Cancer Gene Therapy Market achieve 20.7% growth to surpass $4.3 billion by 2024
SELLBYVILLE, Del., Dec. 15, 2017 /PRNewswire-iReach/ -- The Industry growth report "Cancer Gene Therapy Market By Type [Gene Induced Immunotherapy (Cytokine Gene Delivery, Tumor Antigen Gene Delivery), Oncolytic Virotherapy (Adenoviruses, Lentiviruses, Retrovirus, Adeno Associated Virus, Herpes Simplex Virus, Alphavirus, Vaccinia Virus, Simian Virus), Gene Transfer/Gene Replacement (Naked/Plasmid Vectors, Electroporation, Sonoporation, Magnetofection, Gene Gun)], Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, China, Japan, Mexico, Brazil, South Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 - 2024" by Global Market Insights, Inc. forecast Cancer Biological Therapy Market share is anticipated to surpass $4.3 billion by 2024.
Globally, rising cancer prevalence will increase demand for gene therapy as the effective personalized treatment choice. According to WHO, cancer incidence is projected to rise by 50% to reach 15 million by the end of this decade. This alarming increase in number of patients necessitates this as a potential treatment approach addressing the growing global burden of the disease.
Increased adoption of emerging genomic technologies such as NGS and high density micro array coupled with favourable government initiatives will fuel global cancer gene therapy market size. For instance, CDC supports nationwide screening programs for control of breast, cervical and colorectal cancer among low-income women with little or no health insurance. However, high cost of development lack of reimbursement and regulatory processes will restrain industry growth.
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Growing number of clinical trials and availability of wide range of genes and vectors used in these trials will enable emergence of new treatment modalities to help make cancer a manageable disease. By the end of 2012, the number of clinical trials crossed 1,800 worldwide.
Adenoviral vector remains as the most common oncology application due to its competent nuclear mechanism and low pathogenicity. It is widely used in replacement approaches, suicide and gene-based immunotherapy, and syndicate with chemotherapy and is anticipated to grow at 20% CAGR.
Retroviral vector-mediated gene transfer dominated the development by enabling the conversion of single stranded RNA into a double stranded DNA molecule, which steadily integrates into the target cell genome. These vectors are used to permanently modify the host cell nuclear genome and will register a robust growth of over 20%.
U.S. led the industry owing to increased R&D funding and other government initiatives. Growing number of biotech companies are engaging in R&D and clinical trials of gene therapy products. Increased demand for DNA vaccines and increasing interest of venture capitalists to invest in commercialization of gene therapies will trigger industry expansion.
China cancer gene therapy market size attributed to over 35% APAC revenue in 2015. With the launch of Gendicine and increasing healthcare expenditure and robust R&D facilities will enable industry growth.
Browse key industry insights spread across 105 pages with 125 market data tables & 6 figures & charts from the report, "Cancer Gene Therapy Market" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/cancer-gene-therapy-market
U.S. cancer gene therapy market share accounted for over 95% regional revenue in 2015, with market size of USD 235 million and a forecast to grow at 20.9% CAGR.
UK was over USD 92.0 million in 2015, and will grow at 20.8% CAGR owing to increasing incidence of cancer and adoption of advanced treatment methods.
China market size was valued at USD 99.6 million in 2015 and growth expectations of 21% CAGR over the forecast years.
Key players include SiBiono, Altor Bioscience Corporation, Shanghai Sunway Biotech company limited, Amgen, BioCancell, OncoGeneX, Aduro Biotech, GlobeImmune, Inc., New Link Genetics., ZioPharm Oncology, MolMed, GENELUX, Gradalis, MultiVir.
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The industry is highly fragmented and is dominated by several small biotech firms collectively accounting for over 80% of cancer gene therapy market pipeline. Major growth strategies adopted by these small firms include, technology transfer, licensing and commercialization deals, strategic collaborations and mergers and acquisitions to retain their industry position.
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