Gene Therapy Industry worth $23.9 billion by 2028, with a CAGR of 21.4%
The report "Gene Therapy Market by Type (Gene silencing, Gene augmentation), Vector (Viral (Retroviral, AAV), Non-viral (Oligonucleotide)), Therapeutic Area (Neurology, Oncology), Delivery Method (In-vivo, Ex-vivo), RoA (Intravenous) - Global Forecast to 2028 ", is expected to reach USD 23.9 billion by 2028 from USD 9.0 billion in 2023, at a CAGR of 21.4% during the forecast period. The rising number of product approvals followed by growing focus on genomic research focused on development of novel therapeutics including gene therapies against critical indications, are the factors supporting market growth.
Browse 349 market data Tables and 48 Figures spread through 288 Pages and in-depth TOC on "Gene Therapy Market by Type (Gene silencing, Gene augmentation), Vector (Viral (Retroviral, AAV), Non-viral (Oligonucleotide)), Therapeutic Area (Neurology, Oncology), Delivery Method (In-vivo, Ex-vivo), RoA (Intravenous) - Global Forecast to 2028 "
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Gene augmentation subsegment accounted is the fastest-growing of the gene therapy market by type
Among the type subsegments, the market is segmented gene silencing, cell replacement, gene augmentation, and other therapies. In 2022, the gene augmentation segment accounted for the highest growth rate of the gene therapy market by end user. Growth in this market segment can be attributed to factors such as growing number of clinical pipeline products employing gene augmentation mechanism and the favorable therapeutic effects generated among others.
Oncology is the fastest-growing segment of the gene therapy market by therapeutic area
Among the therapeutic area subsegment, the gene therapy market is segmented into oncology, neurology, hepatology, and other therapeutic areas. In 2023, oncology segment accounted for the fastest-growing share of the therapeutic area segment of gene therapy market. Growth in this market segment can be attributed to one of the major factors which is growth in the demand for targeted therapies including gene therapy.
Europe: The second-largest region in the gene therapy market.
The European market is the second-largest gene therapy market globally, mainly due to factors such as advancements in targeted therapy research and government support. Moreover, greater awareness among people about emerging area of treatments such as gene therapy, especially compared to developing regions is another factor supporting the growth of European gene therapy market.
The market for gene therapy is consolidated, with key players strategizing to capture the market. Prominent players in the gene therapy market are Novartis AG (Switzerland), Biogen Inc. (US), Gilead Sciences, Inc. (US), Bristol-Myers Squibb (US), Alnylam Pharmaceuticals, Inc. (US), and Sarepta Therapeutics, Inc. (US)among others.
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