Cancer Gene Therapy Market Analysis, Share, Growth and Forecast to 2024

Cancer Gene Therapy Market

CITY, Country, 2019-Jul-16 — /EPR Network/ — The global cancer gene therapy market is expected to attain lucrative growth in the forecast period mainly due to rise in funding for R&D activities for cancer gene therapy, increasing prevalence of cancer, and rapid technological advancements being witnessed in the market. Gene therapy is used for the treatment of cancer, where a functional gene is inserted into the cells of a patient to correct a genetic abnormality and provide new function to the cells.

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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.

North America is expected to lead the global cancer gene therapy market throughout the forecast period (2018–2023) followed by the Europe. This is mainly due to strong healthcare infrastructure and high expenditure in R&D in North America. The healthcare industry in the region is undergoing major transformation following the implementation of various healthcare reforms.

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.

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In June 2017, Cell Medica acquired the Catapult Therapy TCR Limited, a subsidiary of Cell and Gene Therapy Catapult (CGT Catapult), and initiated a collaboration to establish cell therapy manufacturing for Cell Medica at CGT Catapult’s GMP manufacturing facility in Stevenage, the U.K. Some of the other key players operating in the cancer gene therapy industry include Genelux Corporation, Cell Genesys, Advantagene Inc., GenVec, Inc., BioCanCell Ltd.,  Adaptimmune Therapeutics plc, Bluebird bio, Inc., and Achieve Life Sciences, Inc.

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