The global cancer gene therapy market is on the brink of substantial expansion, with sales projected to surge from USD 1,822.2 million in 2024 to an impressive USD 3,142.2 million by 2034. This represents a compound annual growth rate (CAGR) of 5.6% during the forecast period, underscoring the increasing demand for innovative cancer treatments.
In 2023, the oncolytic virotherapy segment of cancer gene therapy alone generated USD 850.7 million in revenue, reflecting the growing recognition of this cutting-edge therapeutic approach. As healthcare providers and patients alike seek more effective options, the shift towards personalized medicine has become increasingly evident.
Key Drivers of Market Growth:
The surge in personalized medicines and advancements in targeted therapies are pivotal to the growth of the cancer gene therapy market. Unlike traditional treatments such as chemotherapy and radiation—which often result in debilitating side effects due to their indiscriminate targeting of healthy cells—gene therapy offers a revolutionary solution. By directly addressing the genetic mutations that lead to tumor growth, this innovative treatment provides a more precise and individualized approach, significantly enhancing patient outcomes while minimizing toxicity.
With millions of new cancer cases diagnosed annually, the global cancer burden is escalating. This increasing prevalence, coupled with robust financial investments in gene therapy research, is expediting the progression of clinical trials across all phases, bringing novel therapies closer to regulatory approval. The result is a dynamic pipeline of innovative cancer gene therapies poised to offer hope to patients worldwide.
Investment in Research and Development:
The growth of the cancer gene therapy market is further supported by significant investments in research and development (R&D) from leading industry players. These financial commitments are vital for advancing clinical trials and securing quicker regulatory approvals. Collaborative efforts among companies are catalyzing the development of groundbreaking gene therapies, which are set to revolutionize cancer treatment.
As the landscape of cancer treatment evolves, the future is shifting toward highly targeted, personalized therapies that promise to enhance patient care substantially. The cancer gene therapy market is expected to remain a focal point for investors and pharmaceutical companies alike, driving forward innovative solutions to combat one of the world’s most formidable health challenges.
“The rising demand for personalized medicine, coupled with advancements in targeted therapies, is a key driver of the growth in the cancer gene therapy market,” said opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).. “Gene therapy represents a paradigm shift in cancer treatment by specifically targeting genetic alterations that lead to cancer. Unlike traditional treatments that often affect healthy cells, gene therapy offers a more precise approach, which is expected to enhance treatment efficacy while minimizing side effects.”
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Here Are Some Key Takeaways From The Data:
The global cancer gene therapy market is expected to grow significantly in the coming years, driven by factors such as increasing prevalence of cancer, technological advancements, and rising awareness about gene therapy. The market is projected to reach a value of USD 3,142.2 million by 2034, with a CAGR of 5.6% during the forecast period.
- The global sales of cancer gene therapy are estimated to be worth USD 1,822.2 million in 2024.
- Sales are projected to rise at a CAGR of 5.6% over the forecast period between 2024 and 2034.
- China is expected to have the highest CAGR of 9.5% during the forecast period.
- Other countries with high CAGRs include South Korea (7.5%), Spain (5.5%), and France (4.8%).
- The United States and Canada are also expected to experience significant growth in the cancer gene therapy market.
Overall, the outlook for the cancer gene therapy market is very positive. The market is poised for significant growth in the coming years, as more and more patients benefit from this innovative treatment.
Competitive Landscape:
Significant investments in the cancer gene therapy market are increasingly directed toward collaboration and expansion as key strategies for growth and market consolidation. Companies are focusing on acquiring cutting-edge technologies and products to enhance their portfolios while forming strategic partnerships to expand their global reach.
Recent Developments in the Cancer Gene Therapy Market:
- In June 2021, Eisai and Bristol Myers Squibb entered into a collaboration to develop and commercialize Eisai’s antibody-drug conjugate (ADC), MORAb-202, for the treatment of advanced solid tumors.
- In June 2021, GSK partnered with iTeos Therapeutics to develop EOS-448, an anti-TIGIT monoclonal antibody, which had shown promise in phase 1 trials for advanced solid malignancies.
Key Players of Cancer Gene Therapy Industry:
- Merck KGaA
- Novartis AG
- AstraZeneca Plc.
- BIOCAD
- Crinetics Pharmaceuticals, Inc.
- EffRx Pharmaceuticals S.A.
- Euroscreen S.A.
- Vicore Pharma AB
- Amgen
- Bristol-Myers Squibb
- Cell Genesys Inc.
- Adaptimmune Therapeutics plc.
- Achieve Life Science Inc.
- BioCanCell Ltd.
Key Segments of Cancer Gene Therapy Industry
By Therapy:
In terms of therapy, the industry is divided into gene induced immunotherapy, oncolytic Virotherapy, gene transfer among others.
By Indication:
In terms of indication, the industry is segregated into breast cancer, ovarian cancer, liver cancer, pancreatic cancer, lung cancer, prostate cancer.
By Service Provider:
In terms of service provider, the industry is segregated into hospitals, clinical research laboratory, oncology institutes.
By Region:
Key countries of North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe and Middle East & Africa have been covered in the report.
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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