According to Future Market Insights’ most recent revised industry report, the Global Cancer Gene Therapy Market Demand will grow at a 10.1% CAGR over the forecast period, reaching US$ 5.3 Billion in 2032.
Gene therapy is a branch of medicine that seeks to cure or significantly enhance the treatment of diseases for whom there are few or no treatment choices. A high proportion of gene therapy candidates are for advanced-stage cancer and haematological diseases. Gene therapy is also widely utilised to treat rare or inherited disorders.
Despite the fact that gene therapy research is still in its early phases, companies are rapidly investing in the technology. A few products have recently gotten approval outside of Canada or are nearing completion of clinical testing.
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At the moment, gene treatment is too expensive. Pricing and reimbursement management for these items will necessitate multi-stakeholder negotiations. Specialised manufacturing facilities, care centres, and doctors trained in specific procedures for such therapies are necessary to offer accessibility and quality of care.
The growth of the Cancer Gene Therapy market is dependent on increased health awareness, the rising prevalence of cancer, and the most recent 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.
Cancer Gene Therapy Market Key Takeaways:
- In 2021, the oncolytic virotherapy category accounted for approximately 49.3% of the total market share.
- Sales in the breast cancer indication are expected to grow at a CAGR of 9.7% during the projected period.
- Demand for hospitals will expand at a 9.3% CAGR until 2032, according to the service provider.
- During the forecast period, the United States will dominate the North American Cancer Gene Therapy market.
- Over the evaluation 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 predicted to grow at an 11.9% CAGR.
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Cancer Gene Therapy Market Competition Landscape:
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.
- BIOCAD
- Crinetics Pharmaceuticals, Inc.
- EffRx Pharmaceuticals S.A.
- Euroscreen S.A.
- Vicore Pharma AB
- Amgen
- 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:
By Therapy:
- Gene Induced Immunotherapy
- Oncolytic Virotherapy
- Gene Transfer
- Others
By Indication:
- Breast Cancer
- Ovarian Cancer
- Liver Cancer
- Pancreatic Cancer
- Lung Cancer
- Prostate Cancer
By Service Provider:
- Hospitals
- Clinical Research Laboratory
- Oncology institutes
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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