Newark, New Castle, USA, July 02, 2023 (GLOBE NEWSWIRE) -- According to a recent study by Growth Plus Reports, the Global Cancer Gene Therapy Market was valued at US$ 1.64 billion in 2022 and is expected to register a revenue CAGR of 19.8% to reach US$ 8.33 billion by 2031 during the forecast period from 2023 to 2031. The research describes the most successful strategies, market trends, key drivers and opportunities, the competitive landscape, market size, statistic figures, revenue forecasts, and key investment areas.
Key Takeaways:
- Advancements in gene therapy technologies are responsible for market revenue growth.
- Modifying or manipulating genes under gene therapy are latest innovative therapy to treat cancer.
- The growing investment and government initiatives are creating a range of novel treatment options.
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Cancer Gene Therapy Market Scope
| Report Attribute | Details |
| Market size value in 2022 | US$ 1.64 billion |
| Revenue forecast in 2031 | US$ 8.33 billion |
| Growth Rate | CAGR of 19.8% from 2023 to 2031 |
| Base Year for Estimation | 2022 |
| Forecast Period | 2023-2031 |
| Historical Year | 2021 |
| Segments Covered | Therapy Type, Indication, End-user, and Region. |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Market Drivers:
The significant market revenue in cancer gene therapy is due to increasing investment in gene therapy research and technological advancements. As a result, various potential gene treatments have been developed, which are expected to fuel the expansion of the cancer gene therapy market revenue. However, several factors, such as adverse immune response, toxicity, Safety concerns, and expense, may restrain the growth of the global cancer gene therapy market, especially in countries with limited healthcare budgets.
Market Segmentation:
Growth plus reports have analyzed the global cancer gene therapy market from perspectives such as therapy type, indication, end-user, and region.
Therapy Type Segmentation:
Based on therapy type, the global cancer gene therapy market has been segmented into gene-induced immunotherapy, gene transfer, and oncolytic virotherapy.
Gene-induced immunotherapy accounts for the largest revenue share in the global market. The large revenue share can be attributed to rising cancer research aiming to strengthen the immune response to reduce cancer proliferation.
Oncolytic virotherapy is expected to grow at the fastest revenue CAGR during the forecast period. This revenue share is attributed to the favorable outcomes and the level of efficacy offered.
Indication Segmentation:
Based on indication, the global cancer gene therapy market has been segmented into lung cancer, prostate cancer, breast cancer, pancreatic cancer, and others.
Breast cancer is the rapidly growing global cancer gene therapy market segment. This large revenue share is attributed to the high acceptance of gene therapy all over the world to treat breast cancer.
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End-User Segmentation:
Based on end-users, the global cancer gene therapy market has been segmented into academic & research institutes, biopharmaceutical companies, and others.
Biopharmaceutical companies account for the largest global cancer gene therapy market revenue share. This significant revenue share is attributed to the increasing global incidence of several malignancies owing to diverse inherited, environmental, and lifestyle risk factors and rising acceptance of elemental gene therapy choices by biopharmaceutical giants.
Regional Growth Dynamics:
Based on region, the global cancer gene therapy market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share in the global cancer gene therapy market. The regional revenue is driven by factors including the rising incidence of cancer, the rising demand for cutting-edge cancer treatments, major market players, and the rising expenditures on R&D activities.
Competitive Landscape
The prominent players operating in the global cancer gene therapy market are: -
- Altor Bioscience Inc.
- BioCancell Therapeutic Inc.
- Bluebird bio-Inc.
- GlaxoSmithKline Inc.
- Merck & Co., Inc.
- Bristol-Myers Squibb Company
- Abeona Therapeutics Inc.
- Asklepios BioPharmaceutical Inc.
- GenVec
- Introgen Therapeutics Inc.
The global cancer gene therapy market is relatively competitive due to late technologies, competitive players, mergers, and acquisitions. Furthermore, the market recognized partnerships, acquisitions, and various other types of collaboration as robust growth strategies, increasing the likelihood of revenue growth in the future.
Recent Development:
- In March 2023, Abeona Therapeutics Inc.'s ophthalmology business announced three internally generated exploratory preclinical gene therapy product candidates.
- In February 2023, Akamis Bio, a clinical-stage oncology business, announced an expansion of its current cooperation with the Parker Institute for Cancer Immunotherapy (PICI), including a clinical collaboration with the Cancer Research Institute (CRI) focused on pancreatic cancer medicines.
Table of Content
- INTRODUCTION
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2021
- Base Year – 2022
- Forecast Years – 2023 to 2031
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2022)
- Regulatory Landscape
- MARKET DYNAMICS
- Drivers
- Restraints/Challenges
- Opportunities
- GLOBAL CANCER GENE THERAPY MARKET - ANALYSIS & FORECAST, BY THERAPY TYPE
- Gene-Induced Immunotherapy
- Gene Transfer
- Oncolytic Virotherapy
- GLOBAL CANCER GENE THERAPY MARKET - ANALYSIS & FORECAST, BY INDICATION
- Lung Cancer
- Prostate Cancer
- Breast Cancer
- Pancreatic Cancer
- Others
- GLOBAL CANCER GENE THERAPY MARKET - ANALYSIS & FORECAST, BY END-USER
- Academic & Research Institutes
- Biopharmaceutical Companies
- Others
CANCER GENE THERAPY MARKET TOC
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