The latest report by IMARC Group, titled "Gene Therapy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," finds that the global gene therapy market size reached US$ 3.77 Billion in 2021. Gene therapy refers to an advanced medical technique that involves modifying the genes inside the cells of the patient's body to treat or prevent the progression of the disease. It works by replacing a defective gene with a new, normal and healthy gene in a cell to cure the disease or improve the body's ability to fight it. It is also used to treat numerous chronic and genetic disorders in human beings that have no other cures. Nowadays, manufacturers are offering a wide variety of gene therapy products, including plasmid deoxyribonucleic acid (DNA), human gene-editing technology, patient-derived cellular gene therapy, viral vectors, and bacterial vectors, which is currently escalating their demand across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Gene Therapy Market Trends:
The rising prevalence of genetic and acquired diseases, such as cancer, diabetes, cardiovascular diseases (CVDs), cystic fibrosis, and acquired immunodeficiency syndrome (AIDS), represents the primary factor driving the market growth. Besides this, the expanding geriatric population that is more susceptible to developing such chronic health conditions has catalyzed the product demand. Additionally, there has been a significant increase in government support and funding for gene therapy research. Along with this, the growing awareness regarding the benefits of gene therapy and easy accessibility to healthcare facilities have accelerated the product adoption rate. Furthermore, several key players are engaging in research and development (R&D) activities and making heavy investments toward product innovations to gain a competitive edge. Moreover, the introduction of new gene therapy that provides a safer and non-addictive alternative to opioids in treating various chronic pain conditions, such as lower back pain and rare neuropathic pain disorders, has propelled the market growth. Other factors, including the increasing approvals of gene therapy products, favorable reimbursement policies, improving healthcare infrastructure, rising consumer healthcare expenditure, and technological advancements, are also providing a positive impact on the market growth. Looking forward, IMARC Group expects the market to reach US$ 9.5 Billion by 2027, growing at a CAGR of around 15.60% during 2022-2027.
- Based on the gene type, the market has been segregated into antigen, cytokine, tumor suppressor, suicide gene, deficiency, growth factors, receptors, and others.
- The market has been divided based on the vector type into viral vector (adenoviruses, lentiviruses, retroviruses, adeno-associated virus, herpes simplex virus, poxvirus, vaccinia virus, and others) and non-viral techniques (naked and plasmid vectors, gene gun, electroporation, lipofection, and others).
- Based on the delivery method, the market has been bifurcated into in-vivo and ex-vivo gene therapy.
- On the basis of the application, the market has been classified into oncological disorders, rare diseases, cardiovascular diseases, neurological disorders, infectious disease, and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Abeona Therapeutics Inc., Adaptimmune Therapeutics plc, Adverum Biotechnologies Inc., Amgen Inc., Astellas Pharma Inc., Biogen Inc., Bluebird Bio Inc., Mustang Bio Inc. (Fortress Biotech Inc.), Novartis International AG, Orchard Therapeutics plc, UniQure N.V., and Voyager Therapeutics Inc.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.