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What's driving the Cancer Gene Therapy Market Size? | Top Key Players are Genelux, Cell Genesys, GenVec, bluebird bio, Achieve Life Sciences, Ziopharm Oncology
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Asia-Pacific (APAC) is expected to grow at the fastest CAGR during the forecast period. The region has been observing increased government initiatives, growing economies and improved healthcare infrastructure. Increasing focus on the development of healthcare infrastructure in the developing countries of the region is expected to provide ample growth opportunities for the market players. These opportunities are largely attributed to increasing disposable income of the population residing in the emerging markets, which is further increasing the affordability for advanced treatment options among the patients suffering from diseases such as cancer, thereby boosting the growth of cancer gene therapy market in the region.
Additionally, emerging countries, such as India, and Korea, are characterized by a huge patient pool, which can be attributed to the increasing burden of non-communicable diseases and rising geriatric population in these countries. According to the WHO, chronic diseases are estimated to increase by 57% by 2020, globally. Thus, APAC offers significant growth opportunities for the market players.
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Increasing funding for R&D activities for cancer gene therapy, rising prevalence of cancer, rapid technological advancements, growing geriatric population, ethical acceptance of gene therapy for treatment of diseases, growing popularity of DNA vaccines and favorable government regulations are some of the key factors characterizing the growth in the cancer gene therapy market, globally. According to the American Cancer Society (ACS), around 1,688,780 new cancer cases are expected to be diagnosed, in the U.S., in 2017. Almost, 600,920 Americans are expected to die of cancer in 2017, indicating that around 1,650 cancer patients are dying per day, due to the disease. In 2013, the World Health Organization (WHO) launched the Global Action Plan for the Prevention and Control of Noncommunicable Diseases 2013-2020, that aimed at reducing the rate of premature mortality from cancer, cardiovascular diseases, diabetes, and chronic respiratory diseases by 25%, by 2025.
The players in the global market have been receiving approvals for the cancer gene therapy treatments to provide better treatment to cancer patients, thus increasing their market share. For instance, in December 2017, Celgene Corporation and bluebird bio, Inc. announced the updated results from the ongoing CRB-401 Phase 1 clinical study of bb2121, an investigational anti-B-cell maturation antigen (BCMA) CAR T cell therapy, in 21 patients suffering with late-stage relapsed/refractory multiple myeloma.
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Some of the key players operating in the cancer gene therapy market are:
1- Genelux
2- Cell Genesys
3- GenVec
4- bluebird bio
5- Achieve Life Sciences
6- Ziopharm Oncology
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