Gene Modification Therapy Market to See 49.9 percent Annual Growth Through 2023

Recent advancements in genetic modification, including better delivery systems, more efficient and durable gene expression constructs, and precise DNA editing tools are boosting the industry’s global market. The industry expects to see a compound annual growth rate (CAGR) of 49.9 percent through 2023, when it could be worth USD 17.4 billion. Major players in the market include 4D Molecular Therapeutics, Abeona Therapeutics, Beam Therapeutics, Casebia Therapeutics, Editas Medicine, Fate Therapeutics, GE Healthcare, Hitachi Chemical Advanced Therapeutics, Immunocore, Jivana Biotechnology, Krystal Biotech, Limelight Bio, Marcala Biotech, Nantkwest, Orchard Therapeutics, Periphagen, Renovo Therapeutics, Sangamo Therapeutics and Sanofi.

Research highlights

• Rare disease therapies will dominate the market by growth, with a CAGR through 2023 of 119.6 percent, followed by ophthalmology at 53.5 percent. By size, the market will be led by neurology.
• By delivery technology, market growth will be led by lentiviral vectors, with a CAGR of 131.5 percent, followed by AAV vectors, with a CAGR of 85.5 percent. By size, the market will be led by AAV vectors, with an estimated value of USD 6.2 billion. .
• By platform technology, market growth will be led by gene therapy, with a CAGR through 2023 of 90.7 percent, followed by genetically modified cell therapy at 80.6 percent. By size, the segment will be led by gene therapy.

Because of the potentially curative nature of these medicines there is enormous potential in many applications, ranging from cancer to neurology to rare diseases. Genetic modification therapies represent the next wave of medicines with enormous potential for treating and curing debilitating and serious diseases. Because of its wide scope, genetic modification therapy will play an important role in the future global medical economy. Each of the market’s approaches faces unique challenges, the report adds. For gene therapy and genetically modified cell therapy, those challenges are related to manufacturing, while delivery is the challenge to overcome for RNA therapy and safety and efficacy may restrain the gene editing field. – BCC Research