The Gene Therapy Market is estimated to be valued at US$ 9.0 Bn in 2023 and is expected to exhibit a CAGR of 21.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Gene therapy involves insertion of functional genes into target cells to treat disease by supplementing missing or mutated genes or by inactivating harmful genes.It holds promise for treating various disorders including cancer, cardiovascular diseases, neurological disorders, infectious diseases, and genetic disorders. Gene therapy products are safer and more effective compared to other treatment options.

Market key trends:
The key trend fueling growth of the gene therapy market is rising prevalence of genetic disorders. According to the Genetic and Rare Disease Information Center, around 7,000 genetic disorders have been identified so far and approximately 25-30% of the population is affected by one or more genetic disorders. Other major drivers include increasing R&D investments by key players, strong product pipeline, and first FDA approvals of gene therapy products for various disorders. For instance, Zolgensma by Novartis is currently the only FDA approved gene therapy for pediatric patients with spinal muscular atrophy.

Porter’s Analysis
Threat of new entrants: The gene therapy market requires large investments in R&D for developing new therapies. In addition, stringent regulatory approvals pose barriers for new companies.

Bargaining power of buyers: As there are limited approved gene therapies currently available for rare diseases, patients have less bargaining power. However, as more therapies enter the market, bargaining power may increase.

Bargaining power of suppliers: Key raw material suppliers and contract manufacturing organizations have some bargaining power due to specialized expertise required. However, presence of many substitutes limits their power.

Threat of new substitutes: Development of alternative treatment methods like small molecule drugs pose a threat. However, gene therapies offer potential for cure which is difficult to substitute.

Competitive rivalry: Large companies focus on commercialization while small firmswork on early research. Partnerships are common due to high costs and risks.

SWOT Analysis
Strengths: Gene therapies offer potential for one-time curative treatments for genetic disorders. Areas of unmet need and breakthrough clinical results are driving R&D.

Weaknesses: High costs of development, manufacturing challenges and therapy delivery complexities. Safety risks and lack of long term efficacy data limit approvals.

Opportunities: Increasing prevalence of cancers and genetic disorders drive the market. Expanding focus areas from rare to common diseases present new avenues.

Threats: Lengthy development timelines, regulatory uncertainties and pricing pressures pose challenges. Reimbursement policies impact market access and uptake.

Key Takeaways
The Global Gene Therapy Market Size is expected to witness high growth, exhibiting CAGR of 21.% over the forecast period, due to increasing prevalence of genetic disorders and breakthrough therapy designations.

Regionally, North America dominates the market currently owing to high adoption of novel therapies and presence of major market players in the US. Asia Pacific is poised to grow at the fastest rate due to rising healthcare infrastructure and demand for advanced care options.

Key players operating 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. Major players focus on strategic collaborations to enhance research as well as fast track approvals and commercialization of new therapies.

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