NEW YORK, June 28, 2023 /PRNewswire/ -- The gene therapy market value will reach USD 29,440 million by 2030 from USD 7,420 million in 2022, at an 18.80% CAGR.
P&S Intelligence majority credits this growth to the mounting research and development expenditure and increasing approvals of gene therapy products.
The industry is also boosted by the rising incidence of chronic diseases, especially genetic disorders, growing adoption of gene therapy for the treatment of cancer, and increasing count of government initiatives for better healthcare outcomes.
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Doctors and Patients continue To Prefer In-Vivo Therapies
The in-vivo category is leading the market, as this technique removes the need for extracting the cells from the patient's body, operating on them outside the body, and then introducing them back in their original place.
Furthermore, this therapy is beneficial in modifying the genes contained in the cells, for disease treatment. With in-vivo gene therapy, novel genetic material is produced in a laboratory and implanted into the cells. A vector generally carries the new genetic material into the patient's body, via injection into a vein or directly into the organ.
Extensive Research on Gene Therapies for Cancer Treatment
In 2022, the oncology category was the highest revenue generator in the market, mainly because of the high frequency of cancer. According to a report by the WHO, more than 9 million individuals die of cancer annually.
Gene therapy is highly effective in eliminating tumor cells, and more than 60% of the clinical research that is now being conducted in the field is for cancer treatment.
Market Is Driven by Increasing Prevalence of Chronic Diseases
The rising incidence of chronic illnesses, including cancer, is the major reason behind the market growth. This is because the available gene therapies can cure several rare diseases, specifically those that are triggered because of genetic issues, to some extent.
Browse detailed report on Gene Therapy Market Share, Growth and Demand Forecast to 2030
North America Is Biggest Market for Gene Therapies
In 2022, North America had the largest revenue share, of approximately 66%, and it is projected to continue its dominance in the future as well. This can be credited to the snowballing occurrence of cancer and the existence of numerous key industry players in the continent.
Furthermore, regulatory establishments are quickly approving gene therapy items, thus contributing to the market expansion. Within the continent, the U.S. is the larger utilizer of gene therapies, due to its advanced healthcare sector and presence of the headquarters and labs of most biotech and biopharma companies.
Gene Therapy Market Segmentation Coverage in the Report
Gene Therapy Market Analysis by Type
- In Vivo
- Ex Vivo
Gene Therapy Market Analysis by Vector Type
- Viral
- Adeno-Associated Virus (AAV)
- Adenovirus
- Lentivirus
- Retrovirus
- Non-Viral
Gene Therapy Market Analysis by Application
- Oncology
- Rare Diseases
- Neurology
- Ophthalmology
- Hematology
- Infectious Diseases
- Cardiology
Gene Therapy Market Analysis by End User
- Pharmaceutical and Biotechnology Companies
- Academic Institutes and Research Centers
Gene Therapy Market Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
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