Gene Therapy Market Overview:
The Gene Therapy Market is projected to reach USD 13.0 billion by 2024 from USD 3.8 billion in 2019, at a CAGR of 27.8% during the forecast period of 2019 to 2024. The growth of this market is majorly driven by the high prevalence of cancer and other target diseases, availability of reimbursements, and the increasing funding for gene therapy research. In addition, the launch of new products and the strong product pipeline of companies are expected to offer significant growth opportunities in this market. However, the high cost of gene therapy is expected to hamper market growth to a certain extent in the coming years.
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North America is the largest regional market for gene therapies
The global market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World. In 2018, North America accounted for the largest share of the market, followed by Europe. The rising prevalence of chronic diseases, high and growing healthcare expenditure, presence of advanced healthcare infrastructure, availability of reimbursements, and the presence of major market players in the region are the major factors driving the growth of the gene therapy market in North America.
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The non-viral vectors segment accounted for the largest share of the gene therapy market, by vector, in 2018
The gene therapy market, by vector, has been segmented into viral and non-viral vectors. Non-viral vectors accounted for the largest share of the market in 2018. This is mainly attributed to the high market penetration of oligonucleotide-based non-viral vector gene therapies.
The demand for gene therapies for the treatment of cancer is expected to grow at a high rate
Based on indication, the gene therapy market is segmented into neurological diseases, cancer, hepatological diseases, Duchenne muscular dystrophy, and other indications. The neurological diseases segment accounted for the largest share of the market in 2018. However, the cancer segment is estimated to grow at the highest CAGR during the forecast period owing to the increasing incidence of cancer and the rising demand for CAR T-cell therapies.
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The prominent players operating in the gene therapy market include Biogen (US), Novartis AG (Switzerland), Gilead Sciences, Inc. (US), Spark Therapeutics, Inc. (US), MolMed S.p.A. (Italy), Orchard Therapeutics plc. (UK), SIBIONO (China), Shanghai Sunway Biotech Co., Ltd. (China), bluebird bio, Inc. (US), Human Stem Cells Institute (Russia), AnGes, Inc. (Japan), Alnylam Pharmaceuticals, Inc. (US), Sarepta Therapeutics (US), Jazz Pharmaceuticals, Inc. (Ireland), Akcea Therapeutics (US), and Dynavax Technologies (US).
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