Gene Therapy Market is Expected to Reach $23.9 billion | MarketsandMarkets.
Chicago, Nov. 01, 2023 (GLOBE NEWSWIRE) — Gene Therapy market in terms of revenue was estimated to be worth $9.0 billion in 2023 and is poised to reach $23.9 billion by 2028, growing at a CAGR of 21.4% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. 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.
Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=122857962
Gene Therapy Market Scope:
|Market Revenue in 2023||$9.0 billion|
|Estimated Value by 2028||$23.9 billion|
|Growth Rate||Poised to grow at a CAGR of 21.4%|
|Market Size Available for||2023–2028|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||type, vector, therapeutic area, delivery method, route of administration|
|Geographies Covered||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
|Report Highlights||Updated financial information / product portfolio of players|
|Key Market Opportunity||Growing demand for cell and gene therapies|
|Key Market Driver||Increasing regulatory approvals for gene therapy products|
Based on type, the gene therapy market is segmented into gene silencing, cell replacement, gene augmentation, and other therapies. The gene silencing therapy segment accounted for the largest share of the gene therapy market in 2022. Factors supporting the growth of this segment include- presence of several approved and commercialized gene therapies employing gene-silencing mechanism of action and the desired outcomes yielded by gene-silencing mechanisms against major indications, especially in neurology are expected to drive the growth of this segment in the market.
Based on vectors, the gene therapy market is segmented into viral and non-viral vectors. The viral vectors segment is expected to register fastest growth in the gene therapy market during the forecast period. This can be attributed to the advantages of viral vectors compared to non-viral vectors and a a large focus of clinical pipeline products on viral vector-based gene therapies. The viral vectors segment is also the fastest-growing segment in the market.
Based on therapeutic areas, the gene therapy market is segmented into neurology, oncology, hepatology, and other therapeutic areas. The neurology segment accounted for the largest share of the gene therapy market in 2022. The increasing prevalence of different types of cancer and rising demand for targeted therapies (including gene therapy) against oncology indications are the major factors driving the growth of this segment.
Based on the delivery method, the gene therapy market is segmented into in vivo and ex vivo. The in vivo segment accounted for the largest share of the gene therapy market in 2022. The in vivo delivery segment is also the fastest-growing segment in this market. This can be attributed to the large number of marketed gene therapies that employ in vivo methods of delivery and the focus of research and development products on in vivo delivery method.
Based on routes of administration, the gene therapy market is segmented into intravenous and other routes of administration. The intravenous segment accounted for the largest share of the gene therapy market in 2022 and is the fastest growing segment as well. This can be attributed to factors such as the presence of significant pipeline products to be delivered intravenously, high effectiveness of intravenous administration, and the presence of a large number of currently marketed gene therapies administered intravenously.
Based on region, Europe is projected to register the highest CAGR during the forecast period. In the region, Germany is the largest market. The Europe market is characterized by the growing advancements in gene therapy development, and increasing prevalence of chronic diseases that require targeted therapies among other factors.
Buy a Gene Therapy Industry Report (288 Pages PDF with Insightful Charts, Tables, and Figures): https://www.marketsandmarkets.com/Purchase/purchase_reportNew.asp?id=122857962
Gene Therapy market major players covered in the report, such as:
- Novartis AG (Switzerland)
- Biogen Inc. (US)
- Gilead Sciences, Inc. (US)
- Bristol-Myers Squibb (US)
- Alnylam Pharmaceuticals, Inc. (US)
- and Sarepta Therapeutics, Inc. (US)
- Amgen, Inc. (US)
- Orchard Therapeutics Plc (UK)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Jazz Pharmaceuticals Plc (Ireland)
- uniQure N.V. (Netherlands)
- Johnson & Johnson (US)
- Bluebird Bio, Inc. (US)
- BioMarin Pharmaceutical Inc. (US)
- Krystal Biotech, Inc. (US)
- Shanghai Sunway Biotech Co. Ltd. (China)
- SIBIONO GeneTech Co. Ltd. (China)
- Ferring B.V. (Switzerland)
- Vertex Pharmaceuticals Incorporated (US)
- Pfizer, Inc. (US)
- Sangamo Therapeutics, Inc. (US)
- REGENXBIO (US)
- Ultragenyx Pharmaceutical Inc. (US)
- MeiraGTx Holdings Plc (US)
- AnGes, Inc. (Japan)
- and Among Others
All the market segments have been divided for Gene Therapy market in the report. This report categorizes the Gene Therapy Market into the following segments:
Gene Therapy Market, by Type
- Gene silencing
- Cell replacement
- Gene augmentation
- Other therapies
Gene Therapy Market, by Vector
- Viral vectors
- Non-Viral vectors
Gene Therapy Market by Therapeutic area
- Other therapeutic areas
Gene Therapy Market, by Delivery method
- In Vivo
- Ex Vivo
Gene Therapy Market, by Route of administration
- Other routes of administration
Gene Therapy Market, by region
- North America
- Rest of Europe (RoE)
- Asia Pacific (APAC)
- Rest of Asia Pacific (RoAPAC)
- Latin America
- Rest of Latin America
- Middle East
Request for FREE Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=122857962
The key stakeholders in the Gene Therapy market include:
- Biopharmaceutical companies
- Biotechnology companies
- Research institutions & academic centers
- Regulatory agencies
- Health insurers and payers
- Private & government-funding organizations
- In May 2022, Novartis AG (Switzerland) received US FDA approval for KYMRIAH (Tisagenlecleucel) for a third indication, including relapsed or refractory (r/r) follicular lymphoma (FL) after two or more lines of systemic therapy.
- In May 2022, Biogen Inc. (US) partnered with Scribe Therapeutics (US) to develop a new neurological disease target in gene therapy using the company’s CRISPR technology. The deal size for this partnership was ~USD 15 million.
Frequently Asked Questions (FAQs) of Gene Therapy Market:
Question 1. Who are the key players in the overall gene therapy market?
Answer: Key players in the gene therapy market include 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 among others.
Question 2: Which type segment dominates in the gene therapy market?
Answer: The type segment is segmented as gene silencing, cell replacement, gene augmentation, and other therapies. In 2022, the gene silencing segment accounted for the largest share of the gene therapy market owing to a major factor including presence of large number of gene therapy products using gene silencing mechanism. Additionally, gene silencing has been observed to an effective mechanism, especially against neurological conditions including neuromuscular diseases among others.
Question 3: Which therapeutic area segment of the gene therapy market is expected to witness lucrative growth?
Answer: Based on therapeutic area, the gene therapy market is segmented into neurology, oncology, hepatology, and other therapeutic areas. Neurology accounted for the largest share of the market owing to factors such as increasing number of gene therapy products against this therapy area along with the growing focus of research and development on neurological indications, especially neuromuscular disorders among others.
Question 4: What is the market size for gene therapy market?
Answer: The global gene therapy market is projected to reach USD 23.9 billion by 2028 from USD 9.0 million in 2023, at a CAGR of 21.4% during the forecast period.
Question 5: What are the drivers and opportunites for global gene therapy market?
Answer: The major factors driving the growth of the global gene therapy market are the continuously growing advancements in genomic research, increasing gene therapy product approvals among others. Moreover, growing focus of clinical research on cell and gene therapy is expected to offer opportunities in this market.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=122857962
- To define, describe, and forecast the global gene therapy market by type, vector, therapeutic area, delivery method, route of administration, and region
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall gene therapy market
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To provide detailed information regarding the major factors influencing the market growth, such as drivers, restraints, opportunities, and challenges
- To forecast the size of the market segments with respect to six main regions: North America, Europe, the Asia Pacific, Latin America, the Middle East, and Africa
- To strategically analyze the market structure and profile the key players of the global gene therapy market and comprehensively analyze their core competencies2
- To track and analyze competitive developments such as expansions, acquisitions, partnerships, collaborations, agreements, and product launches in the gene therapy market
Viral Vector Manufacturing Market
Biologics Safety Testing Market
Stem Cell Therapy Market
Bioprocess Container Market
Mycoplasma Testing Market
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/gene-therapy-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/gene-therapy.asp
CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: firstname.lastname@example.org
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.