Gene therapy is a medical field that utilizes genes as medicines to treat hereditary diseases and conditions. Gene therapies involve the modification of gene expression or genetic alteration to treat diseases. Genetic disorders such as cancer, cardiovascular diseases, neurological disorders, and infectious diseases can be treated using gene therapies that alter gene expression through gene silencing or gene addition techniques. Gene therapies offer the potential of one-time treatment to cure genetic abnormalities by correcting defective genes or supplementing missing or under-expressed genes. The global gene therapy market holds promise for treating previously untreatable health conditions by overcoming limitations of conventional medicines.
The need for effective treatment options for severe genetic disorders is increasing. According to global estimates, approximately 12% of the worldwide disease burden can be attributed to genetic disorders such as sickle cell anemia, cystic fibrosis, and Duchenne muscular dystrophy. Gene therapies offer transformative treatment possibilities by addressing the underlying genetic abnormalities causing these conditions. However, there are certain challenges including delivery mechanisms, off-target effects, manufacturing complexities, and high development costs that need to be overcome for realizing the full potential of gene therapies.
The global Gene Therapy Market is estimated to be valued at US$ 9 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Innovation is the key trend shaping the Global gene therapy market size. Several new gene therapy drug candidates are under various stages of research and clinical trials for treating genetic diseases. For instance, Novartis’ Zolgensma for spinal muscular atrophy became the first gene therapy approved by the FDA in 2019. CRISPR gene editing is also opening up possibilities for developing new gene therapies. Acquisitions and partnerships involving gene therapy companies are increasing to leverage complementary capabilities and resources to advance the research. In April 2022, Bristol-Myers Squibb acquired Turning Point Therapeutics for $4.1 billion to enhance its oncology portfolio with gene therapy drug candidates.
Threat of new entrants: The gene therapy market requires substantial R&D investments and regulatory approvals posing high entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as the treatment costs of gene therapy are very high restricting volume-based discounts.
Bargaining power of suppliers: A few biopharma companies control the intellectual property rights, resulting in high bargaining power of suppliers.
Threat of new substitutes: Threat from new substitutes is low as gene therapy offers curative benefits not replicated by other therapeutic modalities.
Competitive rivalry: Competition is high among large biopharma companies driving ongoing clinical trials and new product launches.
The global gene therapy market is expected to witness high growth over the forecast period driven by rising investments in gene therapy R&D and clinical trials. The North American region currently dominates the market owing to presence of key players and higher healthcare spending. Asia Pacific isexpected to be the fastest growing market for gene therapy supported by increasinggenomics research and rapidly developing healthcare infrastructure in major countries like China and India.
Key players operating in the gene therapy market include Novartis AG, Biogen Inc., Gilead Sciences, Inc., Bristol-Myers Squibb, Alnylam Pharmaceuticals, Inc., and Sarepta Therapeutics, Inc. among others. Leading biopharma firms are focusing on developing gene therapies for cancer, genetic disorders and neuromuscular diseases through collaborations and acquisitions to strengthen their product portfolios. For instance, Novartis acquired cell and gene therapy company AveXis for USD 8.7 billion in 2018 to gain access to its clinical stage gene therapy pipeline.
The global gene therapy market is witnessing a shift from single-dose to multi-dose gene therapies to provide durable responses for chronic disorders. Ongoing advances in vector development, targeted delivery and genome editing are further expected to accelerate the clinical translation of novel gene therapy candidates over the coming years.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it