Market Size of Gene Therapy Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 7.18 Billion |
Market Size (2029) | USD 24.67 Billion |
CAGR (2024 - 2029) | 28.00 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Gene Therapy Market Analysis
The Gene Therapy Market size is estimated at USD 7.18 billion in 2024, and is expected to reach USD 24.67 billion by 2029, growing at a CAGR of 28% during the forecast period (2024-2029).
The COVID-19 pandemic had a positive effect on the gene therapy market. Gene and cell therapy technology were extensively used in developing vaccines to treat COVID-19. For example, in January 2021, vaccine candidates developed by Mass General Brigham were made by utilizing gene-therapy technology that elicited robust immune responses in animal models for the treatment of COVID-19. The vaccine candidate was named AAVCOVID, and the researchers received a USD 2.1 million grant to further develop the technology from the Bill & Melinda Gates Foundation. The developed vaccine was far more convenient than the ones sold on the market, as it had a single dose and could be stored at room temperature. Also, per a January 2021 published article in Hindawi Journal, the treatment of coronavirus from the perspective of RNA interference-based gene therapy offered a more direct approach to combating viral genes and has a promising future. Thus, the COVID-19 pandemic led to an increased demand for gene-based therapy for COVID-19.
The major factors propelling the market's growth include technological advancements, rising investments in research and development, and the growing prevalence of target diseases.
Research and development (R&D) investment is also expected to affect the market significantly. Several companies aim to build a gene therapy platform with a strategy focused on establishing a transformational portfolio through in-house capabilities and enhancing those capabilities through strategic collaborations, expansion of R&D activities, and potential licensing, merger, and acquisition activities. For instance, in January 2022, the Cystic Fibrosis Foundation reported investing in SalioGen Therapeutics to support the company's preclinical research into novel gene therapy for cystic fibrosis. Salonen's Gene Coding approach is designed to turn on, turn off, or modify the function of any gene in the genome. Furthermore, in March 2021, ElevateBio, one of the leading biotech companies focused on gene-based therapies, raised USD 525 million to advance its cell and gene therapy technologies.
In addition, the rise in approvals for gene therapies from international regulatory agencies is expected to drive market growth. For instance, in August 2022, the USFDA approved Zynteglo (betibeglogene autotemcel), the first cell-based gene therapy for treating adult and pediatric patients with beta-thalassemia. Such approvals are expected to drive market growth due to the rise in the development of gene therapies.
However, the lack of standard regulations and the high price of products hinder the gene therapy market's growth.
Gene Therapy Industry Segmentation
As per the scope of this report, gene therapy is an advanced medical treatment that involves the transfer of a standard or healthy gene to replace a defective gene in a cell. It can cure various chronic and genetic disorders in human beings, for which no final cure has been developed. The market is segmented by Indication (Cancer, Metabolic Disorders, Eye Disorders, Spinal Muscular Atrophy, and Other Indications), Technology (Adeno Virus Vector, Adeno-associated Virus Vector, Lentiviral Vector, Retroviral Vector, Herpes Virus Vector, and Other Technologies), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.
By Indication | |
Cancer | |
Metabolic Disorders | |
Eye Disorders | |
Spinal Muscular Atrophy | |
Other Indications |
By Technology | |
Adeno Virus Vector | |
Adeno-associated Virus Vector | |
Lentiviral Vector | |
Retroviral Vector | |
Herpes Virus Vector | |
Other Technologies |
Geography | ||||||||
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Gene Therapy Market Size Summary
The gene therapy market is poised for substantial growth, driven by technological advancements and increased investments in research and development. The market's expansion is further fueled by the rising prevalence of target diseases, including cancer, which has seen a surge in gene therapy applications. The COVID-19 pandemic acted as a catalyst, highlighting the potential of gene and cell therapy technologies in vaccine development, thereby boosting demand. Regulatory approvals for gene therapies have also contributed to market momentum, with significant milestones such as the USFDA's approval of Zynteglo for beta-thalassemia and Abecma for multiple myeloma treatment. These developments underscore the growing acceptance and integration of gene therapies in clinical practice.
North America, particularly the United States, holds a significant share of the gene therapy market, supported by government investments and advancements in R&D. Initiatives involving collaborations between government bodies, pharmaceutical companies, and non-profit organizations aim to accelerate gene therapy development for rare diseases. Key players in the market, including Amgen Inc., Bluebird Bio, and Novartis AG, are actively engaging in strategic alliances and product launches to enhance their market presence. Despite challenges such as high costs and regulatory hurdles, the market is expected to witness robust growth, driven by ongoing innovations and a focus on developing effective therapies for complex diseases.
Gene Therapy Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Investments in Research and Development
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1.2.2 Technological Advancements
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1.2.3 Growing Prevalence of Target Diseases like Cancer
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1.3 Market Restraints
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1.3.1 Lack of Standard Regulations
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1.3.2 High Price of Products
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value- USD million)
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2.1 By Indication
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2.1.1 Cancer
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2.1.2 Metabolic Disorders
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2.1.3 Eye Disorders
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2.1.4 Spinal Muscular Atrophy
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2.1.5 Other Indications
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2.2 By Technology
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2.2.1 Adeno Virus Vector
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2.2.2 Adeno-associated Virus Vector
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2.2.3 Lentiviral Vector
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2.2.4 Retroviral Vector
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2.2.5 Herpes Virus Vector
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2.2.6 Other Technologies
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle-East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Gene Therapy Market Size FAQs
How big is the Gene Therapy Market?
The Gene Therapy Market size is expected to reach USD 7.18 billion in 2024 and grow at a CAGR of 28% to reach USD 24.67 billion by 2029.
What is the current Gene Therapy Market size?
In 2024, the Gene Therapy Market size is expected to reach USD 7.18 billion.