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(IT-NEWSWIRE.COM, May 22, 2020 ) The global gene therapy market is projected to reach USD 13.0 billion by 2024 from USD 3.8 billion in 2019, at a CAGR of 27.8% during the forecast period of 2019 to 2024. The growth of this market is majorly driven by the high prevalence of cancer and other target diseases, availability of reimbursements, and the increasing funding for gene therapy research. In addition, the launch of new products and the strong product pipeline of companies are expected to offer significant growth opportunities in this market. However, the high cost of gene therapy is expected to hamper market growth to a certain extent in the coming years.
The gene therapy market is consolidated in nature. In 2018, Biogen (US), Sarepta Therapeutics, Inc. (US), and Gilead Sciences, Inc. (US) were the leading players in this market. The other major players operating in this market include Novartis AG (Switzerland), Amgen, Inc. (US), Spark Therapeutics, Inc. (US), MolMed S.p.A. (Itlay), Orchard Therapeutics plc. (UK), Sibiono GeneTech Co. Ltd. (China), Alnylam Pharmaceuticals, Inc. (US), Human Stem Cells Institute (Russia), AnGes, Inc. (Japan), Dynavax Technologies (US), Jazz Pharmaceuticals, Inc. (Ireland), and Akcea Therapeutics (US).
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Biogen is the leading player in the global gene therapy market, with a share of ~65% in 2018. Strong business operations across all key regions, coupled with a strong brand image, have made Biogen a leading player in this market. Biogen has adopted inorganic and organic growth strategies such as agreements & collaborations and acquisitions to maintain its leading position in the gene therapy market. For instance, in 2017, Biogen entered into a collaboration with Ionis Pharmaceuticals to identify new antisense oligonucleotide drug candidates for the treatment of spinal muscular atrophy. In 2019, the company received the NMPA (National Medical Products Association) approval in China for SPINRAZA, which is used for treating 5q spinal muscular atrophy.
Sarepta was the second-largest player in the gene therapy market, with a share of ~11% in 2018. The company offers its gene therapy product-EXONDYS-to treat patients with Duchenne muscular dystrophy (DMD). Sarepta offers this product only in the US. However, with strong distribution channels and a good brand image, the company has generated significant revenue from the US. In order to maintain its leading position in the market, Sarepta focuses on the development of new and advanced products. In December 2019, the company received FDA approval for VYONDYS 53 (golodirsen), which is used for the treatment of DMD.
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