Cancer Gene Therapy Market To Reach a Valuation of USD 4047.8 Million by 2028 - Comprehensive Research Report by BrandEssence Market Research

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02 Dec, 2022, 11:39 GMT

LONDON, Dec. 2, 2022 /PRNewswire/ -- The Global Cancer Gene Therapy Market is expected to amass a valuation of USD 4047.8 billion by 2028 from USD 2058.7 billion in 2021. It is expected to expand at a CAGR of 10.14% over 2022-2028.

Cancer gene therapy is referred to as a type of medical procedure involving the replacement of a diseased or defective gene with a healthy alternative or copy of that same gene. In other words, it functions by transforming the genetic instructions in a cancer affected individuals' body. Moreover, as a part of this therapy, new cells can also be introduced in the body to fight against cancer cells. It is known to be a much more effective and safer method than chemotherapy.

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Global Cancer Gene Therapy Market Outlook (2022-2028)

The growing prevalence of cancer worldwide, rising healthcare expenditure, along with technological advancements in the field are primarily augmenting the outlook of this business vertical.

Furthermore, rising awareness regarding the benefits of gene therapy, surging R&D investments in the field, and surge in the geriatric population base are creating lucrative opportunities for this marketplace to prosper.

Also, changing lifestyle trends of the masses, favorable government policies to raise cancer awareness, and favorable medical reimbursement scenario across various regions are adding momentum to the progression of this industry sphere.

Moreover, rapid evolution in the field of cancer research, increase in the number of hospitals with registered oncology departments along with surging success rates of novel medicines are propelling the growth of global cancer gene therapy market.

On the contrary, availability of other cancer treatment alternatives, risk of side effects associated with gene therapy, and lack of skilled medical professionals in this domain are hindering the remuneration scope of this marketplace.

Like other healthcare sub-domains, the cancer therapy vertical also suffered a massive loss due to the onset of the coronavirus pandemic. Healthcare professionals started prioritizing COVID-19 based research and treatment activities. Gene therapy sessions along with related research activities were postponed due to the rising COVID-19 infected patient pool. Due to containment measures like social distancing and lockdowns, the cancer patients were also reluctant to visit any healthcare center for therapy so as to avoid getting infected.

Competitive Hierarchy

The prominent players characterizing the competitive terrain of global cancer gene therapy market are Merck KGaA, AstraZeneca Plc., Novartis AG, BIOCAD, EffRx Pharmaceuticals S.A., Euroscreen S.A., Vicore Pharma AB, Genelux Corporation, Cell Genesys Inc., Bristol-Myers Squibb, GenVec Inc., Amgen, Adaptimmune Therapeutics plc., Advantagene Inc., GlaxoSmithKline PLC, Achieve Life Science Inc., BioCanCell Ltd., Crinetics Pharmaceuticals, Inc., and Others.

These companies are making their best efforts to meet their ultimate growth goals. Mergers & acquisitions, R&D investments, product launches, collaborations, and partnerships are some of the effective business centric strategies adopted by them to make a mark in this sector.

Segmental Outlook

By Indication

  • Breast Cancer
  • Ovarian Cancer
  • Liver Cancer
  • Pancreatic Cancer
  • Lung Cancer
  • Prostate Cancer

By End-Use

  • Research Institutes
  • Biopharma Companies
  • Others

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Region-wise Insights

Which is the most dominant region in the global cancer gene therapy market?

North America presently accounts for a high revenue share and is projected to showcase robust expansion trends over 2022-2028. This is attributable to the increasing healthcare expenditure, rise in cancer research activities, and elevating demand for DNA based gene therapy.

Besides, developing healthcare infrastructure, changing lifestyle trends, and growing income levels are contributing to the overall industry growth in this region.

What is Asia Pacific's position in this business vertical?

Asia Pacific is reckoned to amplify substantially over the stipulated timeline due to the increase in geriatric population base, rapid evolution in the field of genetics research, along with technological innovations in the field.

Moreover, presence of favorable medical reimbursement scenario, growing pervasiveness of cancer, along with unhealthy lifestyle of the masses are propelling APAC market growth.

Category-Wise Outlook

Which is the fastest growing indication segment in the market?

The breast cancer segment is currently regarded as the fastest growing segment in the market owing to the rising prevalence of this disease across the globe. Gene therapy is one of the most effective treatment methods when it comes to the treatment of breast cancer as it poses lesser risks of side effects as compared to chemotherapy.

Which end use segment is dominating the industry?

The others segments constituting of hospitals and oncology institutes is presently leading the market. This is due to the increase in number of hospitals, rise in the target patient pool, and surge in the geriatric population base.

Market growth comparison pertaining to the historical years and forecast timeline of 2022-2028

The global cancer gene therapy market has been exponentially growing due to the presence of numerous growth inducing factors.

There has been a steep rise in the pervasiveness of cancer worldwide due to a wide array of factors. The increasing adoption of sedentary lifestyle, unhealthy eating habits, surging pollution levels, and rising popularity of junk and ready to eat food are being regarded as the primary causes behind cancer. This in turn is positively swaying the outlook of this business vertical.

The elderly population base is highly susceptible to ailments like cancer. It is evident that people begin to lose their immunity, thereby the power to fight against diseases with growing age. Therefore, a large number of elderly population get affected with various types of cancer worldwide. This has escalated the demand for efficient cancer treatment therapeutics.

Also, increasing R&D activities in the field, rapidly evolving healthcare infrastructure, along with growing efforts of prominent players to develop and launch effective entities in the field are paving a way for this industry to prosper.

On Special Requirement Cancer Gene Therapy Market Report is also available for below region:

North America

  • U.S, Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

Major Developments

In September 2021, Adaptimunne inked a partnership deal with Genetech to jointly develop allogenic cell therapies aimed at the treatment of various cancer forms.

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