Cancer Gene Therapy Market to Reach $11.4 Bn, Globally, by 2030 at 23.3% CAGR: Allied Market Research
Surge in funding of R&D activities for cancer gene therapy along with the rising in the prevalence of cancer and supportive government regulations drive the growth of the global cancer gene therapy market.
PORTLAND, Ore., April 11, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Cancer Gene Therapy Market by Therapy (Gene Induced Immunotherapy, Oncolytic Virotherapy, Gene Transfer), by End User (Hospitals, Diagnostic centers, Research Institutes): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global cancer gene therapy industry generated $1.4 billion in 2020, and is expected to reach $11.4 billion by 2030, witnessing a CAGR of 23.3% from 2021 to 2030.
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Drivers, Restraints, and Opportunities
Surge in funding of R&D activities for cancer gene therapy along with the rising in the prevalence of cancer and supportive government regulations drive the growth of the global cancer gene therapy market. However, high cost involved in gene therapy and unwanted immune responses restrain the market growth. On the other hand, advancements in gene-induced immunotherapy research are projected to present new opportunities in the coming years.
Covid-19 Scenario
- During the Covid-19 pandemic, there has been significant decline in diagnosis of six major types of cancer such as breast, colorectal, lung, pancreatic, gastric, and oesophageal cancers. This led to reduction in revenue of the global cancer gene therapy market revenue.
- The Centers for Disease Control and Prevention (CDC) and other organizations recommended the postponement of cancer screening and other elective surgeries. However, therapies and surgeries were conducted in emergency situations in a secure environment.
The gene induced immunotherapy segment to maintain its lead position during the forecast period
Based on product, the gene induced immunotherapy segment accounted for the highest market share in 2020, holding around two-fifths of the global cancer gene therapy market, and is expected to maintain its lead position during the forecast period. This is due to rise in the advancement of gene-induced immunotherapy research. However, the oncolytic virotherapy segment is expected to manifest the highest CAGR of 23.7% from 2021 to 2030, owing to rise in awareness about these products and cancer gene therapy.
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The hospitals segment to maintain its leadership status throughout the forecast period
Based on end user, the hospitals segment contributed to the highest market share in 2020, accounting for more than half of the global cancer gene therapy market, and is projected to maintain its leadership status throughout the forecast period. This is attributed to increase in healthcare awareness, rise in the number of hospitals, and surge in geriatric and bariatric populations. However, the diagnostic centers segment is projected to manifest the largest CAGR of 24.5% from 2021 to 2030, owing to rise in funding provided for R&D activities of cancer gene therapy.
North America to maintain its dominance in terms of revenue by 2030
Based on region, North America held the highest market share in terms of revenue in 2020, contributing to around two-fifths of the global cancer gene therapy market, and is expected to maintain its dominance in terms of revenue by 2030. This is due to significant investments in research and advancements in technology and increase in healthcare awareness in the region. However, Asia-Pacific is projected to portray the fastest CAGR of 24.9% during the forecast period, owing to presence of a large population base, government initiatives to improve healthcare infrastructure, and rise in healthcare expenditure.
Leading Market Players
- Bristol Myers Squibb Co.
- Novartis
- Amgen Inc.
- Glaxosmithkline PLC
- Kayropharma Therapeutics
- Gilead Sciences
- Adapta Immue
- Genulex Corporation
- SynerGene Therapeutics
- Shanghai Sunway Biotech
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