Categories: Market Research

Gene Therapy Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Gene Therapy by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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https://www.thebusinessresearchcompany.com/report/genes-therapy-global-market-report

According to The Business Research Company’s Gene Therapy, The gene therapy market size has grown exponentially in recent years. It will grow from $9.66 billion in 2023 to $12.64 billion in 2024 at a compound annual growth rate (CAGR) of 30.9%. The growth in the historic period can be attributed to rising pharmaceutical r&d expenditure, a rise in public-private partnerships, government investments and rising cases of spinal muscular atrophy. .

The gene therapy market size is expected to see exponential growth in the next few years. It will grow to $27.77 billion in 2028 at a compound annual growth rate (CAGR) of 21.8%. The growth in the forecast period can be attributed to an increasing number of cancer cases, a growing aging population, increasing research and development spending in the pharmaceutical sector and a rising focus on gene therapy will drive the market.. Major trends in the forecast period include enhancing business operations through securing regulatory approvals, strengthening business activities through strategic collaborations and partnerships, expanding business capabilities through strategic acquisitions and strengthening operational capabilities through business expansions..

Incidences of cancer and other target diseases have been increasing significantly, which is calling for effective treatments, driving the growth of the gene therapy market. The rise in the number of cancer cases across the globe is likely to contribute to the growth of the gene therapy market during the forecast period. For instance, in January 2022, according to the American Cancer Society, there will likely be 1.9 million new cancer diagnoses and 609,360 cancer-related deaths in the US, or roughly 1,670 fatalities every day. The four most common types of cancer worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43 percent of all new cancer cases. The four most common types of cancer worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43 percent of all new cancer cases. Therefore, the rise in the cancer incidence rate globally is anticipated to boost the demand for the gene therapy market over the forthcoming years. Gene therapy is one of the most effective treatments in oncology. In this treatment, new genes are introduced into a cancerous cell or the surrounding tissue to cause cell death or slow the growth of cancer.

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The gene therapy market covered in this report is segmented –

1) By Gene Therapy Type: Germline Therapy, Somatic Cell Therapy

2) By Vector: Viral Vector, Non-Viral Vector

3) By Application: Oncology, Orphan Disease, Knee Osteoarthritis, Neurological Disorders

4) By End Users: Biopharmaceutical Companies, Research Institutes, Other End Users

The use of machine learning and artificial intelligence is gradually gaining popularity in the gene therapy market. Artificial intelligence (AI) is the simulation of human intelligence in machines, which are programmed to display their natural intelligence. Machine learning is a part of AI. Machine learning and AI help companies in the gene therapy market conduct a detailed analysis of all relevant data, provide insights between tumor and immune cell interactions, and offer a more accurate evaluation of tissue samples, which is often disputed between different evaluators. For instance, in May 2023, Form Bio, a US-based life-sciences focused software company, launched FORMsightAI, a new AI-based solution set for predicting and optimizing manufacturing outputs of cell and gene therapy constructs. It is a full-service solution that combines cutting-edge, adaptable AI models with Form Bio’s underpinning platform and a skilled team of computational life sciences experts with backgrounds in biology, bioinformatics, and data science. FORMsightAI addresses common issues faced by cell and gene therapy developers of construct truncations and manufacturing contaminations, which are major causes of unacceptably low manufacturing yields, extended timelines to market, and therapeutic safety problems.

The gene therapy market report table of contents includes: