A recently published Fact.MR study on the global gene therapy market advocates that the industry is poised to incline at an 18.5% value CAGR from 2022-2032, expected to close at a valuation of US$ 10.1 Billion. As of 2022, the market is poised to reach US$ 1.85 Billion in value terms. Rising quest to search for breakthroughs in medical treatments have been fueling demand for gene therapy of various grades.
During the 2015-2021 historical period, the market experienced an incline at a value CAGR of 18.7%, closing at a value of US$ 1.55 Billion. Demand further accelerated during the COVID-19 pandemic, as healthcare providers were scrambling to develop powerful vaccines to counter the outbreak. Moreover, key healthcare providers leveraged advanced gene therapeutics to initiate clinical trials for key drug candidates.
It is expected that oncology research will likely open up lucrative growth prospects for gene therapy providers. According to Globocan 2020, an estimated 19 million new cancer cases and 9,958,133 cancer deaths were reported worldwide in 2020. Various gene therapy strategies are currently being used in the treatment of cancer. These include anti-angiogenic gene therapy, pro-drug activating suicide gene therapy, immune modulation based on gene therapy, oncolytic virotherapy, gene defect correction/compensation, antisense, genetic manipulation of apoptotic and tumor invasion pathways, and RNAi strategies.
Key Takeaways from the Market Study
- By product, yescarta-based gene therapy is likely to yield 44.5% market revenue until 2032
- Luxturna-based gene therapy to garner a 36% revenue share by 2032
- Europe to emerge as one of the most opportunistic gene therapy market, inclining at over 19% CAGR
- APAC market was valued at US$ 351 Million in 2021, poised to flourish at an 18.3% CAGR
- North America to be the most lucrative gene therapy landscape, yielding 56% revenue
- Global gene therapy market is forecast to grow over 5x from 2022 to 2032
“As the incidence of various chronic and lifestyle induced ailments increase, healthcare providers are looking out for advanced gene therapy options to develop effective diagnosis and therapeutics, furthering R&D at various levels,” remarks a Fact.MR analyst.
Request Sample Report
The global gene therapy market is fiercely competitive, with only a few major players. Companies like Amgen Inc., Bluebird Bio, Gilead Sciences, Inc., Novartis AG, Orchard Therapeutics, Sibiono GeneTech Co. Ltd., Spark Therapeutics (Roche AG), and UniQure N.V., have a sizable market share in the Gene Therapy market.
- In October 2021, the National Institutes of Health, the United States Food and Drug Administration, ten pharmaceutical companies, and five non-profit organizations announced a collaboration to accelerate the development of gene therapies for the 30 million Americans who suffer from a rare disease. Such initiatives are expected to boost demand for gene therapy.
- BioMarin Pharmaceutical Inc. reported updates on its investigational gene therapy programs in clinical development in February 2022. The Food and Drug Administration (FDA) issued additional requests to the Company for information needed to resolve the clinical hold of the PHEARLESS Phase 1/2 study of BMN 307 issued in September 2021.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global gene therapy market, presenting historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product (yescarta, kymriah, luxturna, strimvelis, gendicine and others), and application (ophthalmology, oncology and adenosine deaminase/deficient severe combined immunodeficiency (ADA-SCID)) across six major regions (North America, Latin America, Europe East Asia, South Asia & Oceania and 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.
For more information, refer to our market research report or contact the PR author.