2024-2033 Gene Therapy Market Forecast: Predicted Growth Rate and Market Size
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How Rapidly is the Gene Therapy Market Forecasted to Grow Between 2024 and 2033?
In the last few years, the gene therapy market has seen substantial growth. Expected to see an increase from $9.66 billion in 2023 to $12.64 billion in 2024, the market anticipates a compound annual growth rate (CAGR) of 30.9%. The remarkable progression in the historical phase can be ascribed to the escalating pharmaceutical research & development expenditure, the proliferation of public-private collaborations, governmental financial contributions, and the surge in instances of spinal muscular atrophy.
Over the coming years, the gene therapy market size is set to experience significant growth, anticipated to reach $27.77 billion in 2028, with a compound annual growth rate (CAGR) of 21.8%. The expected growth during the forecast period is mainly due to an escalating number of cancer cases, a burgeoning aging population, an increase in pharmaceutical sector’s research and development investments, and a heightened emphasis on gene therapy. The forthcoming period is forecasted to see major trends like obtaining regulatory approvals to improve business operations, bolstering business activities through strategic collaborations and partnerships, enhancing business abilities through strategic acquisitions, and reinforcing operational capabilities via business expansions.
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What Factors Are Behind the Rapid Growth of the gene therapy Market?
The escalating incidences of cancer and other targeted diseases have necessitated the need for efficient remedies. As a result, the gene therapy market is witnessing substantial growth. The increase in cancer cases worldwide is expected to drive the expansion of this market in the forecast period. The American Cancer Society revealed that in January 2022, approximately 1.9 million new cancer cases and about 609,360 deaths related to cancer are likely to occur in the US – a staggering estimated average of 1,670 deaths per day. With lung, prostate, bowel, and female breast cancer accounting for 43 percent of all new cancer diagnoses, it’s clear these are the most prevalent cancers globally. Given these increasing cancer rates, the demand for the gene therapy market is likely to rise in the future years. Gene therapy stands out as an effective treatment method in oncology by introducing new genes into a cancerous cell or surrounding tissue to cause cell death or slow cancer growth.
What Are the Principal Segments of the Gene Therapy Market?
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
What Emerging Patterns Are Redefining the Gene Therapy Market?
Machine learning and artificial intelligence are steadily making their way into the gene therapy market. AI mirrors human intelligence in programmed machines, assisting them to exhibit their inherent smartness. Machine learning, a subset of AI, along with AI, is being harnessed by businesses in the gene therapy market for exhaustive analysis of critical data, drawing connections between tumorous and immune cell interactions, and providing more precise assessments of tissue samples which are frequently contested amongst evaluators. For instance, in May 2023, US-based firm Form Bio, specialized in life sciences software, introduced FORMsightAI, a pioneering AI-based solution designed to predict and enhance manufacturing outcomes of cell and gene therapy constructs. By merging innovative, flexible AI models with Form Bio’s underlying platform and a proficient team of computational life science specialists with expertise in biology, bioinformatics, and data science, FORMsightAI provides a comprehensive solution. It tackles frequent challenges faced by cell and gene therapy developers including construct truncations and manufacturing contaminations, which are crucial triggers of unsatisfactory low manufacturing yields, extended time to market, and therapeutic safety issues.
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Which Geographical Regions Are Shaping the Gene Therapy Market Growth?
North America was the largest region in the gene therapy market in 2023. The regions covered in the gene therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Gene Therapy Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the gene therapy market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Gene Therapy Market Include
1. Gene Therapy Market Executive Summary
2. Gene Therapy Market Segments
3. Gene Therapy Market Size And Template Market Growth Rate
4. Key Gene Therapy Market Trends
5. Major Gene Therapy Market Drivers
……
25. Key Mergers And Acquisitions In The Gene Therapy Market
26. Top Gene Therapy Companies
27. Gene Therapy Market Opportunities And Strategies
28. Gene Therapy Market, Conclusions And Recommendations
29. Appendix
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