Press release
Cancer Gene Therapy Industry to Hit USD 3,142.2 Million by 2034 with a 5.6% of CAGR
Cancer Gene Therapy Market
A significant contributor to this growth is the rising adoption of gene therapy as a precision-driven alternative to traditional treatments like chemotherapy and radiation. Unlike conventional methods, which broadly target cancer cells and impact healthy cells, gene therapy directly addresses genetic alterations responsible for cancer development, reducing toxicity and improving patient outcomes. This shift toward more effective, less invasive treatments is driving the sector's expansion.
One of the key players in this market is oncolytic virotherapy, which generated USD 850.7 million in revenue in 2023. This therapy uses genetically modified viruses to selectively infect and kill cancer cells while sparing healthy tissues, making it a pivotal tool in the gene therapy landscape. The growing use of oncolytic virotherapy highlights the industry's shift toward next-generation cancer treatments.
Key growth drivers for the cancer gene therapy market include rising investments in personalized medicine, advancements in targeted therapy development, and increasing regulatory approvals for innovative cancer treatments. As more precision-based therapies become available, healthcare providers and patients are expected to prioritize these novel, less toxic treatment options, further propelling market growth.
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Key Takeaways:
The cancer gene therapy market is forecasted to grow from USD 1,822.2 million in 2024 to USD 3,142.2 million by 2034, with a CAGR of 5.6%.
Gene therapy offers a precision-driven alternative to traditional treatments, reducing toxicity and improving patient outcomes.
Oncolytic virotherapy remains a key growth driver, with revenue of USD 850.7 million in 2023.
Demand for personalized medicine and targeted therapies is accelerating industry growth, supported by ongoing innovation and regulatory approvals.
Market Drivers
Increased Demand for Personalized Medicine: The shift towards personalized medicine is driving the adoption of gene therapy as it targets the specific genetic alterations responsible for cancer development, offering a more tailored treatment approach compared to traditional therapies.
Advancements in Targeted Therapies: Recent developments in targeted therapies and drugs have enhanced the effectiveness of cancer treatments, further boosting the market for gene therapy.
Growing Incidence of Cancer: The rising prevalence of cancer cases globally is increasing the need for innovative treatment options like gene therapy.
Oncolytic Virotherapy Growth: In 2023, oncolytic virotherapy generated revenues of USD 850.7 million, highlighting its significance within the cancer gene therapy sector and contributing to overall market growth.
Technological Innovations: Advances in gene editing technologies and delivery mechanisms are improving the efficacy and safety profiles of cancer gene therapies.
Challenges
Regulatory Hurdles: Navigating complex regulatory pathways for approval can delay the introduction of new therapies to the market.
High Development Costs: The costs associated with developing and producing gene therapies can be significant, potentially limiting accessibility for some patients.
Regional Insights
China: Expected to experience the highest CAGR at 9.5% during the forecast period, driven by increasing investments in healthcare and biotechnology.
North America: Anticipated to maintain a significant share of the market due to advanced healthcare infrastructure and a high prevalence of cancer.
Competitive Landscape
Substantial investments in the cancer gene therapy market are increasingly focused on collaboration and expansion to drive growth and strengthen market presence. Companies are prioritizing the acquisition of innovative technologies and products to enhance their offerings, while also pursuing strategic partnerships to expand their global footprint.
Recent Industry Developments in Cancer Gene Therapy Market
In June 2021, Eisai and Bristol Myers Squibb agreed to collaborate on the development and commercialization of Eisai's ADC, MORAb-202, for advanced solid malignancies.
In June 2021, GSK and iTeos Therapeutics collaborated to develop EOS-448, an anti-TIGIT monoclonal antibody that had previously been approved in phase 1 for advanced solid malignancies.
Key Players of Cancer Gene Therapy Industry
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 Segments of Cancer Gene Therapy Industry
By Therapy:
In terms of therapy, the industry is divided into gene induced immunotherapy, oncolytic Virotherapy, gene transfer among others.
By Indication:
In terms of indication, the industry is segregated into breast cancer, ovarian cancer, liver cancer, pancreatic cancer, lung cancer, prostate cancer.
By Service Provider:
In terms of service provider, the industry is segregated into hospitals, clinical research laboratory, oncology institutes.
By Region:
Key countries of North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe and Middle East & Africa have been covered in the report.
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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