Rising Popularity of Gene Therapy Market is Transforming Ocular Treatment Landscape
Gene therapy is considered as one of the most promising areas of modern medicine with the potential to treat a wide range of inherited and acquired ocular diseases. Gene therapy employs genetic material to alter cellular DNA or RNA in order to replace missing or malfunctioning genes. It offers cures through a single treatment as opposed to lifelong medications. Ocular gene therapy aims to deliver corrected genes or gene regulatory components directly into the eye through injection in order to cure retinal diseases such as retinitis pigmentosa, age-related macular degeneration, and Leber’s congenital amaurosis. Several clinical trials demonstrate long-term safety and efficacy for treating inherited blindness.
The global Gene Therapy in Ophthalmology market is estimated to be valued at US$ 621.9 million in 2030 and is expected to exhibit a CAGR of 16.4% over the forecast period 2020-2030.
Key Takeaways
Key players operating in the Gene Therapy in Ophthalmology market are Spark Therapeutics, MeiraGTx, Oxurion, Allergan, and Santen Pharmaceuticals. Spark Therapeutics’ Luxturna is currently the only FDA approved ocular gene therapy for treatment of inherited retinal dystrophy.
Growing incidences of retinal diseases across the world coupled with increasing demand for one-time curative therapies are fueling the Gene Therapy in Ophthalmology market growth. As per estimates, over 190 million people suffer from some form of visual impairment globally.
Leading pharmaceutical players are undertaking initiatives for global expansion of ocular gene therapy through strategic collaborations and partnerships. For instance, MeiraGTx has out-licensed clinical development and commercialization rights of two inherited retinal disease programs to Janssen Pharmaceuticals for expansion in key international markets.
Market Key Trends
Emergence of gene editing technologies like CRISPR-Cas9 is expected to transform ocular gene therapy. Unlike gene therapy which relies on delivering corrected gene using vectors, gene editing allows direct modification of genomic DNA sequences. CRISPR allows permanent modification with a high degree of specificity and efficiency. Ongoing research employs CRISPR for treating conditions like retinal dystrophies and myopia.
Porter’s Analysis
Threat of new entrants: Gene therapy is heavily regulated and requires high investments in R&D, clinical trials and manufacturing infrastructure limiting potential new entrants.
Bargaining power of buyers: Most buyers are large hospitals and institutional healthcare providers giving them some bargaining power over pricing due to their consolidated spend and expertise in therapeutic areas.
Bargaining power of suppliers: There are a limited number of suppliers with the ability to develop and produce gene therapies making them important partners but also giving them strong bargaining power in negotiations.
Threat of new substitutes: Currently there are limited substitute options for treating ophthalmic genetic disorders, however increased innovation and discovery of new drug targets could introduce alternative therapies over time.
Competitive rivalry: The gene therapy in ophth market currently has a few large players but growing deal activity and increasing clinical trial results are likely to intensify competition going forward as more therapies receive approval.
Geographical regions: North America currently accounts for the largest share of the global gene therapy in ophth market value, supported by established reimbursement pathways, high healthcare spending and presence of major market players.
The Asia Pacific region is expected to be the fastest growing geographical market for gene therapy in ophth driven by rising incidences of eye disorders, growing medical tourism, increasing healthcare investments and expanding base of global players looking to access the large patient populations in China and India.
What Are The Key Data Covered In This Gene Therapy in Ophthalmology Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Gene Therapy in Ophthalmology’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Gene Therapy in Ophthalmology and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Gene Therapy in Ophthalmology Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Gene Therapy in Ophthalmology vendors
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
