According to Precision Business Insights, the Cancer Gene Therapy Market research report provides industry size and growth.
According to Precision Business Insights (PBI), the latest report the global cancer gene therapy market is expected to be worth USD 629 million in 2022 and projected to grow at 27% CAGR from 2023 to 2029. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period. Cancer gene therapy is a process that treats cancers by inserting therapeutic DNA into the patient. Cancer gene therapy is gaining popularity as a result of its success rate in preclinical and clinical trial stages. The most common technique for cancer gene therapy involves replacing a mutated gene that is causing cancer with a healthy copy of the gene. A new technique that is being introduced to cancer gene therapy market involves insertion of new genes into the body that would help to fight against tumor cells. Globally, rising cancer prevalence will increase demand for gene therapy as the effective personalized treatment choice. Various factors, such as the increased cases of cancer, rising government initiatives, increase in funding from various government and non-government organizations, ethical acceptance of gene therapy for treatment of diseases and growing popularity of DNA vaccines is driving the cancer treatment market. However, less awareness and high cost involved in treatment, lack of reimbursement policies for advanced gene therapy methods are restraining the growth of the stem cells therapy market. The global cancer gene therapy market is divided into the following categories-
Hospitals, Oncology institutes, Biotechnological companies and Clinical Research Labs. And lastly, on the basis of geographical regions, the cancer gene therapy market is divided into North America, Europe, Latin America, Asia- Pacific and the Middle East and Africa. North America leads the global cancer gene therapy market owing to the large pool of aging population and advancements in technology high investments in R & D activities along with the government support will boost industry demand. The U.K. market is anticipated to grow rapidly owing to the rising occurrence of cancer along with the increase in acceptance of gene technology. Asia-Pacific is expected to witness high growth in cancer treatment market due to increase in government initiatives, rising economy, and improvement in healthcare infrastructure in the region.
Some of the major companies Cancer Gene Therapy Market are Urigen Pharmaceuticals Inc. (U.S), GenVec.Inc (U.S), Oxford BioMedica (U.K), Vical (U.S), ANI Pharmaceuticals, Inc. (U.S), and Genzyme Corporation (U.S). Novartis AG (Switzerland), and Cell Medica (U.K.).
In 2017, Novartis received USFDA Oncologic Drugs Advisory Committee (ODAC) recommended approval of CTL019, an investigational chimeric antigen receptor T cell (CAR-T) therapy, for the treatment of relapsed or refractory pediatric and young adult patients with B-cell acute lymphoblastic leukemia. Global cancer gene therapy market is highly fragmented with small biotech firms holding a chunk of the overall industry share. Major industry participants adopting various strategies to retaining their market positions such as the development of advanced technologies, maintaining a strong intellectual property, strategic collaborations, and joint ventures adopted by in the global cancer gene therapy. As per WHO, cancer incidence is projected to rise by 50% to reach 15million by the end of this decade. This alarming increase in the number of patients and side effects associated with various chemotherapy drugs entails to a potential treatment approach addressing the growing global burden of the cancers. Small biotech firms dominate the stem cells therapy market than the bigger players. Increased in the adoption of emerging genomic technologies such as Next Generation Sequencing (NGS) and high-density microarray coupled with favorable government initiatives will fuel global cancer gene therapy market.