They deliver genetic material into cells and tissues to treat disease. With disease manifestation occurring at the level of DNA, gene therapies offer the potential to permanently treat rare diseases by fixing the underlying genetic defects.
The global Gene Therapy for Rare Disease Market is estimated to be valued at US$ 193.56 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Strong pipeline of gene therapies continuing to enter the market is one of the key trends driving the Global gene therapy for rare disease market size. There are currently over 1200 gene therapy clinical trials underway globally, out of which majority are for rare diseases. Many transformative gene therapies have been approved for rare diseases in the recent past such as Zolgensma for spinal muscular atrophy and Luxturna for retinal dystrophy. Additionally, advances in vector technologies such as AAV vectors and lentiviral vectors have improved gene delivery to target cells which is fuelling research and development of new gene therapies. This strong clinical pipeline is expected to translate into a robust commercial pipeline over the next decade, fuelling market growth.
Segment Analysis
The global gene therapy for rare disease market is dominated by the hemophilia segment, which accounts for over 35% share. Hemophilia is a rare genetic bleeding disorder caused due to the absence or defect of clotting factors, making it an attractive target for gene therapy. Gene therapy aids in restoring the natural clotting ability by introducing a functional gene to express the missing clotting factor. The treatment modality holds immense potential to provide long-term benefits to hemophilia patients by avoiding frequent intravenous administration of expensive clotting factor concentrates.
Key Takeaways
The global gene therapy for rare disease market is expected to witness high growth over the forecast period of 2023 to 2030. The global Gene Therapy for Rare Disease Market is estimated to be valued at US$ 193.56 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the market and is expected to continue its lead throughout the forecast period. Higher treatment cost for rare diseases, strong presence of key payers and service providers, and increasing R&D investments are some factors fueling the market in the region. Asia Pacific is poised to showcase the fastest growth over the coming years, driven by the growing cases of rare genetic disorders coupled with rising healthcare expenditure in countries like China and India.
Key players: Key players operating in the gene therapy for rare disease market include Topcon Corporation, Agfa-Gevaert N.V., Sonomed Escalon, Carl Zeiss Meditec AG, EyePACS, VersaSuite, Heidelberg Engineering GmbH, ScImage, Inc., IBM Corporation, and Visbion Limited. Topcon Corporation dominates as the global leader, owing to its robust portfolio of treatment solutions and wide geographical presence across major markets. The industry is highly competitive, characterized by collaborations for novel product development and geographical expansion.
Get More Insights On This Topic: https://www.newsstatix.com/gene-therapy-for-rare-disease-market-size-share-analysis-2023-2030/
Explore More Trending Article On This Topic: https://www.newsintv.com/news/offshore-the-decommissioning-a-best-growing-sector/
Comments
0 comment