South Korea Gene Therapy Market Growth 2024, Rising Trends, Revenue, Key Manufacturers, Challenges, Future Opportunities and Forecast till 2033: SPER Market Research
Gene therapy is a medical procedure that involves changing, adding, or deleting particular genes in a patient’s cells in order to correct genetic problems. This therapeutic approach focuses on the underlying genetic etiology of hereditary disorders, such as cancer or cystic fibrosis. Clinical experiments have yielded encouraging outcomes, and it may be applied to customized care.
According to SPER market research, ‘South Korea Gene Therapy Market Size- By Vector Type, By Method, By Gene Type, By Application, By End User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the South Korea Gene Therapy Market is predicted to reach USD 15.33 Million by 2033 with a CAGR of 16.89%.
Drivers: Due to the increasing collaborations and partnerships between leading biopharmaceutical firms and research centers for the creation and development of gene therapy vectors, the gene therapy industry in South Korea is rising. In January 2023, Rznomics Inc. and Charles River Laboratories International, Inc. partnered to create and develop viral vectors for liver cancer gene therapy. It is anticipated that these partnerships will increase the variety of gene therapies available in the nation and favorably impact the growth of the gene therapy business in South Korea. The emergence of hereditary diseases such sickle cell anemia, muscular dystrophy, and cystic fibrosis is driving the need for gene therapy treatments.
Challenges: One of the cutting-edge medications being created via intensive research and development is gene therapy. As such, they require a substantial time and financial commitment. Preclinical testing, lab work, clinical trials, and regulatory approval are among the expenses. Additionally, vectors used in gene therapy products must be created and developed independently in compliance with regulations. As a result, the entire production process becomes more complex. Production expenses are raised by rigorous adherence to quality standards and closely watched industrial processes. Gene treatments are also very specific drugs that are not manufactured in large quantities. All of these elements contribute to the high price of gene therapy products, which keeps many nations—particularly poor ones—from implementing them.
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The COVID-19 pandemic significantly affected South Korea’s gene therapy industry, upsetting multiple different sectors. Clinical trials were halted, research facilities were few, and research and development (R&D) efforts were significantly postponed. As a result, the pace of ongoing research decreased, patient recruitment was constrained, and advancements in gene therapy were impeded. The supply chain for gene therapy products was also impacted by production problems and raw material shortages caused by travel restrictions and lockdowns. Due to economic worries that made investors more cautious and the fact that government and private sector resources were frequently redirected to COVID-19 response efforts, the pandemic caused a fall in financial investments in the sector.
Additionally, some of the market key players are; CHA Biotech Co., Ltd., CORESTEMCHEMON Inc., Ferring International Center S.A.
South Korea Gene Therapy Market Segmentation:
By Vector Type: Based on the Vector Type, South Korea Gene Therapy Market is segmented as; Viral Vector, Non-Viral Vector.
By Method: Based on the Method, South Korea Gene Therapy Market is segmented as; Ex-Vivo, In-Vivo.
By Gene Type: Based on the Gene Type, South Korea Gene Therapy Market is segmented as; Antigen, Cytokine, Tumor Suppressor, Suicide, Deficiency, Growth factors, Receptors, Others.
By Application: Based on the Application, South Korea Gene Therapy Market is segmented as; Ocological Disorders, Cardiovascular Diseases, Infectious Diseases, Rare Diseases, Neurological Disorders, Other Diseases.
By Region: This research also includes data for Eastern, Western, Northern, Southern.
For More Information, refer to below link: –
South Korea Gene Therapy Market Outlook
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