Press release
Cancer Gene Therapy Market Poised for Significant Growth, Projected to Reach USD 3,142.2 Million by 2034 at a 5.6% of CAGR
The global market for cancer gene therapy is expected to see substantial growth in the coming decade. Estimated at USD 1,822.2 million in 2024, the market is forecast to expand to USD 3,142.2 million by 2034, growing at a compound annual growth rate (CAGR) of 5.6%. This growth is driven by increasing demand for more targeted and personalized cancer treatments, as well as advancements in genetic therapies. Notably, oncolytic virotherapy, which generated USD 850.7 million in 2023, is emerging as a key contributor to this market expansion.
The cancer gene therapy market is largely fueled by the growing shift toward personalized medicines. Unlike traditional treatments like chemotherapy and radiation, which are broad and less precise, gene therapy targets the genetic mutations responsible for cancer's development. This tailored approach minimizes damage to healthy cells, reducing side effects and enhancing the efficacy of treatment. The increased focus on targeted therapies and drugs further supports this trend, with gene therapy offering new hope for patients by addressing cancer at its genetic root.
The rising global prevalence of cancer, coupled with increased investment in clinical trials and research, has accelerated the development of gene therapies. Financial investments in clinical-phase gene therapy research are intensifying, with a surge in clinical trial protocols moving through Phase I, II, and III towards regulatory approval. This boost in research and development is laying the groundwork for future innovations in gene therapies and expanding treatment options for cancer patients worldwide.
Key players in the gene therapy manufacturing industry are also investing in new technologies to streamline production and delivery. These investments, combined with the rapid pace of regulatory approvals, are catalyzing interest in gene therapies for cancer. As clinical trials continue to demonstrate the potential of these therapies, the cancer gene therapy market is poised for significant growth, offering promising treatment alternatives for patients and driving the next wave of cancer care innovation.
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Key Takeaways:
The global cancer gene therapy market is expected to grow from USD 1.82 billion in 2024 to USD 3.14 billion by 2034, with a CAGR of 5.6%.
Personalized treatments and targeted therapies are driving the demand for cancer gene therapy.
The market is seeing increased investment in research, clinical trials, and regulatory approvals.
Oncolytic virotherapy is a key segment, having generated USD 850.7 million in 2023.
Key Drivers of Market Growth
Increased Demand for Personalized Medicine: The shift towards personalized treatment options is a significant factor driving the growth of the cancer gene therapy market. Gene therapy specifically targets the genetic alterations responsible for cancer, offering a more tailored approach compared to traditional therapies like chemotherapy and radiation, which can affect healthy cells and lead to higher toxicity and side effects.
Rising Global Cancer Incidence: The increasing prevalence of cancer worldwide is propelling demand for innovative treatment solutions, including gene therapy. As cancer cases rise, the need for effective therapies that can address the complexities of the disease becomes critical.
Advancements in Research and Development: There has been a notable increase in financial investments in clinical research focused on gene therapy. This has led to a rapid expansion of clinical trial protocols across various phases (I, II, and III), facilitating the path to regulatory approvals and market entry for new therapies.
Technological Innovations: Continuous advancements in gene therapy techniques and delivery methods are enhancing the efficacy of treatments. Innovations such as improved vectors for gene delivery and novel therapeutic approaches are attracting interest from both researchers and healthcare providers.
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.
Explore FMI's Related Ongoing Coverage on Healthcare Market Insights Domain:
Healthcare Regulatory Affairs Outsourcing Industry - https://www.futuremarketinsights.com/reports/healthcare-regulatory-affairs-outsourcing-market
Zika Virus Testing Industry - https://www.futuremarketinsights.com/reports/zika-virus-testing-market
Herpes Labialis Treatment Industry -https://www.futuremarketinsights.com/reports/herpes-labialis-treatment-market
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
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The cancer gene therapy market is largely fueled by the growing shift toward personalized medicines. Unlike traditional treatments like chemotherapy and radiation, which are broad and less precise, gene therapy targets the genetic mutations responsible for cancer's development. This tailored approach minimizes damage to healthy cells, reducing side effects and enhancing the efficacy of treatment. The increased focus on targeted therapies and drugs further supports this trend, with gene therapy offering new hope for patients by addressing cancer at its genetic root.
The rising global prevalence of cancer, coupled with increased investment in clinical trials and research, has accelerated the development of gene therapies. Financial investments in clinical-phase gene therapy research are intensifying, with a surge in clinical trial protocols moving through Phase I, II, and III towards regulatory approval. This boost in research and development is laying the groundwork for future innovations in gene therapies and expanding treatment options for cancer patients worldwide.
Key players in the gene therapy manufacturing industry are also investing in new technologies to streamline production and delivery. These investments, combined with the rapid pace of regulatory approvals, are catalyzing interest in gene therapies for cancer. As clinical trials continue to demonstrate the potential of these therapies, the cancer gene therapy market is poised for significant growth, offering promising treatment alternatives for patients and driving the next wave of cancer care innovation.
Request a Sample Report Now to get Premium Insights: https://www.futuremarketinsights.com/reports/sample/rep-gb-14971
Key Takeaways:
The global cancer gene therapy market is expected to grow from USD 1.82 billion in 2024 to USD 3.14 billion by 2034, with a CAGR of 5.6%.
Personalized treatments and targeted therapies are driving the demand for cancer gene therapy.
The market is seeing increased investment in research, clinical trials, and regulatory approvals.
Oncolytic virotherapy is a key segment, having generated USD 850.7 million in 2023.
Key Drivers of Market Growth
Increased Demand for Personalized Medicine: The shift towards personalized treatment options is a significant factor driving the growth of the cancer gene therapy market. Gene therapy specifically targets the genetic alterations responsible for cancer, offering a more tailored approach compared to traditional therapies like chemotherapy and radiation, which can affect healthy cells and lead to higher toxicity and side effects.
Rising Global Cancer Incidence: The increasing prevalence of cancer worldwide is propelling demand for innovative treatment solutions, including gene therapy. As cancer cases rise, the need for effective therapies that can address the complexities of the disease becomes critical.
Advancements in Research and Development: There has been a notable increase in financial investments in clinical research focused on gene therapy. This has led to a rapid expansion of clinical trial protocols across various phases (I, II, and III), facilitating the path to regulatory approvals and market entry for new therapies.
Technological Innovations: Continuous advancements in gene therapy techniques and delivery methods are enhancing the efficacy of treatments. Innovations such as improved vectors for gene delivery and novel therapeutic approaches are attracting interest from both researchers and healthcare providers.
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.
Explore FMI's Related Ongoing Coverage on Healthcare Market Insights Domain:
Healthcare Regulatory Affairs Outsourcing Industry - https://www.futuremarketinsights.com/reports/healthcare-regulatory-affairs-outsourcing-market
Zika Virus Testing Industry - https://www.futuremarketinsights.com/reports/zika-virus-testing-market
Herpes Labialis Treatment Industry -https://www.futuremarketinsights.com/reports/herpes-labialis-treatment-market
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
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