy market include Biogen (US), Novartis AG (Switzerland), Gilead Sciences Inc. (US), and Sarepta Therapeutics (US)
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Browse Adjacent Market: Biotechnology Market Research Reports & Consulting
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