Cancer Gene Therapy Industry Envisions a Valuation of US$ 5.3 Billion by 2032-FMI Projection

Cancer Gene Therapy Industry

The global cancer gene therapy industry is projected to increase at a compound annual growth rate (CAGR) of 10.1% from 2022 to 2032, with a projected value of US$ 2 billion in 2022. According to Future Market Insights (FMI), the oncolytic virotherapy category held 49.3% of the global cancer gene therapy market in 2021. By 2032, this market is expected to have grown to a value of US$ 5.3 billion.

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.

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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.

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 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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Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

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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