Gene Therapy Market in terms of revenue was estimated to be worth $7.3 billion in 2022 and is poised to reach $17.2 billion by 2027, growing at a CAGR of 18.6% from 2022 to 2027. Factors such as growing approvals of gene therapy products and rising investment in research and development of gene therapies are driving the market’s growth. However, the high cost of gene therapy is restraining the growth of this market.
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Gene Therapy Market Dynamics:
Drivers: Funding for gene therapy research
Gene therapy is one of the latest treatment methods in the healthcare industry. It has shown promising results in treating cancer and other genetic diseases. As a result, the focus on gene therapy research has increased over the last few years. In addition, many companies focus on growth opportunities in this market by launching new and advanced products.
Key Market Players
The gene therapy market is consolidated, with three major players holding the dominant share of the market. In 2021, Biogen (US), Novartis AG (Switzerland), and Gilead Sciences, Inc. (US) were the leading players in the gene therapy market. Other major players in this market include Sarepta Therapeutics (US), Amgen, Inc. (US), Spark Therapeutics, Inc. (US), AGC Biologics (Italy), Orchard Therapeutics plc. (UK), Sibiono (China), Alnylam Pharmaceuticals, Inc. (US), Human Stem Cells Institute (Russia), AnGes, Inc. (Japan), Dynavax Technologies (US), Jazz Pharmaceuticals, Inc. (Ireland), and Akcea Therapeutics (US). The intensity of competitive rivalry in the gene therapy market is high.
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The non-viral vectors segment accounted for the largest share in the gene therapy market, by vector, during the forecast period.
Based on vectors, the gene therapy market is segmented into non-viral vectors and viral vectors. Non-viral vectors accounted for the larger market share in 2021. Less immunogenicity than viral vectors coupled with easier mass production of non-viral vectors are the major factors driving the growth of this segment.
The Neurological diseases segment accounted for the largest share of the indication segment in the gene therapy market in 2021.
Based on indication, the gene therapy market is segmented into neurological diseases, cancer, duchenne muscular dystrophy, hepatological diseases, and other indications. The neurological diseases segment accounted for the largest share of the gene therapy market in 2021. The largest share is attributed to growing burden of neurological diseases coupled with rising adoption of gene therapy for the treatment of neurological disorders.
The in vivo segment accounted for the larger share of the delivery method segment in the gene therapy market in 2021.
On the basis of delivery method, the gene therapy market is segmented into in vivo and ex vivo. In vivo segment accounted for the larger share in the gene therapy market as majority of the approved gene therapy products fall under in vivo delivery method.
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North America is the largest region and Asia Pacific is the fastest-growing region of the gene therapy market in 2021.
Based on region, the gene therapy market is segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2021, North America dominated the market, followed by Europe. The significant government and private investments to develop advanced gene therapy products, the growing adoption rate of these products, and the presence of key market players in the region are responsible for the large share of North America in the gene therapy market. The Asia Pacific market is projected to grow at the highest CAGR during the forecast period.
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