The gene therapy market, valued at US$ 1.55 Billion in 2021, is projected to undergo substantial growth, aspiring to reach US$ 10.1 Billion by 2032. The estimated compound annual growth rate (CAGR) for the forecast period is 18.5%.
Gene therapy, a cutting-edge field in medical science, has emerged as a revolutionary approach to treating a variety of diseases by manipulating or modifying an individual's genes. The gene therapy market is witnessing remarkable growth, driven by advancements in molecular biology, genetic engineering, and biotechnology. This transformative technology holds the promise of curing diseases at their root by addressing the underlying genetic causes.
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The global gene therapy market is expanding at an unprecedented rate, fueled by a surge in research and development activities, increasing awareness about gene-based treatments, and a growing pool of patients with genetic disorders. As of the latest data, the market is projected to reach staggering figures, indicating a paradigm shift in the landscape of healthcare.
Market Opportunity:
The gene therapy market presents immense opportunities for both healthcare providers and biotechnology companies. One of the primary opportunities lies in the treatment of rare genetic disorders, for which traditional medicine often falls short. Gene therapy offers a potential cure or significant alleviation of symptoms for individuals suffering from conditions that were once considered incurable.
Moreover, the technology's potential to treat complex diseases like cancer, neurodegenerative disorders, and cardiovascular diseases opens doors to vast market potential. As research progresses, gene therapies are expanding their scope to include more common diseases, further broadening the market horizon. Governments and regulatory bodies are recognizing the significance of gene therapy, paving the way for favorable policies and increased investments in this transformative field.
Market Challenges:
While the gene therapy market holds great promise, it is not without challenges. One of the primary hurdles is the complexity and uncertainty associated with manipulating genetic material. The long-term safety and efficacy of gene therapies are still under scrutiny, and concerns about unintended consequences and unforeseen side effects persist.
Additionally, the high cost of gene therapies poses a significant challenge. The development and manufacturing of gene-based treatments involve intricate processes and substantial investments, resulting in expensive therapies that may be inaccessible to a large segment of the population. Addressing these cost-related challenges is crucial for the widespread adoption of gene therapies and their integration into mainstream healthcare.
Key Players:
- Novartis AG
- Gilead Sciences Inc.
- Spark Therapeutics Inc.
- Sibiono GeneTech Co. Ltd.
- CELGENE CORPORATION
- Orchard Therapeutics Limited
- BioNTech
Competitive Landscape:
In October 2021, a collaborative effort was announced by the National Institutes of Health, the United States Food and Drug Administration, ten pharmaceutical companies, and five non-profit organizations. The aim of this collaboration is to expedite the development of gene therapies for the 30 million Americans afflicted with rare diseases. It is anticipated that such initiatives will significantly increase the demand for gene therapy.
BioMarin Pharmaceutical Inc. provided updates on its ongoing clinical development of investigational gene therapy programs in February 2022. The Food and Drug Administration (FDA) subsequently issued additional requests to the company for specific information required to address the clinical hold placed on the PHEARLESS Phase 1/2 study of BMN 307, which was initially imposed in September 2021.
In December 2021, Novartis acquired Gyroscope Therapeutics, thereby incorporating a groundbreaking gene therapy capable of revolutionizing the treatment of geographic atrophy, a leading cause of blindness.
Abecma (idecabtagene vicleucel), a cell-based gene therapy, received approval from the US Food and Drug Administration in March 2021 for the treatment of adult patients with multiple myeloma who have not responded to, or have experienced disease recurrence after, at least four prior lines of therapy. Notably, Abecma represents the first FDA-approved cell-based gene therapy for the treatment of multiple myeloma.
Key Segments Covered in Gene Therapy Industry Research
- By Product :
- Yescarta-based
- Kymriah-based
- Luxturna-based
- Strimvelis-based
- Gendicine
- Others
- By Application :
- Ophthalmology
- Oncology
- Adenosine Deaminase/Deficient Severe Combined Immunodeficiency (ADA-SCID)
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- MEA
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