South Korea gene therapy market is projected to witness a CAGR of 22.89% during the forecast period 2024-2031, growing from USD 229.55 million in 2023 to USD 1,184.64 million in 2031. The growth of the market is supported by significant technological advancements in genomic medicines, rising efforts by the government, increasing approvals, and the growing prevalence of chronic and genetic diseases and disorders in the country. Gene therapy represents a transformative approach to treating diseases by modifying genetic material to correct or replace faulty genes. This innovative treatment modality has gained significant traction in South Korea, driven by advancements in biotechnology, increasing investment in research and development, and a growing prevalence of genetic disorders and chronic diseases.
Additionally, the rising research activities by leading research institutions in the country are expected to positively influence the market’s expansion. For instance, researchers from Korea University engineered transcription activator-like effector-linked deaminases (TALEDs) for improved A-to-G precision editing, according to a study published in the journal Cell in January 2024.
Furthermore, the rising collaborations and partnerships between leading biopharma companies and research laboratories for manufacturing and developing vectors for gene therapy are propelling the growth of South Korea gene therapy market. In January 2023, Rznomics Inc. and Charles River Laboratories International, Inc. announced a partnership for manufacturing and developing viral vectors for gene therapies for treating liver cancer. Such alliances are expected to bolster the availability of gene therapies in the country and positively influence the expansion of the South Korea gene therapy market.
Rising Government Efforts to Boost Market Growth
The rising efforts by the country’s government to bolster the development of the gene therapy industry by supporting public-private partnerships, enhancing the regulatory framework, and promoting of international collaborations are propelling the growth of South Korea gene therapy market. The South Korean government is encouraging partnerships between private biotech companies and public institutions to leverage the industrial capabilities and research expertise of both parties to promote novel product launches and technological enhancement in gene therapies. International collaborations are expected to provide lucrative growth opportunities to the market by promoting research and innovation. For instance, in May 2024, CIC Innovation Services LLC and CHA BIO GROUP signed a Memorandum of Understanding (MoU) to establish an innovation center focusing on innovation and research around the Cell Gene Biobank (CGB). The two organizations agreed to collaborate on the creation of an innovative ecosystem that is biotech-focused by supporting and attracting biotech ventures and related companies to the CGB. The companies in the CGB will be granted access to the special equipment and infrastructure of CHA BIO GROUP, including gene therapy contract development and manufacturing organization (CDMO) services covering various regions across the globe, supporting novel innovations and ensuring product availability. Furthermore, it will also aid in fostering mentorship opportunities and support the expansion of networks for various companies, bolstering the development of novel cancer therapies.
Increasing Approvals to Support Market Expansion
The growing efforts by various market players are expected to augment the availability of novel therapeutic solutions, including gene therapies in the country, propelling the expansion of the South Korea gene therapy market. In March 2024, Rznomics Inc., one of the leading biopharma companies in South Korea, announced two advancements in the pathways for developing anticancer therapies. The company’s leading clinical candidate, RZ-001, recently received fast-track designation by the Food and Drug Administration (FDA) for treating glioblastoma multiforme, a type of brain tumor. The gene therapy was approved for Phase I/IIa trials in both South Korea and the United States and allowed for an expedited review process for improving patient access. Such approvals and provision of fast-track status are expected to aid market players in safely launching and developing effective and safe gene therapies to allow patients to battle chronic diseases. Additionally, the government and the regulatory bodies of the country are working towards bringing changes in the regulatory framework and approval processes to streamline the approval process and ensure the availability of novel therapeutic solutions in the country.
Oncological Diseases to Hold Major Market Share
The increasing emphasis on the development and introduction of gene therapies for oncological diseases due to their growing burden is propelling the growth of the segment. Oncological diseases have a significant impact on the country’s economy in terms of broader economic consequences and direct healthcare expenses. Various regulatory bodies are ensuring the availability of effective therapeutic solutions in the country to aid in battling diseases. In March 2024, Genprex, Inc. announced that the Korean Patent Office granted a Notice of Patent Grant for a broad patent that covers their immuno-gene therapy candidate Reqorsa combined with anti-PD-1 and PD-L1 antibodies. Such approvals allow the company to secure exclusivity for their drug combinations as they work on advancing clinical studies on Reqorsa.
Hospitals to Account for Major Market Share
The government’s rising investments towards the upgradation of hospitals in the country to ensure the provision of improved healthcare services and facilities to patients are bolstering the segment’s expansion. In February 2024, the South Korean president’s policy package pledged to strengthen the healthcare sector by investing USD 36 million (KRW 50 billion) in regional hospitals. Additionally, the country is focusing on introducing advanced therapeutic solutions, such as gene therapies in hospitals, to provide lucrative growth opportunities to the market. Over the past few years, gene and cell therapies have shown potential in improving patient outcomes as well as high rates of therapeutic success and have thus garnered the attention of healthcare organizations, including leading hospitals in the country.
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Future Market Scenario (2024 – 2031F)
- The South Korea gene therapy market is expected to witness significant growth opportunities in the forecast years due to the rapid expansion of the pharmaceutical sector, growing awareness about the different benefits associated with gene therapies, and increasing efforts of various pharmaceutical and biotech companies to propel their availability in the country.
- The increasing efforts of the country towards research activities in gene therapies for cancer due to the growing prevalence of the disease are expected to positively influence the market’s expansion in the coming years. According to the estimates of an article published in April 2024 in the Cancer Research and Treatment Journal, approximately 292,221 new cases of cancer and 83,770 deaths related to cancer are expected to occur in 2024 in South Korea.
- The government’s efforts to strengthen the healthcare sector are expected to provide lucrative growth opportunities for the market. For instance, the government is working towards expanding the admission quota of medical schools from 2025 to combat the shortage of healthcare professionals.
Report Scope
“South Korea Gene Therapy Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of South Korea gene therapy market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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