Gene therapy involves modifying or manipulating the genes of an individual to treat diseases. It works by introducing genetic material into a patient's cells to compensate for abnormal genes or to make a beneficial protein. Gene therapy aims to treat conditions caused by a gene defect by providing the patient with a functional copy of the gene. Conditions amenable to this treatment include inherited disorders, some types of cancer, and certain viral infections. The global gene therapy market is estimated to be valued at US$ 9 Bn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: The rising prevalence of life-threatening diseases like cancer presents a major market opportunity for gene therapy. According to World Health Organization, cancer burden rose to 19.3 million new cases and 10 million cancer deaths in 2020. Additionally, increasing research funding to develop more gene therapy treatments for various diseases will further propel market growth during the forecast period. Development of novel gene therapy vectors with better efficacy and safety is expected to augment the market over the coming years. Porter's Analysis Threat of new entrants: Moderate threat as it requires significant R&D investment and regulatory approvals. Bargaining power of buyers: Moderate as there are few alternative treatment options but demand is also highly price sensitive. Bargaining power of suppliers: Low to moderate as key raw materials and technologies face intellectual property protection. Threat of new substitutes: Moderate threat as new breakthroughs can replace existing gene therapies. Competitive rivalry: High rivalry due to increasing number of market players and pipeline drugs. SWOT Analysis Strengths: Emerging blockbuster drugs, robust clinical pipeline, potential cure for genetic disorders. Weaknesses: High development costs, complex manufacturing processes, gene delivery challenges. Opportunities: Large patient pool, rising healthcare spending, collaborations for new drug development. Threats: Regulations & compliance issues, reimbursement hurdles, gene therapy resistance. Key Takeaways Global Gene Therapy Market Size is expected to witness high growth at a CAGR of 4.4% during the forecast period of 2023-2030. North America currently dominates the market due to presence of key players and growing R&D investments. The US FDA has approved multiple gene therapies in the past few years in the region. In Europe, the gene therapy market is growing rapidly with major contributions expected from Germany, UK and France. Significant funding for clinical research and presence of experienced researchers are supporting market growth. However, Asia Pacific region is expected to show highest growth over the coming years led by China, Japan and India. Rising healthcare awareness, improving research infrastructure and patient population are factors driving the APAC gene therapy market. Key players operating in the Gene Therapy market are Solvay, Sakai Chemical Industry, Quimicos Aragonesas, Jinyan Strontium Industry, Joyieng Chemical, Hongkong XinRunDe Chemicals, Huaqi Fine Chemical, Barium & Chemicals, American Elements, ABASSCO. Majority of these companies have collaborations with research institutes and are investing in development of new genetic therapies. Get More Insights On This Topic: https://www.newsanalyticspro.com/global-gene-therapy-market-size-and-growth/
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