Market Overview:
Gene therapy in ophthalmology involves using genes to treat eye diseases. It involves delivering genetic material into cells of the eye for therapeutic benefits. Diseases like age-related macular degeneration, glaucoma, and retinitis pigmentosa are major targets of gene therapy in ophthalmology. Gene therapy offers advantages like long-lasting therapeutic effect from a single administration and potential disease modification or cure. Growing prevalence of eye disorders due to aging population and increasing healthcare expenditure are fueling the demand for gene therapy in ophthalmology.
The gene therapy in ophthalmology market is estimated to be valued at USD 1.2 Bn in 2024 and is expected to reach USD 5.8 Bn by 2031, growing at a compound annual growth rate (CAGR) of 25.2% from 2024 to 2031.
Key players: Key players operating in the gene therapy in ophthalmology market include Novartis, Spark Therapeutics, MeiraGTx, REGENXBIO, and Adverum Biotechnologies.
Growing demand: Increasing prevalence of eye disorders like age-related macular degeneration and retinitis pigmentosa is a major factor driving the demand for Gene Therapy in Ophthalmology Market. According to some estimates, the number of people suffering from age-related macular degeneration is projected to increase to 288 million by 2040 globally.
Technological advancement: Rapid advancement in gene therapy and introduction of novel gene therapy products is expected to boost the market growth. For instance, voretigene neparvovec by Novartis is one of the first gene therapy approved for treatment of retinal dystrophy.
Market Trends
Personalized medicine - With advances in understanding of genetics, companies are developing personalized gene therapies targeted to specific mutations causing eye disorders.
Combination therapies - Researchers are exploring effectiveness of combining gene therapy with stem cell therapy or drugs for better treatment outcomes in retinal diseases.
Market Opportunities
Untapped emerging markets - Large patient population and improving healthcare infrastructure in developing nations like India and China offer significant opportunities.
Growing pipeline - Over 50 gene therapy clinical trials are ongoing for various ophthalmology indications, which will drive future market revenues once approved.
The COVID-19 pandemic has significantly impacted the Gene Therapy in Ophthalmology market. Ophthalmology clinics and hospitals saw reduced footfall as both patients and physicians focused on more urgent care needs arising due to the pandemic. This led to postponement of non-essential procedures like gene therapy. However, teleconsultations enabled physicians to continue managing chronic patients remotely.
With the lifting of lockdowns and containment measures, clinics have now reopened but are operating at lower capacities to ensure distancing protocols. This has slowed the market's return to pre-pandemic levels. Manufacturers also faced disruptions in raw material supply chains and delays in clinical trials. The need to develop coronavirus treatments also diverted resources away from other disease areas temporarily.
Going forward, the market is expected to regain lost ground as the pandemic situation stabilizes globally. Increased adoption of telehealth can facilitate remote patient monitoring and counseling. Manufacturers are exploring partnerships and collaborations to enhance production capacities and speed up drug development. Regulatory agencies have also fast-tracked approval processes for urgently needed therapies. However, further virus mutations and ensuing lockdowns continue to pose downside risks.
The United States accounts for the largest share of the global gene therapy in ophthalmology market, driven by factors like rising healthcare budgets, accessibility and adoption of advanced treatment options. Europe is the second largest regional market benefiting from favorable reimbursement policies and government support for gene therapy research. The Asia Pacific region is witnessing the fastest market growth and expanding at a CAGR significantly higher than global average. Increasing medical tourism and expanding healthcare infrastructure in countries like China and India are contributing to the growth of the APAC gene therapy in ophthalmology market.
North America
The North America region constitutes the major share of the global market for gene therapy in ophthalmology. The large market share of North America can be attributed to the increasing prevalence of ophthalmic disorders, rising healthcare expenditure, presence of well-established healthcare facilities and reimbursement structure. The growing R&D activities related to gene therapy and commercialization of gene therapy products in the United States is fueling the market growth. Furthermore, the rising awareness about advanced treatment options and high adoption rate of new technologies further support the market growth in this region.
Asia Pacific
The Asia Pacific market is considered as the fastest growing regional market for gene therapy in ophthalmology. Factors such as increasing focus of international players on emerging Asia Pacific countries, rising healthcare expenditure, expanding medical tourism industry and growing patient pool are contributing to the rapid growth of the market. Additionally, growing knowledge about gene therapy, improvements in healthcare facilities and support from government initiatives will provide lucrative opportunities for the market players operating in this region during the forecast period.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)