Gene therapy holds great potential in the treatment of genetic disorders by modifying defective genetic material or by introducing new genetic material to cure diseases. Gene therapy aims to modify or manipulate the expression of a gene or to replace a missing or mutated gene, thereby compensating for genetically determined diseases. Its ability to cure diseases at their root cause is driving research and development of gene therapies worldwide. 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:
The rising prevalence of genetic disorders globally is one of the major factors fueling the growth of the gene therapy market. As per various research studies, more than 7,000 rare genetic disorders have been identified to date, which affect approximately 350 million people worldwide. Genetic disorders pose a significant burden on healthcare systems and have limited treatment options. However, gene therapy offers promising potential to cure several genetic disorders offering permanence treatment and providing relief from lifelong therapies. This has accelerated research and development of gene therapies for treating genetic disorders. Continued clinical trials of gene therapies for genetic disorders and expected approval of new gene therapies during the forecast period will further contribute to the market growth.
Segment Analysis
The Global gene therapy market size is dominated by therapies for orphan diseases. Therapies targeting rare genetic disorders, such as spinal muscular atrophy (SMA) and Duchenne muscular dystrophy (DMD), account for over 70% of the market currently. Therapies for orphan diseases receive faster approvals and enjoy exclusivity for several years thereby ensuring high profit margins for companies. These economic advantages will drive increased focus on orphan disease therapies in future as well.
Key Takeaways
The global gene therapy market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to increase from US$ 9 Bn in 2024 to over US$ XX Bn by 2030, registering a CAGR of approximately XX%.
Regional analysis
North America currently dominates the global gene therapy market and is expected to remain the leading region over the forecast period. Higher adoption of advanced treatment options and strong presence of major players in the region are some of the key factors responsible for its large market share. Europe is the second largest regional market attributed to increasing research funding for genetic disorders. The Asia Pacific gene therapy market is projected to exhibit fastest growth owing to rising healthcare expenditure, growing awareness and expanding patient pool in the region.
Key players related content comprises
Key players operating in the gene therapy market are Novartis AG, Biogen Inc., Gilead Sciences, Inc., Bristol-Myers Squibb, Alnylam Pharmaceuticals, Inc., and Sarepta Therapeutics, Inc. Novartis dominates the market with its key gene therapies for SMA while Biogen leads in the DMD treatment segment. Other players are focusing on developing novel gene therapies for various genetic and rare disorders to gain market share in future.
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Pacemaker Market Analysis By Product Type, Application, Implant Approach, Key Players and Regional Outlook, Forecast To 2023
Pune, India – July 16, 2019 —
The global Pacemaker Market size estimated to grow at a CAGR of 6.5% by the end of 2023 Predicted by Market Research Future (MRFR).
The surge in cardiovascular cases is observed as major cause to spur the pacemaker market growth.
Additionally, the growing geriatric citizenry and high prevalence of genetic disorders are also prompting cardiac disorders.
Moreover, hike in medical expenses and existence of strong reimbursement policies are other factor that can shoot up the growth curve of the pacemaker market share over the review period.
