Cancer Gene Therapy Market Value to Worth $11.4 billion by 2030, Growing at a 23.3% Annual Rate From 2024 to 2030

According to the report, the global cancer gene therapy industry generated $1.4 billion in 2020, and is expected to reach $11.4 billion by 2030, witnessing a CAGR of 23.3% from 2021 to 2030.

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Surge in funding of R&D activities for cancer gene therapy along with the rising in the prevalence of cancer and supportive government regulations drive the growth of the global cancer gene therapy market. However, high cost involved in gene therapy and unwanted immune responses restrain the market growth. On the other hand, advancements in gene-induced immunotherapy research are projected to present new opportunities in the coming years.

The key factors that boost the Cancer Gene Therapy Market growth are an increase in funding of R&D in the activities of cancer gene therapy along with the rising in the prevalence of cancer. In addition, the favorable government regulations for therapy are further going to boost various opportunities that are anticipated to provide Cancer Gene Therapy Market opportunity during the forecast period. In addition, the risk of cancer gene therapy is less, as a new gene introduced will integrate itself into the genome of the patient and continue functioning without hampering the operations of other genes are the key factors anticipating the growth of the market in upcoming years.. Hence, these aforementioned factors helps in increasing the global cancer gene therapy share. However, the high cost involved in gene therapy along with unwanted immune responses is likely to hamper the growth of the cancer gene therapy market during the forecast period.

The gene induced immunotherapy segment to maintain its lead position during the forecast period

Based on product, the gene induced immunotherapy segment accounted for the highest market share in 2020, holding around two-fifths of the global cancer gene therapy market, and is expected to maintain its lead position during the forecast period. This is due to rise in the advancement of gene-induced immunotherapy research. However, the oncolytic virotherapy segment is expected to manifest the highest CAGR of 23.7% from 2021 to 2030, owing to rise in awareness about these products and cancer gene therapy.

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The hospitals segment to maintain its leadership status throughout the forecast period

Based on end user, the hospitals segment contributed to the highest market share in 2020, accounting for more than half of the global cancer gene therapy market, and is projected to maintain its leadership status throughout the forecast period. This is attributed to increase in healthcare awareness, rise in the number of hospitals, and surge in geriatric and bariatric populations. However, the diagnostic centers segment is projected to manifest the largest CAGR of 24.5% from 2021 to 2030, owing to rise in funding provided for R&D activities of cancer gene therapy.

North America to maintain its dominance in terms of revenue by 2030

Based on region, North America held the highest market share in terms of revenue in 2020, contributing to around two-fifths of the global cancer gene therapy market, and is expected to maintain its dominance in terms of revenue by 2030. This is due to significant investments in research and advancements in technology and increase in healthcare awareness in the region. However, Asia-Pacific is projected to portray the fastest CAGR of 24.9% during the forecast period, owing to presence of a large population base, government initiatives to improve healthcare infrastructure, and rise in healthcare expenditure.

Leading Market Players

Bristol Myers Squibb Co.
Novartis
Amgen Inc.
Glaxosmithkline PLC
Kayropharma Therapeutics
Gilead Sciences
Adapta Immue
Genulex Corporation
SynerGene Therapeutics
Shanghai Sunway Biotech

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