Gene Therapy Market To Generate Revenue worth $29,440 Million by 2030

The global gene therapy market is predicted to reach USD 29,440 Million by 2030, growing at a CAGR of 18.80% from 2022 to 2030. This growth is primarily attributed to the rising prevalence of target diseases and increasing investment in R&D activities for gene therapies.

The treatment of an illness using gene therapy is defined as modifying, replacing, or supplementing a missing or deficient genetic combination that is responsible for the disease. Moreover, gene therapy has emerged as one of the most desirable research objectives in the battle against degenerative diseases. The increasing prevalence of cancer and other chronic illnesses throughout the world is driving the need for gene therapy.

The rising investments by key players, high prevalence of target illnesses, and interest in the novel and new therapies all contribute to the growth of the gene therapy industry. Nonetheless, the high cost of product development and tight management measures are projected to stymie the gene therapy industry growth. Furthermore, the growing investment in R&D by government and private organizations will generate further opportunities for the market to grow throughout the projection period.

AAV Vectors Held Significant Revenue Share in Market

Adeno-associated virus (AAV) vectors accounted for a significant revenue share in the market in 2022. Because of its unique biological and physicochemical features, AAV may be employed in a wide range of therapeutic applications in a variety of disorders. Moreover, AAVs are in high demand, and their usage in clinical trials is increasing year after year, because of their high efficiency in delivering the gene to the region of interest. This increase is the outcome of clinical trials pertaining to the advancement of orthopedic and ophthalmic gene therapy treatment, which have shown enhanced efficiency and efficacy. In recent years, AAV utilization has increased dramatically across numerous therapeutic domains, resulting in rapidly growing adoption over the next few years.

Rapid Growth in Product Pipeline

For pharmaceutical and biotechnology businesses, gene therapy represents a prospective sector for revenue generation. To take advantage of the market potential prospects for gene therapy, the majority of the leading companies are focusing on innovative gene therapy products. While some of these products are in the pre-clinical stage, others are already in the clinical stage and predicted to obtain approval in the coming years. Furthermore, achromatopsia, multiple myeloma, wet age-related macular degeneration, mucopolysaccharidosis type II, Fabry disease, and hemophilia A and B are among the diseases on which firms in the gene therapy sector are working. As a result, it is predicted that the patient pool for gene therapy would grow in the upcoming years.

The Asia-Pacific gene therapy market is expected to experience the fastest growth during the forecast period. This is due to the cost-effective labor, increasing activities of major industry players, and advent of group investors. Additionally, regional countries are implementing regulations to regulate the development and approval processes of gene therapy products. Due to the easy access to resources, presence of big corporations locally, and rising government funding, the Asia Pacific market for the commercial use of genetic treatments is predicted to have considerable expansion over the projection period.

Some major players operating in the market are Biogen Inc., Sarepta Therapeutics, Gilead Sciences Inc., Amgen Inc., Novartis AG, Orchard Therapeutics Plc, AGC Biologics, Anges Inc., Bluebird Bio Inc., and Dynavax Technologies.