Gene therapy involves modification of genes to treat or cure disease. It helps in introduction of corrective genes into patient’s cells and tissues to treat genetic disorders. Gene therapy products are used for treating several diseases like cancer, cystic fibrosis, heart disease, diabetes, and neurological disorders. Growing R&D investment by key players is aiding development of novel gene therapy treatments for rare genetic diseases having high unmet medical needs.
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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Gene therapy is emerging as a promising approach for treatment of rare genetic disorders with high unmet needs. Ongoing research and clinical trials are evaluating gene therapy for diseases like Huntington’s disease, hemophilia, and muscular dystrophy. Approval and successful commercialization of gene therapies for rare diseases will drive significant revenue generation in the market. This presents lucrative opportunities for gene therapy market players to develop targeted therapies and treat large patient populations suffering from rare genetic disorders worldwide.
Porter’s Analysis
Threat of new entrants: High capital requirement for R&D and clinical trials poses threat for new entrants. Stringent regulatory norms also raise entry barriers.
Bargaining power of buyers: Individual customers have less bargaining power due to limited treatment alternatives. However, pharmaceutical companies face pressure from governments on pricing.
Bargaining power of suppliers: Suppliers of gene therapy products have higher bargaining power due to their specialized expertise and services required. Intellectual property also strengthens suppliers’ position.
Threat of new substitutes: Substitution threat is low as gene therapy is emerging as a promising area with fewer effective alternatives available currently.
Competitive rivalry: Intense competition exists among major players to develop advanced gene therapies and target new indications.
SWOT Analysis
Strengths: Gene therapy is revolutionizing treatment of incurable diseases. Strong pipeline and regulatory approvals are driving market growth.
Weaknesses: High costs of R&D and manufacturing pose affordability challenges. Safety concerns and complex production also limit wider adoption.
Opportunities: Rising orphan drug designations and emerging indications in oncology and cardiovascular offer market opportunities.
Threats: Stringent regulations delay product approvals. Reimbursement challenges and manufacturing hurdles also threaten market potential.
Key Takeaways
The global Gene Therapy Market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated at US$ 9 Bn and projected to grow at a CAGR of 4.7% during the forecast period.
Regional analysis:
North America dominates currently with highest research activities and FDA approvals. The US and Canada are major markets. Europe is the second largest region propelled by supportive regulations and funding for research. Asia Pacific is the fastest growing region driven by rising healthcare spending, increasing disposable incomes, and growing focus on genetic disorders.
Key players operating in the Gene Therapy Market are 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. Key players are focused on developing new gene therapy products, expanding manufacturing capacities and targeting new therapeutic areas.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
