Gene Therapy Market Is Estimated To Record a CAGR of Around 19.1% During The Forecast Period
Evolve Business Intelligence has published a research report on the Global Gene Therapy Market, 2023–2033. The Global Gene Therapy market is projected to exhibit a CAGR of around 19.1% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Gene Therapy Market: REGENXBIO Inc, Oxford BioMedica plc, Dimension Therapeutics Inc, Bristol-Myers Squibb Company, SANOFI, Applied Genetic Technologies Corporation, F. Hoffmann-La Roche Ltd, bluebird Bio Inc, Novartis AG, Taxus Cardium Pharmaceuticals Group Inc.
Market Highlights
Global Gene Therapy market is projected to be valued at USD 29.74 Billion by 2033, recording a CAGR of around 19.1% during the forecast period. Gene therapy is a cutting-edge medical approach that involves the introduction, modification, or replacement of genetic material within a person’s cells to treat or prevent genetic disorders, diseases, or certain acquired conditions. This revolutionary technique aims to correct faulty genes by delivering therapeutic genes into the patient’s cells, either directly to the affected tissues or through modified viruses as carriers. Gene therapy holds great promise in the field of medicine, offering potential cures for previously untreatable conditions by addressing the underlying genetic causes at the molecular level. However, it is still a developing area of research, and its widespread application requires thorough evaluation, ethical considerations, and close monitoring of long-term safety and efficacy.
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The COVID-19 pandemic had a significant and transformative impact on the Gene Therapy market. As the world faced an unprecedented health crisis, the urgent need for effective treatments and vaccines accelerated research and development efforts in the field of gene therapy. The pandemic highlighted the potential of this innovative approach in delivering targeted therapies and immunization strategies. Additionally, the pandemic prompted increased investment in biotechnology and gene therapy companies, leading to a surge in funding and collaborations to expedite the development of gene-based solutions. Furthermore, the pandemic also underscored the importance of regulatory advancements and streamlined approval processes for gene therapies, facilitating faster access to potentially life-saving treatments.
Segmental Analysis
The Global Gene Therapy market has been segmented based on Indication, and Technology.
Based on the Indication, the Gene Therapy market is segmented into Cancer, Metabolic Disorders, Eye Disorders, Spinal Muscular Atrophy, Other. The Cancer segment is expected to have a larger market share throughout the forecast period.
Based on Technology, the global Gene Therapy market has been divided into Western Herbalism, Traditional Chinese Medicine, and Others. The Western Herbalism segment is anticipated to dominate the market.
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Regional Analysis
The Gene Therapy market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. North America region includes the United States and Canada, which have been significant players in gene therapy research, development, and commercialization. European countries have also been actively involved in the advancement and adoption of gene therapy technologies and treatments. The Asia-Pacific region encompasses countries like China, Japan, India, and South Korea, which have seen a growing interest in gene therapy research and investment. South America, While the gene therapy market is relatively smaller in this region compared to others, there is increasing awareness and interest in gene-based treatments. Middle East & Africa, The gene therapy market in this region is in its early stages, with limited infrastructure and resources, but there is potential for growth and expansion in the future.
