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Global Gene Therapy Market Growth trends 2022 To 2028 Market Report

In: Business
Gene Therapy Market
Gene Therapy Market

The Gene Therapy Market was estimated to be USD 4,118.31 million in 2021 and By 2027, the market is expected to increase at a CAGR of 25.71 percent, reaching USD 14,824.97 million.

The pandemic of COVID-19 is predicted to boost the demand for gene therapy. The application of gene and cell therapy techniques in the creation of COVID-19 vaccines is likely to be widespread. In January 2021, for example, vaccination candidates produced by Mass General Brigham and created using gene-therapy technology elicited robust immune responses in animal models for COVID-19 treatment. The vaccine candidate was given the moniker AAVCOVID, and the researchers were awarded a USD 2.1 million grant from the Bill and Melinda Gates Foundation to further develop the technology. Because it has a single dose and can be stored at room temperature, the vaccine being developed is believed to be significantly more handy than those already on the market.

In addition, according to an article published in January 2021 titled “Emerging Patent Landscape for Gene Therapy as a Potential Cure for COVID-19,” the treatment of coronavirus from the perspective of RNA interference-based gene therapy, in addition to traditional drugs and vaccines, offers a more direct approach to combating viral genes and is likely to have a promising future. As a result of the COVID-19 pandemic, demand for gene-based COVID-19 therapy is increasing.

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Technological improvements, rising research and development investments, and the rising prevalence of target diseases are all driving the industry forward

Research and development (R&D) spending is also projected to have a substantial impact on the market. Several firms are attempting to develop a gene therapy platform, with the goal of developing a revolutionary portfolio through in-house capabilities and expanding those skills through strategic alliances, R&D expansion, and prospective licencing, merger, and acquisition activities. The Cystic Fibrosis Foundation, for example, reported investing in SalioGen Therapeutics in January 2022 to assist the company’s preclinical research into new gene therapy for cystic fibrosis. The Gene Coding technique developed by SalioGen is designed to turn on, off, or change the function of any gene in the genome. ElevateBio, a premier biotech company focused on gene-based therapeutics, raised USD 525 million in March 2021 to improve its cell and gene therapy technology.

The absence of standard rules and the high cost of goods, on the other hand, are stifling the expansion of the gene therapy sector

Cancer is Expected to Hold Significant Market Share in the Indication Segment :

By Product type : Somatic Gene Therapy, Germline Gene Therapy and Others

By Application : Oncology, Rare Diseases, Infectious Disease and Others

Competitive Environment

There are just a few big competitors in the worldwide gene therapy market, which is very competitive. Companies like Amgen Inc., Bluebird Bio, Gilead Sciences, Inc., Novartis AG, Orchard Therapeutics, Sibiono GeneTech Co. Ltd., Spark Therapeutics (Roche AG), and UniQure N.V., among others, hold the substantial market share in the Gene Therapy market. There have various strategic alliances such as collaborations, acquisitions along with launch of advanced products to secure the position in the global market.

The Report’s Scope

Gene therapy is an advanced medical treatment that involves the transfer of a normal or healthy gene to replace a defective gene in a cell, according to the scope of this article. It can be used to treat a variety of chronic and hereditary diseases in humans for which there is currently no therapy.

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Recent Happenings

● BioMarin Pharmaceutical Inc. provided updates on its investigational gene therapy products in clinical development in February 2022. The FDA has made additional requests for information from the company in order to resolve the clinical hold placed on the PHEARLESS Phase 1/2 study of BMN 307 in September 2021.
● Novartis purchased Gyroscope Therapeutics in December 2021, gaining access to a one-time gene therapy that potentially revolutionise the treatment of geographic atrophy, a significant cause of blindness.

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