Northbrook, IL 60062 -- (SBWire) -- 01/16/2023 --Gene Therapy Market is projected to reach USD 17.2 billion by 2027 from USD 7.3 billion in 2022, at a CAGR of 18.6% during the forecast period. The lucrative growth is attributed to factors such as the high incidence of cancer and other target diseases, increasing product approvals, and the availability of funding for gene therapy research. On the other hand, the high cost of treatment and the availability of alternative treatment methods are expected to limit market growth to a certain extent.
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Gene Therapy Market Dynamics:
Drivers: Funding for gene therapy research
Gene therapy is one of the latest treatment methods in the healthcare industry. It has shown promising results in treating cancer and other genetic diseases. As a result, the focus on gene therapy research has increased over the last few years. In addition, many companies focus on growth opportunities in this market by launching new and advanced products.
For Example
In March 2022, the National Heart Lung and Blood Institute granted USD 12 million to an Indiana University School of Medicine researcher. The grant is for exploring major themes in a gene therapy approach to safer and potentially curative treatments for hemophilia.
Key Market Players
The gene therapy market is consolidated, with three major players holding the dominant share of the market. In 2021, Biogen (US), Novartis AG (Switzerland), and Gilead Sciences, Inc. (US) were the leading players in the gene therapy market. Other major players in this market include Sarepta Therapeutics (US), Amgen, Inc. (US), Spark Therapeutics, Inc. (US), AGC Biologics (Italy), Orchard Therapeutics plc. (UK), Sibiono (China), Alnylam Pharmaceuticals, Inc. (US), Human Stem Cells Institute (Russia), AnGes, Inc. (Japan), Dynavax Technologies (US), Jazz Pharmaceuticals, Inc. (Ireland), and Akcea Therapeutics (US). The intensity of competitive rivalry in the gene therapy market is high.
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Novartis AG (Switzerland) was the leading player in the gene therapy market. The company offers two gene therapy products—KYMRIAH and ZOLGENSMA. Globally, the company has strong distribution channels and a good brand image. As a result, KYMRIAH registered significant growth in 2018—KYMRIAH registered sales of USD 587 million in 2021, up 24% from 2020. ZOLGENSMA registered sales of USD 1,351 million in 2021, up 47% from 2020. Novartis has strong distribution channels in the US. As a result, in 2021, the company generated 32.6% of its total revenue from the US alone.
Biogen (US) is the second-leading player in the gene therapy market. However, the revenue of SPINRAZA is declining year on year. The decline in SPINRAZA revenue was primarily brought on by a decline in demand because of heightened competition in the US and Germany and a decline in pricing in the US and the RoW markets, which were only partially offset by an uptick in sales volumes in Latin America and some distributor markets.
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Gene Therapy Market $ 17.2 Billion, Global Trends, Share Analysis, Leading Players, Industry Research, Business Opportunities by 2026
In February 2022, Sarepta Therpeutics (US) announced a collaboration to use GenEdit’s NanoGalaxy platform and Sarepta’s gene editing technology to develop gene editing therapeutics to treat neuromuscular diseases.