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Cancer Gene Therapy Market expected to provide new avenues for the growth in the near future

03-13-2019 09:18 AM CET | Health & Medicine

Press release from: Allied Market Research

Cancer Gene Therapy Market

Cancer Gene Therapy Market

The Cancer Gene Therapy Market was accounted at $289 million in 2016, and is projected to reach $2,082 million by 2023, registering a CAGR of 32.4% from 2017 to 2023. North America is the largest contributor to the cancer gene therapy market in 2016. However, the Asia-Pacific region is expected to have the highest growth rate.

The positive results displayed by the use of oncolytic virotherapy in the pre-clinical trials could have noteworthy impact on the quality of life of the cancer patient, making it the largest contributor toward the market growth.

Cancer gene therapy is a cancer treatment that transfers or replaces mutant genes (causing cancer) with the heathy gene using genetic engineering vectors such as cancer. This technology can be used for the prevention and treatment of diseases. The most common methods used to treat cancer gene therapy include tumor-solving therapies, gene delivery and gene-induced immunotherapy.

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Increased availability of cancer, ethical acceptance of gene therapy for cancer treatment, and advances in this area are driving market growth. In addition, the benefits of cancer gene therapy versus traditional cancer therapies, increased government support, and increased biotechnology funding to encourage R & D activities in cancer gene therapy trigger the growth of the cancer gene therapy market. However, high costs associated with treatment and unwanted immune responses are expected to curb market growth.

The key companies profiled in the report include
• Adaptimmune
• GlaxoSmithKline
• Bluebird bio Inc.
• Merck
• Celgene
• Shanghai Sunway Biotech
• BioCancell
• Shenzhen SiBiono GeneTech
• SynerGene Therapeutics
• OncoGenex Pharmaceuticals.

Tumor dissolution therapy is the largest contributor to market growth in therapeutic areas and gene therapy is expected to be a favorable market for positive outcomes for these therapies in preclinical and clinical trials for cancer treatment.

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In 2016, North America made the largest contribution to the total revenue generated by its high prevalence, high disposable income and high funding for research and development activities related to cancer gene therapy. However, the Asia Pacific region is expected to have the highest CAGR during the analysis period due to an increased incidence of cancer, increased government initiatives to improve medical infrastructure, and increased spending on healthcare.

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.

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About Us:

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

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