New Delhi: A recently published Fact.MR study on the global gene therapy market advocates that the industry is poised to incline at an 18.5% value CAGR from 2022-2032, expected to close at a valuation of US$ 10.1 Billion.
As of 2022, the market is poised to reach US$ 1.85 Billion in value terms. Rising quest to search for breakthroughs in medical treatments have been fueling demand for gene therapy of various grades.
During the 2015-2021 historical period, the market experienced an incline at a value CAGR of 18.7%, closing at a value of US$ 1.55 Billion. Demand further accelerated during the COVID-19 pandemic, as healthcare providers were scrambling to develop powerful vaccines to counter the outbreak. Moreover, key healthcare providers leveraged advanced gene therapeutics to initiate clinical trials for key drug candidates.
It is expected that oncology research will likely open up lucrative growth prospects for gene therapy providers. According to Globocan 2020, an estimated 19 million new cancer cases and 9,958,133 cancer deaths were reported worldwide in 2020. Various gene therapy strategies are currently being used in the treatment of cancer. These include anti-angiogenic gene therapy, pro-drug activating suicide gene therapy, immune modulation based on gene therapy, oncolytic virotherapy, gene defect correction/compensation, antisense, genetic manipulation of apoptotic and tumor invasion pathways, and RNAi strategies.
Key Takeaways from the Market Study
By product, yescarta-based gene therapy is likely to yield 44.5% market revenue until 2032
Luxturna-based gene therapy to garner a 36% revenue share by 2032
Europe to emerge as one of the most opportunistic gene therapy market, inclining at over 19% CAGR
APAC market was valued at US$ 351 Million in 2021, poised to flourish at an 18.3% CAGR
North America to be the most lucrative gene therapy landscape, yielding 56% revenue
Global gene therapy market is forecast to grow over 5x from 2022 to 2032