Cancer Gene Therapy Market Size Is Projected to Expand at a Steady CAGR over the Forecast by 2027
Increased prevalence of cancer, and rise in global geriatric population, and high growth potential in the untapped markets of developing countries are expected to boost the growth of the global cancer gene therapy market.
Cancer gene therapy is an approach for the cancer treatment, where genetically engineered vectors such as viruses are used to transfer or replace a mutated gene (that is causing cancer) with a heathy gene. This technique can be used for both the prevention and treatment of disease. The most commonly used techniques for the treatment using cancer gene therapy includes oncolytic virotherapy, gene transfer, and gene-induced immunotherapy.
″ Cancer Gene Therapy Market by Therapy (Gene Induced Immunotherapy, Oncolytic Virotherapy, and Gene Transfer): Global Opportunity Analysis and Industry Forecast, 2017-2023.” The report offers an in-depth analysis of the market dynamics, top winning strategies, key market segments, top investment pockets, and competitive landscape. According to the report, the global cancer gene therapy market was valued at $385.8 million and is expected to reach $2,082.5 million by 2023, registering a CAGR of 32.4% through 2023
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High prevalence of incidence of cancer, surge in geriatric population, and increase in funding from governmental and non-governmental organizations for R&D drive the growth of the global cancer gene therapy market. However, high cost for gene therapy and adverse effects such as immune response hamper the market growth. On the contrary, increase in the adoption rate due to technological advancements and high growth potential in the untapped markets in the developing countries such as India and China would create lucrative opportunities in the coming years.
Gene transfer segment to manifest fastest growth:-
The gene transfer segment is estimated to witness the fastest CAGR of 32.8% during the forecast period, owing to increase in funding for the development of gene transfer therapy to effectively treat cancer. However, oncolytic virotherapy therapy segment was the largest contributor of the market in 2017, holding more than 43% share of the global cancer gene therapy market. In addition, the gene-induced immunotherapy segment would show gradual growth from 2017 to 2023.
North America to retain largest market share:-
In 2017, North America accounted for the largest market share, contributing more than half of the total revenue, owing to increase in the number of viral infection cases and high prevalence of cancer and other inherited disorders in the region. However, Asia-Pacific region is expected to manifest the fastest CAGR of 38.4% through 2023, on account of several government initiatives to improve the healthcare infrastructure in developing economies. The other regions analyzed in the report include Europe and Latin America, Middle East and Africa (LAMEA).
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Major market players:-
The key market players operating in the global cancer gene therapy market include Adaptimmune, bluebird bio, Inc., Celgene, BioCancell, SynerGene Therapeutics, GlaxoSmithKline, Merck, Shanghai Sunway Biotech, Shenzhen SiBiono GeneTech, and OncoGenex Pharmaceuticals.
Name: David Correa
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