The gene therapy market involves developing various gene therapies through advanced gene editing technologies to potentially cure rare and chronic diseases. Gene therapies are administered with the aim of modifying or manipulating genes for therapeutic effect. Advancements in technologies such as CRISPR-Cas9 allow efficient and precise genetic modifications, thus enabling gene therapies to potentially cure genetic diseases at their root cause by fixing the defective gene.
The global gene therapy market is estimated to be valued at US$ 9 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Some of the key trends in the gene therapy market include growing collaboration among players and increasing number of clinical trials. Gene therapy companies are collaborating with each other as well as with pharmaceutical companies and academic institutes to advance research and develop more efficient and safer gene therapies. For example, Novartis collaborated with the University of Pennsylvania to develop Zolgensma, first gene therapy approved for spinal muscular atrophy disease. Further, number of clinical trials for gene therapies are steadily increasing for a wide range of genetic diseases. As of 2020, there were more than 3000 gene therapy clinical trials globally compared to less than 1000 in 2015. This indicates rapid growth and progress in the clinical research of gene therapies.
Porter's Analysis
Threat of new entrants: Low- moderate risk due to high capital investment required for developing gene therapies and stringent regulations that pose a barrier to new players.
Bargaining power of buyers: Moderate-high bargaining power due to presence of several players and treatment alternatives. However, high treatment costs give edge to established players.
Bargaining power of suppliers: Moderate-high bargaining power of suppliers of raw materials, tools, technologies due to niche expertise required.
Threat of new substitutes: Low threat as gene therapy is a specialized and advanced treatment with no close substitutes available currently.
Competitive rivalry: High rivalry between leading players to gain market share. Players differentiate through continuous innovation and strategic collaborations.
Key Takeaways
The global Gene Therapy Market is expected to witness high growth over the forecast period of 2023 to 2030. The global gene therapy market is estimated to be valued at US$ 9 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030.
North America holds the leading share currently due to presence of major players, rapid adoption of advanced therapeutics, and high healthcare spending. However, Asia Pacific is expected to grow at the fastest pace due to rising awareness, improving healthcare infrastructure, and increasing research activities. Europe is also among the faster growing regions in the Gene Therapy Market driven by rising government support for R&D projects, presence of several clinical stage gene therapy pipelines, and strategic expansions by market players in the region.
Key players
Key players operating in the Gene Therapy Market are Novartis AG (Switzerland), Biogen Inc. (US), Gilead Sciences, Inc. (US), Bristol-Myers Squibb (US), Alnylam Pharmaceuticals, Inc. (US), and Sarepta Therapeutics, Inc. (US) among others. Players are focusing on developing novel therapeutics through extensive research and strategic collaborations to strengthen their market position.
For More details on the topic:
https://www.marketwebjournal.com/gene-therapy-market-trends-size-and-share-analysis/
