The global retinal gene therapy market is set to experience robust growth in the coming years, fueled by increasing demand for advanced treatments for inherited retinal diseases. Recent market research indicates that the market will expand at a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period, reaching a projected value of USD 235.4 million by 2033.
The surge in the incidence of inherited retinal conditions, such as age-related macular degeneration (AMD), Stargardt disease, retinitis pigmentosa, and other genetic forms of blindness, has created a large, underserved patient population. This high unmet medical need has prompted the development of innovative gene therapies aimed at addressing these conditions.
Key Drivers of Market Growth:
- Rising Prevalence of Inherited Retinal Diseases: The growing number of individuals affected by retinal diseases globally has sparked a demand for new treatment options, positioning retinal gene therapy as a promising solution to restore vision and improve quality of life.
- Advances in Gene Therapy Technology: Ongoing advancements in gene therapy research and development have accelerated the implementation of retinal gene therapies, allowing for more effective and targeted delivery methods. These breakthroughs hold the potential to revolutionize the treatment of retinal diseases.
- Supportive Regulatory Frameworks and Government Funding: Favorable regulatory policies, combined with strong governmental support and funding for retinal gene therapy research, are propelling the market forward. This support has encouraged both private and public investments, fostering innovation in the field.
- Geographic Expansion and Vision Research Opportunities: Emerging markets and expansion into new geographic regions offer substantial growth opportunities for the retinal gene therapy industry. Additionally, the potential for novel therapies outside the traditional gene therapy space presents exciting possibilities for advancing vision research and treatment.
The retinal gene therapy market is on a trajectory of rapid growth, with the potential to deliver groundbreaking therapies for patients suffering from inherited retinal diseases and other forms of blindness. As the market continues to evolve, it is poised to achieve new milestones, providing hope for millions of individuals worldwide.
Key Takeaways from Market Study:
- By indication, Stargardt disease segment held a prominent market share of about 8% in the global market, in 2022 owed to its high prevalence creating high demand for retinal gene therapy.
- By end user, hospitals held a market share of around 6% in 2022 as they provide specialization and expertise in delivering the therapy.
- North America dominated the global market with U.S. contributing around USD 30.8 Million in 2022.
“Technological advancements and increasing capital investment in research and development efforts by the government and private organizations to create lucrative opportunities for the retinal gene therapy market throughout the forecast period,” says an analyst of Future Market Insights.
Retinal Gene Therapy Trends on the Rise: Uncover the Full Scope with Our In-Depth Report!
Market Competition:
The market is characterized by a high level of market concentration, with a few key players dominating the market. However, these key players aim to promote innovation via continuous developments of new therapeutic pipelines and strategic collaborations, driving competition, and new commercial opportunities.
- In October 2020, Novartis acquired Vedere Bio, a company that specializes in optogenetics and AAV gene therapy.
Key Companies Profiled:
- Gyroscope Therapeutics (Novartis)
- Applied Genetic Technologies Corporation (AGTC)
- Spark Therapeutics
- Adverum Biotechnologies
- REGENXBIO Inc.
- Biogen Inc.
- Nightstar Therapeutics
- MeiraGTx Holdings plc
- GenSight Biologics
- RetroSense Therapeutics
- Second Sight Medical Products
- Oxford Biomedica
- Hemera Biosciences
- Adverio Pharmaceuticals
Key Market Segments Covered in Retinal Gene Therapy Market Industry Analysis:
By Indication:
- Leber Congenital Amaurosis (LCA)
- Stargardt Disease
- Choroideremia
- X-linked Retinitis Pigmentosa (RP)
- Others
By End User:
- Hospitals
- Academic & Research Institutes
- Ophthalmic Clinics
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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