The Gene Therapy market provides a unique therapeutic approach that alters gene expression by delivering genetic material to individual patients. Gene therapy products aim to treat or even cure diseases by addressing their root cause at the genetic level. The market offers various gene therapy products including gene augmentation, oncolytic viral therapy, antisense therapy, and RNAi among others. These products cater to the unmet needs across broad range of therapeutic areas including cancer, neurological disorders, infectious diseases, and rare genetic disorders.
The Global Gene Therapy Market is estimated to be valued at US$ 10.37 Bn in 2024 and is expected to exhibit a CAGR of 4.7% over the forecast period from 2024 to 2030.
Key players operating in the Gene Therapy market are Novartis AG (Switzerland), Biogen Inc. (US), Gilead Sciences, Inc. (US), Bristol-Myers Squibb (US), Alnylam Pharmaceuticals, Inc. (US), and Sarepta Therapeutics, Inc. (US) among others. These players are focusing on developing advanced gene therapy products through organic and inorganic growth strategies to strengthen their market position.
The growing demand for personalized treatment approaches along with favorable reimbursement scenario for gene therapy products in major markets is fueling the market growth. Gene therapies offer long-lasting results with limited number of doses for treating several chronic and life-threatening conditions.
Key players are expanding their geographical footprints through partnerships and collaborations with regional and local players. Industry players are investing in emerging Asian and Latin American markets to tap the high-growth opportunities attributed to increasing healthcare expenditure and demand for advanced treatment technologies in these regions.
Market key trends
One of the key trends witnessed in the Gene Therapy Market is the increasing focus on development of non-viral vectors. Compared to viral vectors, non-viral vectors offer advantages such as low immunogenicity, large transgene capacity, and safety. Leading market players are investing in research to develop advanced non-viral vectors with improved transfection efficiency. This is expected to enable the application of gene therapy in treatment of wider range of diseases.
Threat of new entrants: The threat of new entrants in the gene therapy market is relatively low due to the high costs involved with R&D and clinical trials.
Bargaining power of buyers: Individual consumers have low bargaining power, though large pharmaceutical companies and hospitals can negotiate prices down through volume purchases.
Bargaining power of suppliers: Suppliers of materials for gene therapy development hold some bargaining power as their expertise is critical, though several potential suppliers exist to mitigate dependence on any one.
Threat of new substitutes: The threat of substitutes is moderate as some pipeline drugs compete to treat rare genetic diseases, though no perfect substitutes currently exist.
Competitive rivalry: Competition is increasing between existing large pharmaceutical companies engaging in acquisitions and partnerships to build capabilities in gene therapy clinical development and manufacturing.
North America holds the largest share of the gene therapy market currently due to high healthcare expenditures and active support for R&D. The US and Canada together account for over 40% of global market value. Asia Pacific region is expected to see the highest growth over the forecast period with countries like China and India rapidly increasing investments in biotechnology and establishment of clinical trial infrastructures.
Europe is the second largest regional market for gene therapies currently due in part to supportive regulatory policies through the European Medicines Agency. Countries with advanced healthcare systems such as Germany, France and the UK each contribute significantly to the European market. However broader adoption trends suggest gene therapies may gain increasing commercial acceptance initially in the US and parts of Asia before wider global uptake.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it