Cancer Gene Therapy Global Market Report 2022: 20% Annual Growth Driven by Rising Demand and Increasing Prevalence of Cancer - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 29, 2022--
The “Cancer Gene Therapy Market by Therapy, by End-user, and by Region - Global Forecast to 2023-2033” report has been added to ResearchAndMarkets.com’s offering.
The cancer gene therapy market size is estimated to be USD 1,782.5 million in 2022 and is expected to witness a CAGR of 20.11% during the forecast period 2023-2033.
Rising demand for gene therapy and a surge in the number of cancer patients worldwide are projected to drive the market growth in near future. Additionally, rising incidence of cancer cases and significant research and development strategies used by biopharmaceutical companies for the production of novel therapeutic drugs is expected to support the market growth.
However, unfavourable immune response and high price of gene therapy is predicted to limit market growth are expected to restrain the market growth.
The increasing demand for novel therapeutic medications that can be useful for cancer therapy is anticipated due to the rising incidence of cancer cases. Conventional gene therapies currently target the immune system in order to produce better remissions for patients with tumours that are already advanced stages of the disease.
This is due to the rising role of immunotherapy in the treatment of cancer. For instance, in September 2022, the Hadassah Cancer Research Institute (HCRI), Jerusalem, announced that it will take charge of CancerRNA, a global forum dedicated to the creation and implementation of RNA-based immunotherapy to efficiently exploit anti-cancer immune responses.
Significant research and development strategies used by biopharmaceutical companies for the production of novel therapeutic drugs is expected to fuel the market growth. For larger market penetration, top market companies are emphasizing on R&D and regional growth strategies. For instance, in August 2022, the FDA approved Bluebird Bio’s BLUE.O gene therapy for use in the treatment of patients with a rare condition that need routine blood transfusions. Each unit of the medication costs USD 2.8 million.
The market is categorized into gene induced immunotherapy, oncolytic virotherapy, and gene transfer. In 2022, the gene induced immunotherapy accounted for the highest revenue share due to the research studies that attempt to enhance immune function in order to reduce the spread of various cancers. Several cancer gene treatments are created using immunotherapy methods.
For instance, PROVENGE (produced by Dendreon Corporation) is an autologous cellular immunotherapy meant to increase a patient’s immune response to prostate cancer. Oncolytic virotherapy is anticipated to expand at the fastest rate over the projection period due to its high degree of efficiency and favourable outcomes.
By End User
The market is categorized into biopharmaceutical companies, research institutes, and diagnostic centres, others. In the global market, the biopharmaceutical companies segment accounted for the largest revenue share in 2022 owing to rising incidence of numerous cancer types worldwide as a result of multiple inherited, environmental, and lifestyle risk factors.
Additionally, the market is spurred by the growing use of fundamental gene therapy choices by biopharmaceutical companies to develop cancer treatment plans. Several novel therapeutic medicines are undergoing various stages of testing, and businesses are striving diligently to commercialize them in different regions of the world. For instance, bluebird bio, Inc. would introduce ZYNTEGLO, a one-time gene therapy treatment, in Germany in January 2020 for patients 12 years of age and older.
In 2022, North America region accounted for the highest revenue in the cancer gene therapy market and is expected to maintain its dominance during the forecast period. This is attributed to the favourable environment created by the government and the National Cancer Institute, which encourages research and development efforts to improve cancer therapies. Additionally, the existence of significant market players in the area, their research into developing gene therapy for the treatment of cancer, and their cooperative efforts to advance research are promoting market growth in the region.
For instance, In August 2022, Merck & Co., Inc. and Orna Therapeutics Inc. collaborated on the research, development, and commercialization of a number of programmes, including the use of mRNA for cancer gene therapy. Europe is anticipated to witness the fastest growth throughout the projection period rise in government support for novel therapeutic research and increasing demand for new therapies that could assist address the region’s surge in incidence of cancer cases.
Segmentation: Cancer Gene Therapy Market Report 2022 - 2033
Therapy (Revenue, USD Million), 2022 - 2033
- Gene Induced Immunotherapy
- Oncolytic Virotherapy
- Gene Transfer
End user (Revenue, USD Million), 2022 - 2033
- Biopharmaceutical Companies
- Research Institutes
- Diagnostic Centres
By Region (Revenue, USD Million), 2022 - 2033
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of LATAM
Middle East & Africa
- South Africa
- Rest of MEA
- Merck KGaA
- Asklepios BioPharmaceutical Inc.
- Abeona Therapeutics Inc.
- Altor Bioscience Inc.
- Elevate Bio Inc.
- Bluebird bio Inc.
- BioCancell Inc.
- Celgene Inc.
- GlaxoSmithKline Inc.
- Genelux Corporation
- Introgen Therapeutics Inc.
- OncoGenex Pharmaceuticals Inc.
For more information about this report visit https://www.researchandmarkets.com/r/nnwvuq
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INDUSTRY KEYWORD: GENETICS HEALTH ONCOLOGY
SOURCE: Research and Markets
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PUB: 12/29/2022 09:27 AM/DISC: 12/29/2022 09:28 AM