According to P&S Intelligence, the size of the gene therapy market was USD 7,420 million in 2022, and it will reach USD 29,440 million by 2030, powering at a rate of 18.80% by the end of this decade. 

This growth is mainly credited to the growing R&D funding and increasing acceptance of gene therapy products.

The viral category will grow the fastest in the near future. This is for the reason that viral vectors are displaying high levels of genomic expression and integration in clinical trials. 

Furthermore, viral vectors are far more effective than non-viral variants and thus extensively adopted globally.

The acceptance of viral vectors basically stems from the fact that they can offer genetic material to cells efficiently. Because of their unbelievable capacity to transport quite a few therapeutic genes to host cells, viral vectors are the most frequently used agents in gene therapy, which will power the industry in the future.

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The oncology category dominated the industry in the past because of the high incidence of cancer. For example, according to the WHO report, above 9 million people die from cancer on an yearly basis. Furthermore, because therapy is selective in finishing up the tumor cells, more than 60% of the clinical studies conducted are for cancer treatment.

Pharma and biotech companies had the largest share in the past. This is because of the existence of numerous industry participants who contracted out the vector production procedure for broadening the usage of gene therapy and allow it to treat many further diseases than it now is.

Also, the main companies are exploring a number of market entry strategies, such as the growth of biopharma facilities, partnerships with other companies, and partnering with contract manufacturing  institutions.

The increasing occurrence of cancer and numerous rare ailments, is one of the key factors powering the industry. This is due to the fact that currently obtainable gene therapies can treat numerous rare diseases, particularly those caused because of genetic issues, to some extent.

North America dominated the gene therapy market , of about 66% share, and it will continue like this in the years to come. This is because of the growing occurrence of cancer and the existence of numerous industry leaders. Furthermore, regulatory authorities are quickly accepting gene therapy products, thus powering the growth of the industry.

The U.S. is the larger user of gene therapy due to the advanced healthcare industry of the country, and because most of the major players have their offices and labs here.

It is because of the incidence of chronic diseases all over the world, the demand for gene therapy will continue to grow in the future as well.