The gene therapy market stood at a valuation of US$ 1.3 Bn in 2020. Progressing at a phenomenal CAGR of 19.8% from 2021 to 2028 the global gene therapy market is anticipated to reach an estimated worth of US$ 5.3 Bn by 2028, reveals this recent research study by analysts at Fact.MR, a market research and competitive intelligence provider.
Increasing research & development in the healthcare industry has bolstered demand for multiple novel treatments and therapies. Gene therapies have also gained popularity in recent years as advancements in biotechnology have substantially increased.
Rising incidence of cancer, increasing commercialization of gene therapies, supportive government initiatives, and increasing prevalence of rare diseases are other factors that will influence gene therapy market potential over the coming years. However, high costs of gene therapies are expected to restrain market potential in the long run.
Key gene therapy market players are focusing on mergers and acquisitions to increase their product portfolio and increase their market presence on a global scale.
- In December 2021, a leading Swiss multinational pharmaceutical firm Novartis announced the acquisition of Gyroscope Therapeutics. This will bolster Novartis’s gene therapy product portfolio.
Key Takeaways from Market Study
- In 2020, the global gene therapy market held a net value of US$ 1.3 Bn.
- Demand for gene therapy is anticipated to rise at an impressive CAGR of 19.8% from 2021 to 2028.
- The gene therapy market is expected to rake in revenue worth US$ 5.3 Bn in 2028.
- Rising focus on healthcare, increasing investments in research and development, and increasing incidence of cancer are prime factors driving gene therapy market growth.
- High costs of gene therapies are expected to have a restraining effect on global market growth.
- Yescarta-based gene therapy is anticipated to hold more than 45% of the global market share over the forecast period.
“Increasing use of gene therapies in cancer treatment is expected to prominently influence market potential on a global scale,” says a Fact.MR analyst
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Market players are investing in the expansion of their research facilities and this trend is expected to be common for all market players as focus on healthcare bolsters on a global scale.
Gene therapy providers are advancing their development and pushing for faster approvals that pave the way for the commercialization of novel gene therapies used for the treatment of rare diseases.
Increasing investments in research activities and supportive government initiatives are also expected to aid gene therapy market players to enhance their market stance and strengthen their position in the coming years.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global gene therapy market, presenting historical demand data (2017-2020) and forecast statistics for the period of 2021-2028.
The study divulges essential insights on the market on the basis of product (yescarta, kymriah, luxturna, strimvelis, gendicine, others), application (ophthalmology, oncology, adenosine deaminase‐deficient severe combined immunodeficiency (ADA-SCID)), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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