Cancer Gene Therapy Market Size Surpass US$ 3.2 Bn by 2026

LOS ANGELES, Jan. 15, 2020 /PRNewswire/ -- The global cancer gene therapy market size is expected to reach around US$ 3.2 billion by 2026. Cancer Gene Therapy Market is expected to grow at a CAGR of around 29.7% during the forecast period 2019 to 2026.

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North America dominated the global cancer gene therapy market in the year 2018. The region has experienced the potential growth owing to the presence of cancer gene therapy companies such as Ziopharm, Cobra, Finvector, Sangamo Therapists Inc., and Novartis AGamong others. The presence of a large customer base along with favorable reimbursement policies is additionally accelerating the regional market growth. Moreover, favorable medicare policies and growing number of hospitals and clinic centres are expected to enhance the market growth in the global cancer gene therapy market in future. According to American Cancer Society, in 2017, around 15.8 million cancer cases are diagnosed and it is expected to witness the growth of cancer cases with 16.5 million in 2018. Growing prevalence of such diseases further expected to raise the demand for cancer gene therapy in North America. The Europe region is expected to exhibit a second-largest share in the cancer gene therapy market. Stringent government regulations regarding hospital devices and rapid industrialization, technological advancement in therapy, growing number of surgeries in countries, such as Germany, the UK, France, Spain, and Italy, are expected to enhance the market growth in the global cancer gene therapy market during the forecast.

Asia-Pacific region is expected to exhibit highest CAGR in the cancer gene therapy market. The rapid growth in the urbanization, growing healthcare industry in developing countries, and liberalization of foreign direct investment in the medical sector are the major driving factor for the region in the global market. Moreover, the rising geriatric population and growing awareness regarding treatment options increases its dominance in the global cancer gene therapy market in future.

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Growing demand for cancer gene therapy in various end user applications, growing awareness about cancer treatment across the globe and multi-functionality of cancer gene therapy are the main drivers for the market growth of the global cancer gene therapy market over the forecast period. Furthermore, rising investment in research and development of cancer treatment and supportive government initiatives further grows the demand for cancer gene therapy over the forecast the period. Moreover, technological advancement and increase in the number of applications, and availability of advanced healthcare facilities in developing countries are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.

However, high treatment costs of cancer gene therapy, low purchasing power of consumers, risk associated with the therapy are expected to hamper the growth of the global cancer gene therapy market during the forecast period.

Non-viral vectors segment have dominated the product segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. Growing prevalence of blood cancer, epiretinal membrane and diabetic retinopathy and escalating demand for non viral surgery further expected to drive the demand for the segment. The manufacturers Sangamo Therapists Inc., Novartis AG, and Sarepta Therapeutics are the mainly investing in the development of Non-viral vectors, which expected the lead the market in the coming years.

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Hospital segment dominated the cancer gene therapy market on the basis of end use in the year 2018. The major factors that are driving the growth of this segment are availability of high-tech equipment and technologies in hospitals and growing number of hospitals across the globe. This expected to enhance the dominance of the hospital segment in the global market over the forecast period.

Some of the leading competitors are Cobra, Finvector, Sangamo Therapists Inc., Novartis AG, Sarepta Therapeutics, Caribou, Vigene Biosciences, Sirion Biotech, bluebird bio, Cellectis, and Ziopharm.

Some of the key observations regarding cancer gene therapy industry include:

• In July 2019, Abbott Medical Optics Inc. announced partnership agreement with Johnson & Johnson, a provider of advanced software solutions for life science R&D. The partnership increases the development of cancer gene therapy products and increases the efficiency of strain development processes.
• In October 2018, Carl Zeiss Meditec AG signed acquisition agreement with IanTech. The acquisition focuses on providing technological solutions for viral vectorssurgeries.
• In November 2018, Novartis AG received approval from European commission for luxturna, a gene therapy to treat patients with a vision loss. The approval enhances the brand identity of the company and enhances its customer base. 
• In January 2017, Novartis AG signed partnership agreement with Caribou. The partnership focuses on innovation and development of gene therapies.

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