Cancer Gene Therapy Market to Reach $2.08 Bn at a 32.4% CAGR with Industry Developments by the End of 2020 to 2027
Pune, Maharashtra, India, September 24 2020 (Wiredrelease) Allied Analytics –:Increased prevalence of cancer, and rise in global geriatric population, and high growth potential in the untapped markets of developing countries are expected to boost the growth of the global cancer gene therapy market.
“Cancer Gene Therapy Market by Therapy (Gene Induced Immunotherapy, Oncolytic Virotherapy, and Gene Transfer): Global Opportunity Analysis and Industry Forecast, 2017-2023.” The report offers an in-depth analysis of the market dynamics, top winning strategies, key market segments, top investment pockets, and competitive landscape. According to the report, the global cancer gene therapy market was valued at $385.8 million and is expected to reach $2,082.5 million by 2023, registering a CAGR of 32.4% through 2023.
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Covid-19 Impact on the Global Cancer Gene Therapy Market:
Cancer Gene Therapy Market Report provides an overview of the market based on key parameters such as market size, sales, sales analysis and key drivers. The market size of the market is expected to grow on a large scale during the forecast period (2019-2026). This report covers the impact of the latest COVID-19 on the market. The coronavirus epidemic (COVID-19) has affected all aspects of life around the world. This has changed some of the market situation. The main purpose of the research report is to provide users with a broad view of the market. Initial and future assessments of rapidly.
Cancer Gene Therapy Market Competitive Analysis:
The key market players operating in the global cancer gene therapy market include Adaptimmune, bluebird bio, Inc., Celgene, BioCancell, SynerGene Therapeutics, GlaxoSmithKline, Merck, Shanghai Sunway Biotech, Shenzhen SiBiono GeneTech, and OncoGenex Pharmaceuticals.
Cancer gene therapy is an approach for the cancer treatment, where genetically engineered vectors such as viruses are used to transfer or replace a mutated gene (that is causing cancer) with a heathy gene. This technique can be used for both the prevention and treatment of disease. The most commonly used techniques for the treatment using cancer gene therapy includes oncolytic virotherapy, gene transfer, and gene-induced immunotherapy.
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The rise in prevalence of cancer, ethical acceptance of gene therapy for cancer treatment, and the advancement in this field drive the market growth. In addition, benefits of cancer gene therapy over conventional cancer therapies, increase in government support, and rise in biotechnological funding that encourage the R&D activities for cancer gene therapy fuel the growth of the cancer gene therapy market. However, high cost associated with the treatment and unwanted immune responses are expected to restrain the market growth.
Among the therapy segment, oncolytic virotherapy segment is the largest contributor toward the market growth and gene transfer therapy segment is anticipated to be a lucrative market due to the positive results for these therapies during the preclinical and clinical trials for the treatment of cancer.
In 2016, North America accounted for maximum contribution to the total revenue generated, owing to the high prevalence rate of cancer, presence of high disposable income, and high funding for R&D activities associated with cancer gene therapy. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to rise in incidence rate of cancer, increase in government initiative to improve healthcare infrastructure, and rise in healthcare expenditure.
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