The global gene therapy market is expected to surge to $36.6 billion, or approximately 50 trillion won, by 2032. (Image courtesy of Pixabay/CCL)
SEOUL, May 31 (Korea Bizwire) — The global gene therapy market is projected to soar to $36.6 billion (approximately 50 trillion won) by 2032, growing at a compound annual rate of 19.4%, according to a report released by the Korea Biotechnology Industry Organization on Thursday.
Citing research from U.S. market analysis firm MarketsandMarkets, the report highlights the transformative potential of gene therapy — a medical approach that treats diseases by altering a patient’s genetic material — and outlines a sharp rise in global demand over the next decade. The market, valued at $7.2 billion in 2023, is expected to multiply fivefold by 2032.
Among gene therapy types, gene silencing led the segment in 2023 with a market value of $3.4 billion and a 47.7% share, followed by gene augmentation ($2.1 billion) and cell replacement therapy ($1.5 billion). Gene silencing techniques work by suppressing the expression of disease-causing genes, thereby halting harmful protein production.
Injectable medication (Image courtesy of Getty Images)
The report attributes the dominance of gene silencing therapies to their effectiveness in treating major neurological conditions and the increasing number of approved and commercialized therapies.
A prominent example is Biogen’s Spinraza, approved in 2017 for treating spinal muscular atrophy.
By therapeutic area, neurological disorders represented the largest market segment, accounting for $4.1 billion, or 57.4% of the total market — a trend driven by rising rates of chronic diseases and growing demand for advanced therapeutics.
Regionally, North America held the largest market share at $3.6 billion, thanks to its concentration of biopharmaceutical manufacturing facilities, active drug development pipelines, and robust R&D investment.
Korean companies are increasingly positioning themselves within this growing field. Samsung Bioepis has identified gene therapy as a key future growth engine, while ABL Bio is expanding beyond its existing antibody-based therapies to enter the gene therapy space.
RNA-based gene therapy firm Algenomics recently signed a high-profile licensing deal with Eli Lilly to co-develop precision RNA therapies for hereditary hearing loss, a contract valued at over 1.9 trillion won.
South Korea’s Ministry of Food and Drug Safety also noted a significant uptick in gene therapy clinical trials in 2024, underscoring the sector’s growing importance in the global pharmaceutical landscape. The trend reflects heightened domestic interest in capturing a share of the rapidly expanding market.
M. H. Lee (mhlee@koreabizwire.com)
