According to a new report published by Allied Market Research, titled, Cancer Gene Therapy Market by Therapy and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global cancer gene therapy market accounted for $289 million in 2016, and is estimated to reach $2,082 million by 2023, registering a CAGR of 32.4% from 2017 to 2023. North America is the highest contributor in the cancer gene therapy market in 2016; however, Asia-Pacific is expected to witness the highest growth rate.
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Cancer gene therapy is an approach for the cancer treatment, where genetically engineered vectors such as viruses are used to transfer or replace a mutated gene (that is causing cancer) with a heathy gene. This technique can be used for both the prevention and treatment of disease. The most commonly used techniques for the treatment using cancer gene therapy includes oncolytic virotherapy, gene transfer, and gene-induced immunotherapy.
The rise in prevalence of cancer, ethical acceptance of gene therapy for cancer treatment, and the advancement in this field drive the market growth. In addition, benefits of cancer gene therapy over conventional cancer therapies, increase in government support, and rise in biotechnological funding that encourage the R&D activities for cancer gene therapy fuel the growth of the cancer gene therapy market. However, high cost associated with the treatment and unwanted immune responses are expected to restrain the market growth.
Among the therapy segment, oncolytic virotherapy segment is the largest contributor toward the market growth and gene transfer therapy segment is anticipated to be a lucrative market due to the positive results for these therapies during the preclinical and clinical trials for the treatment of cancer.
In 2016, North America accounted for maximum contribution to the total revenue generated, owing to the high prevalence rate of cancer, presence of high disposable income, and high funding for R&D activities associated with cancer gene therapy. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to rise in incidence rate of cancer, increase in government initiative to improve healthcare infrastructure, and rise in healthcare expenditure.
Key Findings of the Cancer Gene Therapy Market:
- Gene tranfer segment is projected to grow at the highest rate during the analysis period.
- Oncolytic virotherapy segment generated the highest revenue, and is expected to continue its dominance in the future.
- North America dominated the global cancer gene therapy market, and is projected to continue its dominance in future.
- China is expected to grow highest in the Asia-Pacific region.
- Asia-Pacific is expected to be the fastest growing segment during the forecast period.
The key companies profiled in the report include Adaptimmune, GlaxoSmithKline, Bluebird bio, Inc., Merck, Celgene, Shanghai Sunway Biotech, BioCancell, Shenzhen SiBiono GeneTech, SynerGene Therapeutics, and OncoGenex Pharmaceuticals.