Gene therapy involves modifying or manipulating the genes of an individual to treat or cure disease. Genes deliver instructions in the form of DNA to make the proteins required by the body. Gene therapy seeks to replace, alter or supplement faulty or missing genes at a cellular level to treat medical conditions like cancer, heart disease, neurological disorders and inherited genetic conditions. Some of the common gene therapy applications include vectors (viruses) to deliver corrected genes, replace mutated genes, inactivate or correct genes that cause disease, and direct the manufacture of new proteins.

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.

The global gene therapy market is driven by the advancement in gene editing technologies like clustered regularly interspaced short palindromic repeats (CRISPR) technology that allows precise genetic modifications and corrections. Development of safe and efficient viral and non-viral vectors to deliver therapeutic genes into target tissues and cells also fuel the market growth. Rising number of clinical trials evaluating the effectiveness of gene therapy for various conditions further support the market. The market also gains from increasing collaborations between biopharmaceutical companies and research institutes to develop more novel gene therapies.

Market Dynamics:
The advancement in gene editing technologies is one of the key drivers expected to flourish the global gene therapy market over the forecast period. CRISPR along with other technologies like TALENs have facilitated precise gene editing process with high specificity. CRISPR in particular has revolutionized gene therapy research with its simple yet powerful genome editing capabilities. The other driver referred from the heading is the development of safe and efficient viral and non-viral vectors to deliver therapeutic genes into target tissues and cells. Vectors are crucial components for successful gene therapy as they help in transporting corrected genetic material into the intended cells.

Segment Analysis
The global gene therapy market is dominated by three key segments - oncology, neurology and hematology. The oncology segment accounts for over 30% of the total market share currently led by CAR T-cell therapeutics and ongoing research in cancer gene therapies. Within oncology, therapies targeting solid tumors like lung cancer have gained significant traction in recent years.

PEST Analysis
Political: Gene therapy remains a heavily regulated area. However, streamlining of approval processes by regulatory bodies in the US and Europe have provided a boost.

Economic: Rising healthcare expenditures, availability of reimbursements particularly in the US and demand for treating previously untreatable diseases are major market drivers.

Social: Increasing awareness and acceptability of gene therapy as a treatment option.
 

Technological: Advancements in vector delivery systems, gene editing tools and personalized medicine approaches have enabled development of several pipeline candidates.

Key Takeaways
The global gene therapy market is expected to witness high growth over the forecast period supported by strong commercialization of recently approved therapies and robust pipeline. 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.

Regional analysis related content comprises
North America holds over 40% share currently and is expected to maintain its leading position over the next decade. This can be attributed to availability of research funding, presence of early adopters and approvals of landmark gene therapies in the US market. Europe is also anticipated to grow at a significant pace led by nations like the UK, Germany, France and Italy.

Key players related content comprises
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). Novartis was the pioneer with approval of Kymriah and remains a leading player. Biogen has maintained its dominance in neurology with spinal muscular atrophy approval.

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