Gene therapy is a revolutionary technique aimed at preventing and treating diseases by manipulating the expression of genes or modifying the biological characteristics of cells. It offers the potential to replace or repair faulty genes, providing a promising avenue for curing diseases and enhancing the body's natural defense mechanisms. This approach holds immense potential for the treatment of various conditions.
Currently, gene therapy employs different types of therapeutic products. Viral vectors, which are modified viruses, are commonly used to deliver therapeutic genes into target cells. These viral vectors act as carriers, efficiently transporting the desired genetic material into the patient's cells and facilitating the expression of the therapeutic gene. Bacterial vectors are another type of delivery system that can be utilized in gene therapy.
In addition to viral and bacterial vectors, patient-derived cellular gene therapies are also employed. This approach involves the extraction of cells from the patient, which are then genetically modified and reintroduced into the body. These modified cells can produce therapeutic proteins or enhance the immune system's response to combat diseases.
How Big is The Gene Therapy Market?
The global gene therapy market size reached US$ 4.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.9 Billion by 2028, exhibiting a growth rate (CAGR) of 15.39% during 2023-2028.
What are the growth prospects and trends in the gene therapy industry?
The gene therapy market is experiencing significant growth, driven by several key factors. Firstly, the increasing prevalence of inherited diseases and acquired disorders is fueling the demand for gene therapies. The rising incidence of genetic disorders, such as muscular dystrophy and cystic fibrosis, particularly in young individuals, is contributing to the market expansion.
Additionally, there is a growing focus on developing gene therapies for chronic pain conditions, including lower back pain and rare neuropathic pain disorders. Scientists and researchers are actively exploring gene therapy approaches to address these challenging conditions, which is driving market growth in this segment.
Government initiatives and favorable regulations are playing a crucial role in the development of gene therapies, particularly for cancer treatment. Many governments are supporting research and development efforts in this area, facilitating the introduction of effective gene therapies for cancer patients. The approval of Abecma by the United States Food and Drug Administration (FDA) for the treatment of multiple myeloma is a significant milestone in this regard.
Moreover, strategic activities such as mergers and acquisitions (M&As) and partnerships among leading market players are contributing to the market's positive outlook. These collaborations enable companies to combine their expertise, resources, and technologies to accelerate the development and commercialization of gene therapies. Such activities enhance the competitiveness and market presence of the participating companies, further driving market growth.
Overall, the gene therapy market is witnessing substantial expansion due to the increasing prevalence of genetic disorders, the development of gene therapies for chronic pain conditions, favorable government initiatives, regulatory approvals, and strategic collaborations among key market players. With continued advancements in gene therapy research and technology, the market is poised for further growth in the coming years.
Who are the key players operating in the industry?
The report covers the major market players including:
Abeona Therapeutics Inc.
Adaptimmune Therapeutics plc
Adverum Biotechnologies Inc.
Amgen Inc.
Astellas Pharma Inc.
Biogen Inc.
Bluebird Bio Inc.
Mustang Bio Inc. (Fortress Biotech Inc.)
Novartis AG
Orchard Therapeutics plc
UniQure N.V.
Voyager Therapeutics Inc.