The growing prevalence of cancer is expected to drive the growth of global cancer gene therapy in the forecast period, 2024-2028.
According to TechSci Research report, “Cancer Gene Therapy Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, Global Cancer Gene Therapy Market is anticipated to grow at an impressive rate in the forecast period, 2024-2028. This can be ascribed to the growing approvals of gene therapy products for the treatment of different types of cancer across the globe. Additionally, growing advancements in gene therapy, growing research, and developments of gene therapies will further enhance the demand for advanced cancer gene therapy during the forecast period. Similarly, growing demand for minimally invasive procedures for the treatment of cancer especially in the developed countries in North America and Europe is expected to create lucrative opportunities for market growth in coming years. Besides, growing awareness among patients and healthcare providers about new cancer gene therapy will boost the market growth over the years. Also, favorable government reimbursement policies for the treatment and diagnosis of cancer are expected to create lucrative growth in the market during the forecast period. The improvement of rules and regulations to create a more reasonable supervisory mechanism along with the development of biotechnology research, applications and related business will further boost the market growth during the forecast period.
However, high cost of gene therapy can create affordability issues thereby slowing down the growth of Global Cancer Gene Therapy Market in the forecast period. Similarly, high risks and complications associated with treatments and unwanted immune responses may hamper The Cancer Gene Therapy Market growth during the forecast period. Also, lack of awareness about new gene therapy for the treatment and poor reimbursement scenario with lack of insurance coverage in emerging countries can further restrict the growth of Global Cancer Gene Therapy Market. Also, lack of skilled healthcare workers for handling the management scenario in the healthcare sector can restrain the growth of the market over the years.
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The global cancer gene therapy market can be segmented by therapy, indication, end user, and by region. Based on therapy, the global cancer gene therapy market can be segmented into Oncolytic Virotherapy, Gene Induced Immunotherapy, Gene Transfer, and Others. The gene induced therapy segment dominated the market in 2022 and is expected to continue maintaining its dominance throughout the forecast period. This can be ascribed to increasing development of gene induced therapy along with growing research and development activities pertaining to cancer gene therapy and increasing investment by government organizations in the research and development activities.
Based on end user, the market can be segmented into Biotechnology & Pharmaceutical Companies, Academic & Research Institutions, and Others. The hospital segment is expected to dominate during the forecast period on account of the increasing number of hospitals across the globe and growing geriatric and bariatric populations. Similarly, due to an increase in healthcare awareness and rapid adoption of advanced therapy is expected to create a significant growth during the forecast period.
Major companies operating in the global cancer gene therapy market are:
- Abeona Therapeutics Inc.
- Asklepios BioPharmaceutical Inc.
- Altor Bioscience Inc.
- Bluebird bio-Inc.
- BioCancell Inc.
- Celgene Inc.
- Elevate Bio Inc.
- GlaxoSmithKline Inc.
- Genelux Corporation
- Introgen Therapeutics Inc.
- OncoGenex Pharmaceuticals Inc.
- Merck KGaA
For instance, in July 2022, the researchers at the Center for Nuclear Receptors and Cell Signaling at the University of Houston received a USD 1.8 million grant from the National Institutes of Health for the development of oncolytic virotherapy.
For instance, in August 2022, Merck & Co., Inc., partnered with Orna Therapeutics Inc., for the discovery, development, and commercialization of multiple programs, including the utilization of mRNA for cancer gene therapy.
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“The North America is expected to dominate in the Global Cancer Gene Therapy Market on account due to the increasing number of major key players in the market and rising collaboration with other companies across the region. Furthermore, increasing research and developing activities along with growing awareness about new therapies are further contributing to demand for cancer gene therapy. Besides, the availability of skilled professionals and early adoption of advanced treatments of different types of cancer like breast cancer, prostate cancer, and blood cancer and growing demand for DNA vaccines, growing improvement of regulatory standards regarding the quality of the products used in gene therapy across the developing region is further expected to create lucrative opportunities for the market growth” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Cancer Gene Therapy Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Therapy (Oncolytic Virotherapy, Gene Induced Immunotherapy, Gene Transfer, Others), By Indication (Breast Cancer, Ovarian Cancer, Lung Cancer, Liver Cancer, Pancreatic Cancer, Prostate Cancer, Others), By End User (Biotechnology & Pharmaceutical Companies, Academic & Research Institutions, Others), By Region and Competition”, has evaluated the future growth potential of global cancer gene therapy market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global cancer gene therapy market.
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