The global size of Gene Therapy Market is expected to develop at a compound annual growth rate (CAGR) of 21.4% from 2023 to 2028, from an anticipated $9.0 billion in sales in 2023 to $23.9 billion by that time. An industry trend analysis of the market is included in the new research study. The latest research report includes information on market purchasing patterns, pricing trends, patent and conference materials, webinar and conference materials, and important stakeholders. The increasing number of regulatory body approvals is primarily responsible for the market’s growth. Furthermore, the market is expanding due to factors including the expansion of clinical research projects in the genomics sector and the increased emphasis on sophisticated targeted medicines. Nevertheless, gene therapy goods are extremely

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Key Market Players

The market for gene therapy is consolidated, with key players strategizing to capture the market. Prominent players 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.

Novartis AG (Switzerland) is one of the established playerin this market. The company contributes significantly to the gene therapy market. Additionally, the company also has a strong geographic presence with distribution channels across North America, Europe, Asia Pacific, Latin America, Middle East and Africa regions. The company focuses on innovation through significant R&D investments with USD 9.9 billion in R&D noted in 2022. The Novartis Institutes for BioMedical Research and the Global Drug Development Organization are the company’s dedicated R&D facilities, that enable it to hold a strong position in this market. However, it the company might experience competitive threats owing to the growing number of players with advanced therapeutics in the market. Major product examples offered by Novartis AG include- ZOLGENSMA (onasemnogene abeparvovec), KYMRIAH (tisagenlecleucel) among others.

Driver: Increasing regulatory approvals for gene therapy products

Before being approved, gene therapy products are subject to stringent regulatory review. Compared to conventional medications, they produce more long-lasting and comparatively powerful therapeutic effects by acting at the genetic level. Because of this significant benefit that gene therapy products provide, it has been noticed that the number of approvals for these medicines has increased. Over ten products have received FDA approval in the US between 2021 and 2023. Furthermore, a sizable number of clinical pipeline drugs are anticipated to obtain final approval during the projected period. Therefore, during the projection period, this is a key element propelling the market’s expansion.

Restraint: High costs of gene therapy products

Research and development efforts are extensive for development of advanced therapies such as gene therapy. Thus, they demand a significant investment in terms of time and money. The costs include laboratory research, preclinical testing, clinical trials, and regulatory approval. Additionally, gene therapy products use of vectors which need to be produced and separately engineered as per requirement. This increases the complexity of the overall manufacturing process. The manufacturing processes are required to be highly controlled and adherence to stringent quality standards is required, adding to production costs. Besides, gene therapies are highly targeted therapies and are not produced in bulk. All these factors add to high costs of gene therapy products restraining its adoption especially in developing regions across the globe.

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Gene augmentation subsegment accounted is the fastest-growing of the gene therapy market by type

Among the type subsegments, the market is segmented gene silencing, cell replacement, gene augmentation, and other therapies. In 2022, the gene augmentation segment accounted for the highest growth rate of the gene therapy market by end user. Growth in this market segment can be attributed to factors such as growing number of clinical pipeline products employing gene augmentation mechanism and the favorable therapeutic effects generated among others.

Oncology is the fastest-growing segment of the gene therapy market by therapeutic area

Among the therapeutic area subsegment, the gene therapy market is segmented into oncology, neurology, hepatology, and other therapeutic areas. In 2023, oncology segment accounted for the fastest-growing share of the therapeutic area segment of gene therapy market. Growth in this market segment can be attributed to one of the major factors which is growth in the demand for targeted therapies including gene therapy.

Europe: The second-largest region in the gene therapy market.

The European market is the second-largest gene therapy market globally, mainly due to factors such as advancements in targeted therapy research and government support. Moreover, greater awareness among people about emerging area of treatments such as gene therapy, especially compared to developing regions is another factor supporting the growth of European gene therapy market.

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Recent Developments of Gene Therapy Industry:

• 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.

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