The global gene therapy market was estimated at USD $7.55 billion in 2022 and it is expected to surpass around USD $43.36 billion by 2032, poised to grow at a CAGR of 19.10% from 2023 to 2032.
Report Scope of The Gene Therapy Market:
|Market Size In 2022||USD $7.55 Billion|
|Revenue Forecast By 2032||USD $43.36 Billion|
|Growth Rate From 2023 to 2032||19.10%|
|Segments Covered||Vector Type, Indication|
|Market Analysis (Terms Used)||Revenue In USD Million/Billion And CAGR From 2023 To 2032|
|Regional Scope||North America; Europe; Asia Pacific; Rest of the World|
|Key Companies Profiled||REGENXBIO, Inc.; Oxford BioMedica plc; Dimension Therapeutics, Inc.; Bristol-Myers Squibb Company; SANOFI; Applied Genetic Technologies Corp; F. Hoffmann-La Roche Ltd.; Bluebird Bio, Inc.; Novartis AG; Taxus Cardium Pharmaceuticals Group, Inc. (Gene Biotherapeutics); UniQure N.V.; Shire Plc; Cellectis S.A.; Sangamo Therapeutics, Inc.; Orchard Therapeutics; Gilead Lifesciences, Inc.; Benitec Biopharma Ltd.; Sibiono GeneTech Co., Ltd.; Shanghai Sunway Biotech Co., Ltd.; Gensight Biologics S.A.; Transgene; Calimmune, Inc.; Epeius Biotechnologies Corp.; Astellas Pharma, Inc.; American Gene Technologies; BioMarin Pharmaceuticals, Inc.|
The market's growth is attributed to the factors such as expanding the area of advanced therapies along with gene delivery technologies and has developed progressive competition among key players focused on the commercialization of their therapies. The biotechnology companies are investing in acquisitions, mergers/collaborations, and expansions as key strategies to increase in-house expertise and strengthen product pipelines.
The outbreak of COVID-19 has negatively impacted market growth. This sector has experienced severe disruption as a result of COVID-19, which has historically presented significant challenges in the supply of materials, manufacturing, and logistics operations. For instance, a gene therapy company had lengthy delivery times for specific components and later discovered that it was short on clinical trial supplies when a partner contract manufacturing company was compelled to shut down.
A robust gene therapy pipeline is expected to boost the gene therapy market growth in the forecast period. Researchers are working to make gene therapy available at clinics. Various universities and institutes are observed to exhibit a broad portfolio of products in the pipeline which, in turn, is expected to boost revenue generation in the near future. Clinical trials for gene therapy increased significantly from 2017 to 2018, after the FDA approved the first gene therapy. According to the American Society of Gene & Cell Therapy (ASGCT), around 1,986 gene therapy products, including CAR T-cell therapies and other genetically modified cell therapies are under development.
Moreover, improving regulatory support creates a growth opportunity for the gene therapy market in the forecast period. Positive changes have been made in the ways that several international regulatory organizations promote therapies. Support for CAR-T technology from the FDA is one of the examples. In phase II and III studies, in particular, regulators are allowing flexibility in the usual hierarchy of how clinical trials are conducted. Moreover, FDA expected 10 to 20 new cell and gene therapies to be approved each year by 2025.
Furthermore, an increase in funding and investments in this sector is expected to provide lucrative growth opportunities to market players. Several biopharma companies are investing in the sector for novel product launches. For instance, in January 2022, Ori Biotech raised more than USD 100.0 million in Series B funding to introduce a novel cell & gene therapy developing platform. This funding allowed for a rapid transition from pre-commercialization to market launch.
Global Gene Therapy Market Segmentation: