The global cancer gene therapy market is on the brink of substantial expansion, with projections indicating a robust compound annual growth rate (CAGR) of 10.1% from 2022 to 2032. According to a recent report by Future Market Insights (FMI), the market, which was valued at USD 2 billion in 2022, is expected to skyrocket to USD 5.3 billion by the end of the decade.
The surge in market growth is primarily driven by advancements in oncolytic virotherapy, a category that commanded 49.3% of the global cancer gene therapy market in 2021. Oncolytic virotherapy, which uses genetically modified viruses to target and destroy cancer cells while sparing healthy ones, continues to be a pivotal segment in the field. Its ongoing development and application are anticipated to play a critical role in the industry’s expansion over the next ten years.
Gene therapy, a groundbreaking field in medicine, holds promise in revolutionizing the treatment landscape for diseases with limited or no therapeutic options. With a focus on advanced-stage cancer and hematological illnesses, gene therapy offers hope for patients facing dire prognoses. Additionally, it is instrumental in addressing rare or inherited diseases, underscoring its potential to transform lives across diverse medical conditions.
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.
Key Takeaways:
- 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.
See the Full Data Set: Download the Complete Report on the 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.
Key Segments:
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
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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