Novartis AG (Switzerland) and Biogen Inc. (US) are Leading Players in the Gene Therapy Market
The global gene therapy market is expected to reach USD 23.9 billion by 2028 from USD 9.0 billion in 2023, at a CAGR of 21.4% during the forecast period. Growth in the gene therapy market is mainly driven by factors such as increasing activities in genomic research, and an increasing number of regulatory approvals for gene therapies. However, high costs associated with these therapeutics is expected to restrain the market growth to certain extent.
The market for gene therapy market is consolidated, with key players strategizing to capture majority of the market. Prominent players in the market are Novartis AG (Switzerland), Biogen Inc. (US), Gilead Sciences, Inc. (US), Bristol-Myers Squibb (US), Alnylam Pharmaceuticals, Inc. (US), Sarepta Therapeutics, Inc. (US), Amgen, Inc. (US), Orchard Therapeutics Plc (UK), F. Hoffmann-La Roche Ltd. (Switzerland) among others.
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Novartis AG (Switzerland) is one of the established player in this market. The company contributes significantly to the gene therapy market. Additionally, the company also has a strong geographic presence with distribution channels across North America, Europe, Asia Pacific, Latin America, Middle East and Africa regions. The company focuses on innovation through significant R&D investments with USD 9.9 billion in R&D noted in 2022. The Novartis Institutes for BioMedical Research and the Global Drug Development Organization are the company’s dedicated R&D facilities, that enable it to hold a strong position in this market. However, it the company might experience competitive threats owing to the growing number of players with advanced therapeutics in the market. Major product examples offered by Novartis AG include- ZOLGENSMA (onasemnogene abeparvovec), KYMRIAH (tisagenlecleucel) among others.
Biogen Inc. (US) is another key player in the gene therapy market. The company aims to enhance its position in the gene therapy market through developments such as collaborations and capacity expansions. Additionally, the company’s pipeline products are potential novel therapies across therapeutic areas, including neurology, neuropsychiatry, specialized immunology, and rare diseases. The company also focuses on innovating through investments in R&D noted to be USD 2.2 billion in 2022. However, the company faces competitive threat from other key players such as Novartis AG, Gilead Sciences, Inc. in this market. Gene therapy product offered by Biogen Inc. includes- SPINRAZA (nusinersen).
Gilead Sciences, Inc. (US) is also a well-established player in the gene therapy market. The company currently offers two commercialized gene therapy products. Gielad has focused on adopting organic and inorganic strategies, such as product approvals and acquisitions, to enhance its market position. Gilead has two major strengths which include a wide geographic reach and a strong brand image. The company has geographic presence across major regions including North America, Europe, and other regions in over 35 countries. Besides, the company has received four regulatory approvals for its gene therapy products across these major geographies between 2020 and 2023. Major product examples offered by Gilead Sciences, Inc. include- YESCARTA (axicabtagene ciloleucel), TECARTUS (brexucabtagene autoleucel) among others.
Related Reports:
Gene Therapy Market by Type (Gene silencing, Gene augmentation), Vector (Viral (Retroviral, AAV), Non-viral (Oligonucleotide)), Therapeutic Area (Neurology, Oncology), Delivery Method (In-vivo, Ex-vivo), RoA (Intravenous) - Global Forecast to 2028
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