The total size of the gene therapy market was USD 7,420 million in 2022, and it will reach USD 29,440 million by 2030, powering at a compound annual growth rate of 18.80% all throughout the projection period, as per a report by P&S Intelligence.
The factors fueling the growth of this industry are the growing R&D investment and increasing approvals of products concerned with gene therapy.
The in-vivo category had the largest share of revenue. This is due to the fact that this method eradicates the need for eliminating the cells from the body of the patients, manipulating them outside the body, and then returning them to their original place.
Furthermore, in vivo gene therapy is beneficial to modify the genetic range of target cells for therapeutic goals. With in-vivo gene therapy, new genetic material is made in a lab and inserted directly into your cells. A vector regularly transmits the new genetic material into the body with the help of an injection in the blood, or directly to the organ, which is targeted.
Pharma and biotech companies were the largest users of this technology. This has a lot to do with the presence of multiple industry players who contracted out the process of vector production to broaden the usage of gene therapy and allow it to treat a lot more illnesses than it now is.
Also, major companies are exploring a variety of strategies of making a market entry, as well as the development of biopharma facilities, partnerships with other substantial companies, and partnerships with contract manufacturing companies.
The increasing occurrence of chronic diseases, including cancer and numerous rare ones, is a key factor in the development of the industry. This is because presently available gene therapies are able to treat numerous rare diseases, particularly those caused because of genetic problems.
For example, as per the figures of the American Cancer Society’s ‘Cancer Facts & Figures 2022’, about 1,918,030 new cancer cases and 609,360 deaths attributable to cancers are reported in the U.S. in 2022.
North America dominated the gene therapy market with about 66%, and it will sustain its dominance in the next few years as well. This is because of the growing occurrence of cancer and the occurrence of numerous leading players.
Furthermore, regulatory authorities are quickly approving gene therapy products, thus fueling the industry expansion. In North America, the U.S. is the larger end-user of gene therapy owing to its cutting-edge healthcare industry and most of the stalwarts have offices here.
APAC will grow the fastest in the future because of the low labor costs and the advent of group investors. Furthermore, regional countries are implementing rules for controlling the procedures for improving gene therapy items.
Due to the increasing prevalence of chronic diseases, the demand for gene therapy will increase substantially in the years to come.
