Number of pages: 100 | Report Format: PDF | Published date: January 18, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
According to the deep-dive market assessment study by Growth Plus Reports, the global gene therapy market was valued at US$ 2.3 billion in 2021 and is expected to register a revenue CAGR of 8.1% to reach US$ 4.64 billion by 2030.
Gene Therapy Market Fundamentals
Gene therapy focuses on the reformation of cells to develop a new treatment for a disease by replacing the defective gene. Gene therapy has wide applications, mainly in developing vaccines for infectious or chronic diseases. This type of treatment is a promising option for several diseases, such as heart disease, hemophilia/acquired hemophilia, and cancer.
Gene Therapy Market Dynamics
The global gene therapy market is expected to register rapid revenue growth during the forecast period from 2022 to 2030. This can be attributed to growing prevalence of chronic diseases, such as cancer, diseases related to the central nervous system, metabolic disorders, and cardiovascular diseases. Additionally, a surge in R&D activities, increase in the number of launches of novel products/therapies, and growth in initiatives by government and private institutes are projected to drive revenue growth in the global market. Rising capital, such as IPOs (initial public offerings), venture capital financing, follow-on financing, and growing collaboration and acquisitions, also have a great impact on the revenue growth of the market.
However, the high cost of gene therapy can be a major restraining factor to the revenue growth of the market.
Gene Therapy Market Ecosystem
The global gene therapy market is analyzed from five perspectives: vector type, delivery type, application, end-user, and region.
Gene Therapy Market by Vector Type
Based on the vector type, the global gene therapy market is segmented into viral vector and non-viral vector.
The non-viral vector segment accounts for the largest revenue share of the market. The segment revenue growth is attributed to increase in the popularity of this treatment as a safer and low-cost method. Furthermore, this segment has high gene capacity, low immunogenic response, high transfection efficiency, and can also be chemically flexible. Rising cases of cancer and other targeted diseases, increasing availability of reimbursement policies, and growing investments in gene therapy are expected to further fuel the revenue growth in this segment.
Gene Therapy Market by Delivery Type
Based on the delivery type, the global gene therapy market is segmented into ex-vivo and in-vivo.
The in-vivo delivery segment accounts for the largest revenue share of the market, as it delivers the genetic material using the IV method or can be directly provided to the targeted organ or part of the body. Furthermore, it uses a simple method, is effective, and is minimally invasive. These advantages are projected to help in augmenting the revenue growth of the segment during the forecast period.
Gene Therapy Market by Application
Based on the application, the global gene therapy market is segmented into oncology, cardiology, neurology, and others.
The oncology segment dominates the market with the largest revenue share, due to rising prevalence of cancer cases across developed and developing countries. Increasing usage of gene therapy in cancer to destroy or slow down the growth of cancer cells and prevent metastasis is positively influencing its demand.
The neurology segment accounts for the second-largest revenue share of the market, due to rising prevalence of neurological disorders/diseases, such as neuromuscular disorders, brain tumors, and spinal muscular atrophy.
Gene Therapy Market by End User
Based on the end user, the global gene therapy market is segmented into hospitals and ambulatory centers.
The hospital segment accounts for the largest revenue share of the market, due to the large patient footfall and enhanced infrastructure. Furthermore, the availability of advanced technologies and treatment methods boosts the revenue growth of this segment in the market.
The ambulatory center segment is estimated to register steady revenue growth in the market. This can be ascribed to increasing patient pool and growing accessibility to advanced healthcare infrastructure with enhanced technologies.
Gene Therapy Market by Region
Based on the region, the global gene therapy market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America dominates the global market with the largest revenue share owing to various factors, such as high prevalence of chronic diseases and large geriatric population in the region. Furthermore, growth in R&D activities to develop and launch advanced and novel therapies and/or products, increase in the product pipeline is anticipated to help in the regional market development. For instance, in May 2022, the FDA (Food and Drug Administration) approved the drug, Evrysdi for babies under 2 months old suffering from spinal muscular atrophy due to considerably increasing cases of spinal muscular atrophy. Such product approvals in this region contribute to the market expansion. Additionally, rise in the government investments is working as a revenue growth driver for the regional market. Moreover, advanced healthcare infrastructure, improved healthcare expenditure, and presence of major key players is projected to drive revenue growth in the North America market during the forecast period.
Europe is the second-largest revenue shareholder of the global gene therapy market. Rapid adoption of advanced technologies and increase in cases of chronic diseases are fueling revenue growth in the Europe market.
Gene Therapy Market Competitive Landscape
The prominent players operating in the global gene therapy market are:
Gene Therapy Market Strategic Developments
In August 2020, REGENXBIO and Ultragenyx announced a new license agreement on the utilization of the NAV technology platform, i.e., NAV AAV8 and AAV9 vectors, for the development of gene therapy, which can be utilized in treating a rare metabolic disorder. This move by the companies helped in enhancing gene therapy product pipeline and expanding the market.
Rising cases of cancer, technological advancements in treatment techniques, and increasing investments in R&D activities are driving revenue growth in the global gene therapy market.
The market in Asia Pacific is estimated to register rapid revenue growth during the forecast period.
High cost of gene therapy is a major restraining factor for the revenue growth of the market.
The gene therapy market is expected to register a revenue CAGR of 8.1% during the forecast period.
Novartis AG, Biogen Inc., Spark Therapeutics Inc. (Roche), Gilead Sciences Inc., AGC Biologics (AGC Inc.), and Orchard Therapeutics Plc. are among the top players operating in the global gene therapy market.
*Insights on financial performance are subject to the availability of information in the public domain