GENE THERAPY MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 

Gene Therapy Market Analysis:

The Gene Therapy Market is anticipated to experience substantial growth, increasing from USD 5.61 billion in 2023 to USD 19.27 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 28% during the forecast period (2023–2028).

The COVID-19 pandemic has had a positive impact on the gene therapy market, as gene and cell therapy technology were extensively employed in developing vaccines to treat COVID-19. For example, in January 2021, Mass General Brigham utilized gene-therapy technology to develop vaccine candidates that elicited robust immune responses in animal models for the treatment of COVID-19. The vaccine candidate, named AAVCOVID, received a USD 2.1 million grant from the Bill & Melinda Gates Foundation to further develop the technology. The developed vaccine was more convenient than those available on the market, as it had a single dose and could be stored at room temperature. Additionally, a published article in Hindawi Journal in January 2021 suggested that RNA interference-based gene therapy offered a more direct approach to combating viral genes and has a promising future in treating coronavirus. Consequently, the COVID-19 pandemic has led to an increased demand for gene-based therapy for COVID-19.

The market’s growth is primarily driven by technological advancements, rising investments in research and development, and the growing prevalence of target diseases.

Research and development (R&D) investment is also expected to significantly impact the market. Several companies aim to establish a gene therapy platform with a strategy focused on building a transformational portfolio through in-house capabilities and enhancing those capabilities through strategic collaborations, expanding R&D activities, and potential licensing, merger, and acquisition activities. For instance, in January 2022, the Cystic Fibrosis Foundation invested in SalioGen Therapeutics to support the company’s preclinical research into novel gene therapy for cystic fibrosis. Salonen’s Gene Coding approach is designed to turn on, turn off, or modify the function of any gene in the genome. Furthermore, in March 2021, ElevateBio, one of the leading biotech companies focused on gene-based therapies, raised USD 525 million to advance its cell and gene therapy technologies.

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