Gene Therapy Global Market to Observe Stupendous Growth at a CAGR of ~19% by 2028 | DelveInsight

New York, USA, May 18, 2023 (GLOBE NEWSWIRE) — Gene Therapy Global Market to Observe Stupendous Growth at a CAGR of ~19% by 2028 | DelveInsight

The gene therapy market is expected to surge in the coming years owing to the rising prevalence of serious genetic disorders such as spinal muscular atrophy, hemophilia, retinitis pigmentosa, and others. In addition, the increasing number of pharmaceutical trials for gene therapy, growing advances in gene editing tools, and others are also contributing to the overall growth of the gene therapy market during the forecast period of 2023–2028. 

DelveInsight’s Gene Therapy Market Insights report provides the current and forecast market analysis, individual leading gene therapy companies’ market shares, challenges, gene therapy market drivers, barriers, trends, and key market gene therapy companies in the market.

Key Takeaways from the Gene Therapy Market Report

• As per DelveInsight estimates, North America is anticipated to dominate the global gene therapy market during the forecast period. 
• Notable gene therapy companies such as Novartis AG, F. Hoffmann-La Roche Ltd., Ferring B.V., bluebird bio, Inc., Ultragenyx Pharmaceutical Inc., PTC Therapeutics, BioMarin, Biogen, Prevail Therapeutics, CSL, and several others, are currently operating in the gene therapy market.
• In February 2023, CSL received the European Commission approval for Hemgenix, which is the first gene therapy to gain EU approval for hemophilia B.
• In December 2022, Ferring Pharmaceuticals announced that it had received the US Food and Drug Administration (FDA) approval for Adstiladrin® (nadofaragene firadenovec-vncg), a novel adenovirus vector-based gene therapy for the treatment of adult patients with high-risk, Bacillus Calmette-Guérin (BCG)-unresponsive non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS) with or without papillary tumors.
• In August 2022, PTC Therapeutics, Inc. received marketing authorization for Upstaza (eladocagene exuparvovec), the first approved gene therapy treatment developed for aromatic L-amino acid decarboxylase (AADC) deficiency from European Commission.

To read more about the latest highlights related to the gene therapy market, get a snapshot of the key highlights entailed in the Global Gene Therapy Market Report

Gene Therapy Overview

A gene is a functional hereditary unit of life containing instructions for performing a certain function. Gene therapy is a cutting-edge treatment for cancer, chronic illness, infectious disease, and blood problems. Gene therapy entails replacing faulty genes in a patient’s body with good ones to treat or prevent disease progression. Somatic gene therapy and germline gene therapy are the two types of gene therapy based on the location of the target gene on a chromosome. It can potentially cure various disorders, including Parkinson’s, hemophilia, cystic fibrosis, Alzheimer’s, brain tumors, cancer, AIDS, SCID, and others. Biological vectors such as viruses, liposomes, and plasmids deliver the transgene to the host cell. These vectors are further divided into two types: viral vectors and non-viral vectors. Retroviruses, lentiviruses, adenoviruses, and adeno-associated vectors comprise the viral vector. Liposomes, transposons, and plasmids are examples of non-viral vectors. Physical methods for gene transfer include electroporation, sonication, gene gun, and photoporation.

Gene Therapy Market Insights

North America is expected to account for the highest proportion of the gene therapy market in 2023 out of all regions. The gene therapy market is expected to grow significantly in the region due to the importance of key growth factors such as the increasing patient population suffering from genetic disorders, the rising incidence of cancer, sophisticated healthcare infrastructure, the presence of key players, and rapid regulatory approval for new products, among others.

Based on an assessment of these products’ gene therapy pipeline and clinical success rates, the US Food and Drug Administration stated in January 2019 that by 2025, the FDA would approve 10 to 20 gene therapy medicines annually. Furthermore, the FDA expects to receive 200 investigational new drug (IND) applications annually. As a result, an increase in the number of product development activities in the region will accelerate the expansion of the gene therapy market.

To know more about why North America is leading the market growth in the gene therapy market, get a snapshot of the Gene Therapy Market Outlook 

Gene Therapy Market Dynamics

The expanding number of people with genetic abnormalities and the growing therapeutic value of gene therapy in their treatment and management is the primary factor driving the expansion of the gene therapy industry. Moreover, the rapid expansion of the gene therapy pipeline is projected to drive the gene therapy market. For instance, Pfizer Inc. announced favorable top-line findings from the Phase III BENEGENE-2 study of fidanacogene elaparvovec, an experimental gene therapy, for the treatment of adult males with moderately severe to severe hemophilia B in December 2022.

However, ethical concerns about gene therapy diagnostics and the high treatment costs may limit the overall growth of the gene therapy market.

Additionally, the gene therapy market was significantly impacted during the COVID-19 pandemic due to lockdown impositions as a measure to prevent the spread of COVID-19 infection, which resulted in the suspension of gene therapy research and development activities due to a lack of raw materials and required workforce. Nonetheless, the gene therapy market is recovering due to the introduction of COVID-19 vaccines and the resumption of activities in all sectors, including healthcare and pharmaceutical, providing ample opportunities for the gene therapy market to grow at significant revenue during the forecast period.

Get a sneak peek at the gene therapy market dynamics @ Gene Therapy Market Dynamics Analysis

Gene Therapy Market Assessment

• Gene Therapy Market Segmentation
  • Gene Therapy Market Segmentation By  Vector Type: Viral and Non-Viral
  • Gene Therapy Market Segmentation By  Delivery Type: Ex Vivo and In Vivo
  • Gene Therapy Market Segmentation By Indication: Neurological, Oncological, Hematological, Ophthalmological, and Others
  • Gene Therapy Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
• Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View

Which MedTech key players in the gene therapy market are set to emerge as the trendsetter explore @ Gene Therapy Companies 

Table of Contents 

Interested in knowing the gene therapy market by 2028? Click to get a snapshot of the Gene Therapy Market Trends

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About DelveInsight

DelveInsight is a leading Business Consultant, and Market Research firm focused exclusively on life sciences. It supports pharma companies by providing comprehensive end-to-end solutions to improve their performance.