The global gene therapy market was valued at $3,407.5 million in 2019. According to the forecast of P&S Intelligence, a market research company based in India, the market will advance at a CAGR of 31.1% between 2020 and 2030. The positive results of various clinical trials, the increasing prevalence of chronic diseases, and the soaring R&D (research and development) activities being conducted in gene therapy are the main factors fueling the advancement of the market.
The rising prevalence of chronic diseases such as cancer and many rare diseases is a major growth driver of the gene therapy market. This is because the gene therapies, that are currently available to healthcare professionals, have the ability to treat various rare diseases, especially the ones that have genetic causes. For example, cancer therapies do not require long-term transgene expression. There has been a sharp rise in cancer cases throughout the world in recent times.
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Between them, the in vivo category is predicted to register higher growth in the market in the future years. This would be because unlike the ex vivo method, the in vivo approach eliminates the need for removing the cells from the patient’s body, manipulating the cells after removing them, and returning the cells to the body. In addition to this, in the in vivo approach, the host cells are not harmed and as a result, their functioning is not disrupted.
Based on application, the gene therapy market is classified into oncology, rare diseases, neurology, ophthalmology, hematology, cardiology, and infectious diseases. Out of these, the oncology category generated the highest revenue in the market in 2019, mainly because of the high incidence of cancer all over the globe and the fact that nearly 60% of all the currently ongoing gene therapy clinical trials are targeted at cancer therapy. This is because gene therapy exhibits high selectivity in killing tumor cells.
Hence, it is quite clear that due to the rising incidence of cancer, rare diseases, and various chronic diseases and the soaring R&D activities being performed in gene therapy, the market will advance rapidly all around the world in the upcoming years.
