The gene therapy market in Europe is estimated to be growing at a CAGR of 24.6% between 2023 to 2028. As a result, the value of the market is anticipated to grow from USD 2 billion in 2023 to USD 6.02 billion by 2028.
The growing number of genetic disorders across the European region is the primary factor driving the gene therapy market in the European region. Gene therapy can help overcome genetic disorders by making gene changes to the body through surgeries or drugs. Nearly 6 in 10000 people in Europe suffer from any genetic disorder in their lifetime. Genetic diseases include deadly diseases such as cancer, diabetes, and others. Genetic therapies can diagnose these disorders to know the chances of getting them from their genetics. Due to this, the demand for gene therapy is growing. In addition, growing awareness among people regarding the various types of genetic therapies that can save their lives from chronic diseases is another factor promoting market growth.
The growing number of cancer cases in the European region is also fuelling the market’s growth rate. According to the National Library of Medicine, nearly 4 million cancer cases and 1.9 million cancer deaths were reported in Europe in 2020. Cancer in the body is predictable using gene therapy. Recently, generic cancer vaccines have been manufactured using gene therapy. These vaccines act differently on the patient's immune system. These gene-based vaccine helps to identify the cancer cells that produce a large number of cancer cells and act on them to reduce the growth of the cancer cells. As a result, this helps the patients to fight against cancer and increase their survival rates.
The rising number of thalassemia cases in Europe is accelerating the usage of gene therapy and, thus, driving the market growth in this region. Thalassemia is a blood disorder that requires blood transmission at regular intervals. 1 in 10,000 people is suffering from thalassemia in Europe. Several clinical trials have been done on the gene transfer into the bone marrow stem cells to notice any changes in the growth. This gene therapy helps by adding a functional gene to defective blood stem cells for patients suffering from severe beta-thalassemia.
However, the high costs associated with gene therapy are one of the major factors hampering the European market growth. In addition, the huge time factor involved with the drug development using gene therapy due to several clinical trials resulting in a delay in product approvals by the government is further inhibiting the market's growth rate. Lack of awareness about gene therapies for disease prevention and reduced severity is also expected to hamper the gene therapy market growth in Europe.
This research report on the European gene therapy market has been segmented & sub-segmented into the following categories:
By Vector Type:
By Application:
By Country:
The European region accounted for a considerable global market share in 2022. In recent years, research in gene therapy has been increasing in Europe owing to the increasing number of clinicians and manufacturers using gene therapy. According to the European Medicines Agency, the growth of gene therapy in this region has grown considerably in the last ten years due to growing interest from people to opt for gene therapy treatment to predict diseases and cures as early as possible without severe effects. In addition, this gene therapy is also used to make intelligent decisions to support the healthcare system.
The German gene therapy market led the European market in 2022. Germany also started clinical trials in gene therapy in recent years. In addition, several guidelines have been developed by the German Medical Association for gene therapy in humans. Furthermore, increasing investment in the development of gene-based medicine in Germany, increasing licensing processes to enable faster access to advanced therapies, and increasing product approvals for the medicine also boost the market in this region.
The UK gene therapy market accounted for a substantial share of the European region in 2022. In the UK, new gene therapy was launched in 2021 to treat spinal muscular atrophy, a severe genetic condition affecting the motor neurons that control muscles. The genetic cause of death mainly causes this among babies and children. By increasing this type of different diseases, gene therapy helps cure diseases that drive the market forward in this region during the forecast period.
KEY MARKET PARTICIPANTS:
Some of the noteworthy companies operating in the European gene therapy market analyzed in this report are Biogen, Sarepta Therapeutics, Gilead Sciences, Inc., Amgen, Inc., Novartis AG, Orchard Therapeutics Plc, Spark Therapeutics, Inc., Molmed S.P.A., Anges, Inc., Bluebird Bio, Inc., Jazz Pharmaceuticals Plc, Dynavax Technologies, Human Stem Cells Institute, Sibiono Genetech Co., Ltd., Shanghai Sunway Biotech Co., Ltd., Uniqure N.V., Gensight Biologics S.A., Celgene Corporation, Cellectis, Sangamo Therapeutics, Mustang Bio, Applied Genetic Technologies Corporation and Poseida Therapeutics, Inc.
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