(PharmaNewsWire.Com, May 14, 2024 ) Gene Therapy market is estimated to grow at a CAGR of 21.4 % during the forecast period. The market is projected to reach USD 23.9 billion by 2028 from USD 9.0 billion in 2023.
Major Growth Driving Factors:
Growth in the gene therapy market is mainly driven by factors such as increasing activities in genomic research, and an increasing number of regulatory approvals for gene therapies. However, high costs associated with these therapeutics is expected to restrain the market growth to certain extent.
Among the type subsegments, the market is segmented gene silencing, cell replacement, gene augmentation, and other therapies. In 2022, the gene augmentation segment accounted for the highest growth rate of the gene therapy market by end user. Growth in this market segment can be attributed to factors such as growing number of clinical pipeline products employing gene augmentation mechanism and the favorable therapeutic effects generated among others.
Among the therapeutic area subsegment, the gene therapy market is segmented into oncology, neurology, hepatology, and other therapeutic areas. In 2023, oncology segment accounted for the fastest-growing share of the therapeutic area segment of gene therapy market. Growth in this market segment can be attributed to one of the major factors which is growth in the demand for targeted therapies including gene therapy.
Geographical Growth Dynamics:
The European market is the second-largest gene therapy market globally, mainly due to factors such as advancements in targeted therapy research and government support. Moreover, greater awareness among people about emerging area of treatments such as gene therapy, especially compared to developing regions is another factor supporting the growth of European gene therapy market.
The market for gene therapy market is consolidated, with key players strategizing to capture majority of the market. Prominent players in the market are Novartis AG (Switzerland), Biogen Inc. (US), Gilead Sciences, Inc. (US), Bristol-Myers Squibb (US), Alnylam Pharmaceuticals, Inc. (US), Sarepta Therapeutics, Inc. (US), Amgen, Inc. (US), Orchard Therapeutics Plc (UK), F. Hoffmann-La Roche Ltd. (Switzerland) among others.
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