Cancer Gene Therapy Market: Empowering the Battle Against Cancer with a Projected 2032 Valuation of US$ 5.3 Billion

The global demand for cancer gene therapy market is expected to grow at a 10.1% CAGR from 2022 to 2032, reaching US$ 2 billion in 2022. According to Future Market Insights (FMI), the oncolytic virotherapy segment accounted for 49.3% of the overall global cancer gene therapy market in 2021, which is expected to be worth US$ 5.3 billion by 2032.

Gene therapy is a field of medicine that aims to cure or greatly improve the treatment of diseases that have few or no treatment options. Advanced-stage cancer and hematological illnesses make up a large share of gene therapy candidates. In addition to this, gene therapy is frequently used to treat rare or inherited diseases.

While gene therapy research is still in its early stages, firms are increasingly investing in the technology. A handful of products have recently received approval outside of Canada or are in the final stages of clinical trials.

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Gene therapy is currently extremely expensive. Multi-stakeholder discussions about pricing and reimbursement management for these goods are required. To provide accessibility and quality of care, specialized manufacturing facilities, care centers, and doctors skilled to undertake specific procedures for such therapies are required.

The growth in the cancer gene therapy market is reliant on increasing awareness about health, the growing incidence of cancer, and the latest advancements in cancer gene therapy.
"Rising awareness regarding cancer gene therapy across emerging economies, along with favorable healthcare reimbursement plans in various countries will create opportunities for growth in the market over the forecast period," says an FMI analyst.

Key Takeaways:
Based on therapy, the oncolytic virotherapy segment accounted for about 49.3% of the total market share in 2021.
In terms of indication, sales in the breast cancer segment are forecast to grow at a CAGR of 9.7% in the forecast period.
By service provider, demand in the hospitals segment will grow at a 9.3% CAGR through 2032.

The U.S. will dominate the North America cancer gene therapy market over the forecast period.
China will emerge as a lucrative pocket, accounting for 32.3% of the East Asia cancer gene therapy market share over the assessment period.
Demand in Germany is expected to increase at a 11.9% CAGR over the assessment period.

Competition Landscape
Acquisitions, partnerships, geographical recognition, and product launches are the key strategies adopted by leading players to increase the consumer base.

For instance:
In March 2022, Novartis and Carisma Therapeutics agreed to collaborate on the development of HER 2 targeted CAR-M cell therapy.
A2 Biotherapeutics and Merck announced a collaboration in December 2020 to develop allogeneic cell therapy for solid tumor cancers.

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Leading Companies Profiled in Cancer Gene Therapy Market are:
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.
Genelux Corporation
Advantagene Inc.,
GenVec Inc.
GlaxoSmithKline PLC
Amgen Inc.
Key Market Segments :
By Therapy:
Gene Induced Immunotherapy
Oncolytic Virotherapy
Gene Transfer
Others

By Indication:
Breast Cancer
Ovarian Cancer
Liver Cancer
Pancreatic Cancer
Lung Cancer
Prostate Cancer

By Service Provider:
Hospitals
Clinical Research Laboratory
Oncology institutes

By Region:
North America
Latin America
Europe
South Asia
East Asia
Oceania
The Middle East and Africa (MEA)

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Report: https://www.futuremarketinsights.com/reports/cancer-gene-therapy-market

This release was published on openPR.