The rising prevalence of chronic disorders such as cardiovascular diseases and cancer across the world will bump up the size of the global gene therapy market from US$ 10.34 billion in 2024 to US$ 38.52 billion by 2034, says Fact.MR
Gene Therapy Popularity Rising with Effective Results Being Seen in the Field of Oncology: Fact.MR Report
The rising prevalence of chronic disorders such as cardiovascular diseases and cancer across the world will bump up the size of the global gene therapy market from US$ 10.34 billion in 2024 to US$ 38.52 billion by 2034, says Fact.MR, a market research and competitive intelligence provider, in its recently updated industry report.
Gene therapies are projected to be effective as far as oncology is concerned. Pre-drug activating suicide gene therapy, oncolytic virotherapy, anti-angiogenic gene therapy, correction/compensation of gene defects, and RNAi strategies are some of the gene therapy strategies being employed for the treatment of cancer related to the brain, skin, neck, and kidney.
According to the World Health Organization, newly diagnosed cancer cases are set to increase from 20 million in 2022 to 35 million by 2050 worldwide, a 77% rise.
In 2021, the United States Food and Drug Administration approved the use of Abecma, a cell-based gene therapy for the treatment of adult myeloma patients.
People across the world are demanding effective and advanced solutions for the treatment of chronic disorders. Thus, this shift is leading to the high adoption of viral vector therapies. North America and Europe are leading markets for gene therapy solution providers. The presence of advanced healthcare infrastructure and big biopharma companies are expected to boost the gene therapy market growth in these regions in the coming decade.
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Key Takeaways from the Market Study:
Worldwide revenue from gene therapies is forecasted to increase at a CAGR of 14.1% from 2024 to 2034.
The United States is projected to hold 82.2% of the North American market share by 2034.
The South Korea market is set to register a CAGR of 17.9% through 2034.
The market in India is approximated at a value of US$ 569.9 million in 2024.
“Ongoing research and development activities are set to offer advanced and effective gene and cell therapies for the treatment of several chronic disorders,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Gene Therapy Market
American Gene Technologies; BioMarin; Bluebird Bio Inc.; Orchard Therapeutics Limited; uniQure NV; BioNTech; Oxford Biomedica Plc.; Celgene Corporation; Shanghai Sunway Biotech Co., Ltd.; Sibiono GeneTech Co. Ltd.; Biogen; Dendreon Pharmaceuticals LLC; Spark Therapeutics Inc.; Amgen Inc.; Gilead Sciences Inc.; Enzyvant Therapeutics GmbH; Novartis AG; Astellas Pharma, Inc.
Competitive Analysis
The global gene therapy market is characterized by the presence of established companies and the emergence of start-ups. Key market players are focusing on strategies such as global expansion, mergers, and collaborations & partnerships with other industry leaders or research institutions to increase their market reach and revenues. New companies are investing heavily in R&D to offer advanced gene therapies.
Cardior is a Germany-based start-up that offers non-coding RNA therapeutics for heart patients.
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Gene Therapy Industry News:
In October 2021, the United States Food and Drug Administration, the National Institutes of Health, ten pharmaceutical firms, and five non-profit organizations unveiled a partnership to speed up the development of gene therapies for the 30 million Americans afflicted with rare diseases. These efforts are likely to drive demand for gene therapies over the next decade.
Novartis acquired Gyroscope Therapeutics in December 2021, gaining a one-time gene therapy that should revolutionize treatment for geographic atrophy, a major cause of blindness.
Abecma (idecabtagene vicleucel), cell-based gene therapy, received a nod from the United States Food and Drug Administration in March 2021 for use in treating adult patients with multiple myeloma who have failed, or whose disease has relapsed following, at least four previous lines (types) of therapy. Abecma is the first FDA-approved cell-based gene therapy for the treatment of multiple myeloma.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global gene therapy market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on vector type (lentivirus, adeno-associated virus (AAV), retrovirus & gamma retrovirus, modified herpes simplex virus, adenovirus, non-viral plasmid vector, others), indication (acute lymphoblastic leukemia (ALL), inherited retinal disease, large B-cell lymphoma, ADA-SCID, melanoma (lesions), beta-thalassemia major/SCD, head & neck squamous cell carcinoma, peripheral arterial disease, spinal muscular atrophy (SMA), others), and route of administration (intravenous, others), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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