Lewes, Delaware, July 17, 2024 (GLOBE NEWSWIRE) -- The Global Gene Therapy Market Size is projected to grow at a CAGR of 26.88% from 2024 to 2031, according to a new report published by Verified Market Research. The report reveals that the market was valued at USD 7.53 Billion in 2024 and is expected to reach USD 50.6 Billion by the end of the forecast period.

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Browse in-depth TOC on Global Gene Therapy Market Size

202 - Pages

126 Tables

37 Figures

Scope Of The Report

Gene Therapy Market Overview

Technological Advancements in Genetic Engineering: The gene therapy market is being propelled forward by rapid breakthroughs in genetic engineering technologies. These advancements improve the accuracy and effectiveness of gene therapies, which in turn attract investments and stimulate market expansion. Maintaining a lead in the use of technology guarantees a competitive advantage and creates opportunities for generating additional income.

Increasing Prevalence of Genetic Disorders: The increasing prevalence of genetic abnormalities worldwide is a major factor contributing to the growth of the gene therapy market. The increasing number of patients in search of efficient treatments has led to a boom in the demand for gene therapies. The increasing number of patients presents significant prospects for enterprises to enhance their market share and impact.

Favorable Regulatory Environment: The time-to-market for gene therapies is being reduced as a result of the acceleration of the approval process by supportive regulatory frameworks. Regulatory agencies are increasingly acknowledging the potential of gene therapy, offering incentives and streamlined development pathways. This advantageous environment fosters investment and innovation, which in turn propels market expansion.

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High Treatment Costs: The exorbitant expenses linked to gene therapy treatments continue to be a substantial obstacle. These expenditures have the potential to restrict patient availability and burden healthcare budgets. Businesses must prioritize cost-reduction measures and implement value-based pricing models in order to overcome this obstacle and improve their market penetration.

Ethical and Safety Concerns: The gene therapy market is constrained by ethical issues and potential safety risks. Public acceptance and regulatory clearances can be impeded by concerns regarding the long-term effects of genetic changes. To achieve market expansion, it is necessary to address these concerns by implementing transparent communication and strict safety measures.

Limited Healthcare Infrastructure in Developing Regions: The lack of sufficient healthcare infrastructure in underdeveloped nations hinders the implementation of gene treatments. The market expansion can be hindered by the limited availability of advanced medical facilities and experienced professionals. Establishing strategic alliances and making investments in healthcare development are crucial in order to access these new markets and stimulate future expansion.

Geographic Dominance:

North America has a strong hold on the gene therapy market because of its well-developed healthcare infrastructure, substantial investments in research and development, and favorable regulatory rules. This dominance expedites market expansion as the region evolves into a center for innovation, enticing multinational corporations and promoting progress. The market expansion is also facilitated by Europe's robust biopharmaceutical industry and favorable laws. On the other hand, the Asia-Pacific region exhibits significant potential for quick expansion as a result of escalating investments in healthcare and a growing emphasis on genetic research.

Gene Therapy Market Key Players Shaping the Future

Major players, including Pfizer, Novartis AG, Biogen, Gilead Sciences, Inc., MolMed S.p.A., Spark Therapeutics, Inc., Orchard Therapeutics plc., SIBIONO, Bluebird bio, Inc., Shanghai Sunway Biotech Co. Ltd. and more, play a pivotal role in shaping the future of the Gene Therapy Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry's key players.

Gene Therapy Market Segment Analysis

Based on the research, Verified Market Research has segmented the global Gene Therapy Market into Product, Indication, Delivery Method, And Geography.

To get market data, market insights, and a comprehensive analysis of the Global Gene Therapy Market, please Contact Verified Market Research.

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Excerpt from:
Gene Therapy Market Surges to USD 50.6 Billion by 2031, Propelled by 26.88% CAGR - Verified Market Research - GlobeNewswire

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