(MENAFN- GlobeNewsWire - Nasdaq) Fort Collins, Colorado, Sept. 26, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Gene Therapy market Size, Growth, Share, Statistics Report, By Vector Type (Viral Vectors, and Non-Viral Vectors), By Therapy Type (In-Vivo and Ex-Vivo), By Application Type, By Region And Segment Forecasts, 2023-2032." According to DataHorizzon Research, The gene therapy market size was USD 7.7 Billion in 2022 and is projected to reach USD 35.1 Billion by 2032 with a CAGR of 16.4%. The report comprehensively analyzes the global market scenarios with key takeaways. The report also highlights the present and future trends in the industry, followed by actionable market insights. Gene therapy is an innovative medical procedure that aims to cure various diseases by modifying a person's genetic composition. This cutting-edge technique enables medical professionals to treat disorders by altering a person's DNA using drugs or surgical procedures. Gene therapy can function through various mechanisms, including replacing faulty genes in the patient's body with healthy ones to prevent the spread of disease. Although gene therapies are only utilized for a few illnesses, they can revolutionize medicine and transform how we approach healthcare.
The significant growth in the market can be attributed to various factors, including the expansion of advanced therapies, gene delivery technologies, and the surge in competition among major players focused on commercializing their therapies. Biotechnology companies invest heavily in acquisitions, collaborations, and expansions as key strategies to enhance their in-house expertise and strengthen their product pipelines.
The gene is a crucial building block of heredity, made up of DNA sequences arranged in a specific order on chromosomes within a cell's nucleus. When it comes to addressing particular disorders, gene therapy is a technique that modifies an individual's genes. There are various ways to administer gene therapies, such as deactivating a malfunctioning disease-causing gene and replacing it with a healthy copy or introducing a modified or new gene to treat the disorder. This methodology enables doctors to treat diseases without relying on drugs or surgery, instead utilizing genetic modification.
While gene therapy is undoubtedly a permanent solution for genetic diseases, its accessibility is currently limited due to its high cost. Nonetheless, there's a glimmer of hope that a breakthrough will occur, rendering it available to a broader spectrum of individuals. The potential impact of gene therapy on the medical field is revolutionary, as it could eradicate genetic diseases once and for all.
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Report Snapshot:
| Report Title | Gene Therapy Market |
| Market Size in 2022 | USD 7.7 Billion |
| Market Size by 2032 | USD 35.1 Billion |
| CAGR from 2023 to 2032 | 16.4% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market size, estimations, competitor analysis, trends, and growth factors |
| By Vector Type | Viral vector and non-viral vector |
| By Therapy Type | In-vivo, ex-vivo |
| By Application Type | Oncological disorders, cardiovascular diseases, infectious diseases, neurological diseases, and other. |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | The U.S., Canada, the U.K., Germany, France, China, India, Japan, South Korea, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others |
| Major Market Players | Novartis AG, GlaxoSmithKline plc, Biogen, Spark Therapeutics, Gilead Sciences, Inc, Amgen, Inc, Jazz Pharmaceuticals, Sarepta Therapeutics, Orchard Therapeutics, Merck and Company Inc, Intellia Therapeutics. |
Segmentation Overview:
The market for gene therapy is segmented into numerous segments based on factors like vector type, therapy type, application, and region.
The segment of oncological disorders stands out in the gene therapy market, primarily due to the rising prevalence of hematologic tumors. With the approval of more gene therapies for cancer treatment, this segment has become a significant contributor to the market's overall growth. Additionally, the presence of multiple cancer-fighting gene therapy products is expected to propel the growth trajectory of this market further.
The most prevalent method of gene therapy employed on a global scale is in vivo therapy. This technique has demonstrated high efficacy in introducing genes into cells through diverse means and viruses. As a result, it has garnered significant popularity and acceptance. These gene therapies are widely utilized to treat persistent disorders, cancers, genetic disorders, and inherited diseases and are poised to facilitate the growth of the gene therapy market.
North America dominates the gene therapy market in approvals and revenue generated. The market is expected to witness significant growth due to increased investments in R&D by both large and small companies, government initiatives, and the rise in targeted diseases.
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Key Developments in the Gene Therapy Market:
Orchard Therapeutics has announced that the U.S. FDA has obtained the filing of its Biologics License Application for OTL-200 in metachromatic leukodystrophy under Priority Review. The goal date is March 18, 2024, under the Prescription Drug User Fee Act.
Merck now offers integrated services for all mRNA development, manufacturing, and commercialization stages, including testing. They opened two new manufacturing sites in Germany.
Gene Therapy Market Report Highlights:
The gene therapy market size is projected to reach USD 35.1 Billion with a CAGR of 16.4% by 2032. Gene therapy alters a person's DNA to cure diseases by replacing faulty genes with healthy ones or introducing new ones. It's a revolutionary technique that could transform healthcare, but it's currently limited by cost. Nonetheless, biotech companies invest heavily to enhance their expertise and product pipelines. With a breakthrough, gene therapy could eradicate genetic diseases permanently.
Gene therapy is growing in the oncology market, especially for hematologic tumors. More gene therapies for cancer are being approved, significantly contributing to market growth. In vivo, therapy is the most common method, with high efficacy in introducing genes into cells. Gene therapies are used for persistent disorders, cancers, genetic disorders, and inherited diseases, which will grow in the market further.
North America leads the gene therapy market in approvals and revenue generated. Growth is expected due to increased R&D investments by large and small companies, government initiatives, and the rise in targeted diseases.
Some significant market players in the market are Novartis AG, GlaxoSmithKline plc, Biogen, Spark Therapeutics, Gilead Sciences, Inc, Amgen, Inc, Jazz Pharmaceuticals, Sarepta Therapeutics, Orchard Therapeutics, Merck and Company Inc, Intellia Therapeutics.
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Gene Therapy Market Report Segmentation:
Gene Therapy Market, By Vector Type (2023-2032)
Viral Vector Non-viral Vector
Gene Therapy Market, By Therapy Type (2023-2032)
Gene Therapy Market, By Application (2023-2032)
Oncological Disorders Cardiovascular Diseases Infectious Diseases Neurological Diseases Other Diseases
Gene Therapy Market, By Region (2023-2032)
Europe The U.K. Germany France Rest of Europe
Asia Pacific China India Japan South Korea Rest of Asia Pacific
Latin America Brazil Mexico Rest of Latin America
Middle East & Africa UAE Saudi Arabia South Africa Rest of Middle East & Africa
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR's comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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