Gene therapy is an investigational technique that uses genes to treat or prevent disease. It involves the administration of genetic material to modify or manipulate the biological function of living cells for the treatment of medical disorders such as cancer, cardiovascular diseases, infections and neurological disorders. The growing demand for gene therapy to treat various types of cancer and genetic disorders like cystic fibrosis has fueled the growth of the global gene therapy market during the forecast period.

The global Gene Therapy Market is estimated to be valued at US$ 9 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The growing demand for gene therapy to treat cancer and genetic disorders is one of the key trends driving the growth of the global gene therapy market. Gene therapy offers hope for treating various diseases including cancer. It has the potential to treat cancer by correcting the genetic mutations responsible for the disease. Researchers are focusing on developing advanced gene therapies to target specific genetic mutations and boost the immune system to fight cancer. According to Cancer Research UK, the number of gene therapy clinical trials targeting cancer has increased from 5 in 1990 to more than 1800 in 2020. This rising focus on developing targeted gene therapies for various cancers is expected to boost the gene therapy market during the forecast period.

SWOT Analysis
Strength: Gene therapy provides a one-time definitive treatment for genetic disorders with long-lasting effects. This reduces the treatment costs of chronic diseases over a patient's lifetime.
Weakness: Limited success has been achieved so far in treating complex diseases like cancer using gene therapy. Several gene therapy clinical trials have also resulted in patient deaths, raising safety concerns.
Opportunity: Increasing research in developing new gene therapies for a wide range of diseases like hemophilia, muscular dystrophy, and cancer presents significant growth opportunities. The commercial success of recent gene therapies like Luxturna and Zolgensma has validated the clinical potential of this field.
Threats: Strict regulations for testing and approval of gene therapies increases the costs and timelines for product development. Significant infrastructure investments are also required to scale up vector production capacity to meet future market demands.

Key Takeaways
The global gene therapy market is expected to witness high growth over the forecast period driven by the rising application of gene therapy for treating genetic disorders. The global Gene Therapy Market is estimated to be valued at US$ 9 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030.

Regional analysis 
North America currently dominates the global gene therapy market and is expected to maintain its position through 2030. This can be attributed to ongoing research investments and early regulatory approvals given to gene therapies by FDA. Europe is the second largest market for gene therapies supported by initiatives like the European Commission’s advanced therapy medicinal product regulation. Asia Pacific is projected to show high growth going forward due to expanding clinical research in countries like China and India.

Key players
Key players operating in the gene therapy market are Novartis AG, Biogen Inc., Gilead Sciences, Inc., Bristol-Myers Squibb, Alnylam Pharmaceuticals, Inc., and Sarepta Therapeutics, Inc. among others. Novartis AG leads the market with commercialized gene therapies like Kymriah and Luxturna. Biogen Inc. has a strong pipeline of candidate therapies for neurological disorders. Other major companies are focusing on developing new treatments through acquisitions and in-licensing deals.

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