The North America cancer gene therapy market is expected to dominate over the next five years, with China emerging as a lucrative pocket accounting for 32.3% of East Asia's share during that time period.
NEWARK, Del., June 27, 2022 /PRNewswire/ -- As per Future Market Insights' latest revised industry analysis, the global cancer gene therapy market is projected to expand at a 10.1% CAGR over the forecast period, with the market size reaching US$ 5.3 Bn in 2032.
Gene therapy is a field of medicine that aims to cure or greatly improve the treatment of diseases that have few or no treatment options. Advanced-stage cancer and hematological illnesses make up a large share of gene therapy candidates. In addition to this, gene therapy is frequently used to treat rare or inherited diseases.
While gene therapy research is still in its early stages, firms are increasingly investing in the technology. A handful of products have recently received approval outside of Canada or are in the final stages of clinical trials.
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Gene therapy is currently extremely expensive. Multi-stakeholder discussions about pricing and reimbursement management for these goods are required. To provide accessibility and quality of care, specialized manufacturing facilities, care centers, and doctors skilled to undertake specific procedures for such therapies are required.
The growth in the cancer gene therapy market is reliant on increasing awareness about health, the growing incidence of cancer, and the latest advancements in cancer gene therapy.
"Rising awareness regarding cancer gene therapy across emerging economies, along with favorable healthcare reimbursement plans in various countries will create opportunities for growth in the market over the forecast period," says an FMI analyst.
- Based on therapy, the oncolytic virotherapy segment accounted for about 49.3% of the total market share in 2021.
- In terms of indication, sales in the breast cancer segment are forecast to grow at a CAGR of 9.7% in the forecast period.
- By service provider, demand in the hospitals segment will grow at a 9.3% CAGR through 2032.
- The U.S. will dominate the North America cancer gene therapy market over the forecast period.
- China will emerge as a lucrative pocket, accounting for 32.3% of the East Asia cancer gene therapy market share over the assessment period.
- Demand in Germany is expected to increase at a 11.9% CAGR over the assessment period.
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Acquisitions, partnerships, geographical recognition, and product launches are the key strategies adopted by leading players to increase the consumer base. For instance:
- In March 2022, Novartis and Carisma Therapeutics agreed to collaborate on the development of HER 2 targeted CAR-M cell therapy.
- A2 Biotherapeutics and Merck announced a collaboration in December 2020 to develop allogeneic cell therapy for solid tumor cancers.
Leading Companies Profiled in Cancer Gene Therapy Market are
- Merck KGaA
- Novartis AG
- AstraZeneca Plc.
- Crinetics Pharmaceuticals, Inc.
- EffRx Pharmaceuticals S.A.
- Euroscreen S.A.
- Vicore Pharma AB
- Bristol-Myers Squibb
- Cell Genesys Inc.
- Adaptimmune Therapeutics plc.
- Achieve Life Science Inc.
- BioCanCell Ltd.
- Genelux Corporation
- Advantagene Inc.,
- GenVec Inc.
- GlaxoSmithKline PLC
- Amgen Inc.
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Key Market Segments Covered in Cancer Gene Therapy Industry Research
- Gene Induced Immunotherapy
- Oncolytic Virotherapy
- Gene Transfer
- Breast Cancer
- Ovarian Cancer
- Liver Cancer
- Pancreatic Cancer
- Lung Cancer
- Prostate Cancer
By Service Provider:
- Clinical Research Laboratory
- Oncology institutes
- North America
- Latin America
- South Asia
- East Asia
- The Middle East and Africa (MEA)
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Future Market Insights brings a comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2032. The global cancer gene therapy market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on the cancer gene therapy market segment based on therapy – (gene induced immunotherapy, oncolytic virotherapy, gene transfer, and others), by indication (breast cancer, ovarian cancer, liver cancer, pancreatic cancer, lung cancer, and prostate cancer), by service provider (hospitals, clinical research laboratory, and oncology institutes), across seven major regions.
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