The Rise in the Prevalence of Rare/Infectious Diseases Leading to the Growth of the Global Gene Therapy Market

calendar_today 18 January, 2023 person_outline Growth Plus Reports

According to the deep-dive market assessment study by Growth+ reports, the global gene therapy market was valued at ~US$ 2.3 billion in 2021. The market is expected to witness a CAGR of ~8.1% from 2022 to 2030.

Gene therapy aims to introduce a new and innovative treatment for a disease or illness by replacing the malfunctioning gene using the gene mutation method. This method is used to treat various chronic, rare, and infectious diseases such as cancer, AIDS, neuromuscular disorders, etc., thereby encouraging the growth of the gene therapy market globally. Furthermore, advancements in the healthcare system and the increasing adoption of innovative treatment methods are significant drivers in the market. Additionally, development in the product pipeline, rising disposable income, and increased R&D activities fuel the market growth. In addition, increasing government initiatives and private investments, funding, and collaborations are additional market growth drivers.

The rising prevalence of chronic, infectious, or rare genetic diseases in society positively impacts market growth. Growing urbanization has led to the adoption of unhealthy lifestyles such as high intake of sugary foods, increased tobacco consumption, and growing smoking activities, which are some major risk factors for chronic disease incidence. According to the 2022 WHO report, approximately 10 million deaths were recorded in 2020 because of cancer. The growing prevalence of chronic diseases has increased the demand for novel treatments that ensure improved treatment outcomes and survival. This demand, in turn, is driving the global gene therapy market.

The adoption of advanced technologies in gene therapy to provide better treatment techniques is a key market trend. Growing advancement in non-viral and viral vectors can provide high immunogenicity and include more safety in therapeutic usage. The revolutionary gene therapy for spinal muscular atrophy diseases, a neuromuscular disease, gave a remarkable result. This treatment technique can be used for babies aged two years and below is a prominent example of technological developments in this area.

Rising research and development activities and private/government investments, funding, or collaborations for developing innovative and novel products for treatment purposes in various oncology aspects can In May 2019, Novartis received U.S. FDA approval for Zolgensma, designed to treat SMA (spinal muscular atrophy) disease, and was the first approved product for this illness. Furthermore, high investments or grants are also bringing new developments in the market. In March 2022, the National Heart Lung and Blood Institute invested nearly US$ 12 million to the Indiana University School of Medicine to develop an effective and novel product in curative hemophilia treatment using gene therapy.

The extensive need for gene therapy due to increasing incidences of non-communicable disease increases the cost of gene therapy. Spinraza, a product developed using gene therapy to treat spinal muscular atrophy, costs between US$ 625,000 to US$ 750,000 for the first year and nearly US$ 375,000 for the rest of a patient’s life. Thus, a lack of sufficient reimbursement policies and the high treatment cost can be significant factors that can obstruct market growth.

North America holds the largest revenue share in the global gene therapy market. The growth can be attributed to various factors, such as the high prevalence of chronic diseases, advanced healthcare infrastructure, and high healthcare expenditure. Additionally, increasing government and private initiatives, investments, funding, a strong product pipeline, and growing R&D activities drive market growth in this region. At the same time, Europe holds the second position in market revenue share owing to the rapid adoption of advanced technologies and treatments and developed healthcare infrastructure.

While the Asia Pacific, on the other hand, is an emerging region in this market with growing development in healthcare infrastructure, improving medical tourism, and growing incidences of chronic diseases. Furthermore, increasing government initiatives and rising investments, funding, collaborations, and R&D activities.

Some of the prominent players operating in the gene therapy market are Novartis AG, Biogen Inc., Spark Therapeutics Inc., Gilead Sciences Inc., AGC Biologics (AGC Inc.), Orchard Therapeutics Plc., Dynavax Technologies, Amgen Inc., Sibiono Genetech Co. Ltd., Sarepta Therapeutics, and Avita Medical among others.

awards awards key differentiators

Reach Us

enquire@growthplusreports.com

Web –  www.growthplusreports.com

// // //