North America is Dominating Gene Therapy Industry

The gene therapy market value will reach USD 29,440 million by 2030 from USD 7,420 million in 2022, at an 18.80% CAGR.

P&S Intelligence majority credits this growth to the mounting research and development expenditure and increasing approvals of gene therapy products.

The industry is majorly boosted by several factors, including rare illnesses genetic disorders, growing incidence of chronic diseases, like cancer and others worldwide, growing legal adoption of gene therapy for the treatment of cancer, rising frequency of cancer disease, and increasing government initiatives.

The in-vivo category is leading the market with the largest revenue share. As this technique removes the need for extracting the cells from the patient’s body, operating them outside the body, and then fixing them back to their original place.

In 2022, North America had the highest gene therapy market share, at approximately 66%, and is projected to continue its dominance in the future as well. This can be credited to the snowballing occurrence of cancer and the existence of numerous key industry players in the continent.  

Furthermore, regulatory establishments are quickly approving gene therapy items, thus contributing to the market expansion. Within the continent, the U.S. is the largest utilizer of gene therapy due to its better healthcare sector and most of the industry giants have headquarters and labs here.

 

Hence, the mounting research and development expenditure and increasing approvals of gene therapy products are the major factors contributing in the growth of the gene therapy Market.

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