Gene therapy is a medical process used to treat genetic issues by adding, removing, or altering specific genes in a patient's cells. Hereditary diseases like cancer or cystic fibrosis may be treated with this treatment strategy, which targets the underlying genetic cause. It has shown promising results in clinical trials and has the potential to be used in individualized treatment.
South Korea Gene Therapy Market Driving Factors and Challenges
Drivers: The South Korean gene therapy market is expanding due to the growing alliances and partnerships between top biopharmaceutical companies and research facilities for the production and development of gene therapy vectors. Charles River Laboratories International, Inc. and Rznomics Inc. established a collaboration in January 2023 to produce and develop viral vectors for gene therapy used to treat liver cancer. These partnerships are anticipated to increase the number of gene therapies available in the nation and have a favorable impact on the growth of the gene therapy market in South Korea.
Growing Incidence of Genetic Conditions - The need for gene therapy therapies is being driven by the rise of genetic illnesses such muscular dystrophy, sickle cell anemia, and cystic fibrosis. This increasing prevalence highlights the need for novel therapeutic strategies. By focusing on the underlying causes of these conditions, gene therapy is a viable way to address unmet medical needs in impacted communities.
Challenges: Gene therapy is one of the advanced medicines being developed through extensive research and development. They therefore necessitate a significant investment of time and money. The costs include preclinical testing, laboratory research, clinical trials, and regulatory approval. Vectors used in gene therapy products also need to be made and developed separately in accordance with guidelines. This leads to a greater complexity in the overall production process. Strict adherence to quality standards and meticulously monitored manufacturing procedures increase production costs. Additionally, gene therapies are highly targeted medications that are not mass-produced. These factors all add to the high cost of gene therapy products, which prevents many countries, especially developing ones, from adopting them.
Impact of COVID-19 on South Korea Gene Therapy Market
The COVID-19 pandemic, which disrupted several distinct areas, had a substantial impact on the gene therapy sector in South Korea. Research and development (R&D) activities were severely delayed, clinical trials were stopped, and research facilities were limited. Consequently, current research was slowed down, patient enrollment was limited, and gene therapy breakthroughs were hindered. Due to production issues and shortages of raw materials brought on by lockdowns and travel restrictions, the supply chain for gene therapy products was also affected. The pandemic led to a decline in financial investments in the sector because of economic uncertainties that made investors more cautious and because government and private sector resources were often diverted to COVID-19 response operations.
South Korea Gene Therapy Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; CHA Biotech Co., Ltd., CORESTEMCHEMON Inc., Ferring International Center S.A., HELIXMITH Co., Ltd., MEDIPOST Co., Ltd., Novartis Korea Ltd., PHARMICELL Co., Ltd., Rznomics Inc., S-Biomedic, Tego Science, Inc.
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.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.