Evolving genomic technologies to boost the global cancer gene therapy market
Publisher : Fractovia | Published Date : 2016-11-14Request Sample
Rapid technological breakthroughs and the rising acceptance of newly emerging genomic technologies like next-generation sequencing and high-density DNA microarrays is predicted to drive the cancer gene therapy market growth. Furthermore, the government support for these technologies is predicted to further boost the industry trends over the coming years. For instance, centers for disease control and prevention (CDC) favors countrywide screening programs for breast cancer control and cervical & colorectal cancers among women falling in low-income groups or with no health insurance. As per Global Market Insights Inc. report, “The cancer gene therapy market worth USD 805.5 million in 2015, is anticipated to surpass USD 4.3 billion by 2024, growing at a CAGR of 20.7% over the period of 2016-2024.”
Growing occurrence of cancer across the globe is expected to enrich the demand for gene therapy. As per the WHO report, cases of cancer are projected to increase by half and touch USD 15 million mark by the end of the decade. Cancer gene treatments are being carried out worldwide through various therapies such as oncolytic virotherapy, gene transfer, and gene induced immunotherapy.
U.S. Cancer Gene Therapy Market size, by type, 2012 - 2024 (USD Million)
The retroviral vector oncolytic virotherapy segment led the gene therapy industry in 2015 and is predicted to record a CAGR of 20.6% over the period of 2016-2024. It converts the single-stranded RNA into double-stranded DNA molecule that gradually integrates into the target genome and helps to stimulate the immune system.
The gene transfer therapy segment contributed about 46% of the overall revenue share in 2015 and is predicted to grow at a CAGR of 20.9% over the forecast timeframe. Furthermore, the gene induced immunotherapy segment contributed about 14% of the overall revenue share in 2015 and is projected to surpass USD 592.7 million by 2024. It is an innovative technique of adding new genes into cancer tumor that fights cancer cells.
The U.S. cancer gene therapy market size worth USD 235 million in 2015, is predicted to grow at a CAGR of 20.9% over the forecast timeframe. Factors such as growing cases of cancers and acceptance of advanced methods of cancer treatments are predicted to drive the regional growth. In addition to this, heavy investments in R & D activities along with government support will boost the industry demand over the coming years.
The China market worth USD 99.6 million in 2015, is predicted to grow at a CAGR of 21% over the forecast period owing to increase in healthcare funding coupled with improvement in R & D facilities.
The Japan cancer gene therapy market worth USD 78.2 million in 2015, is predicted to grow at a CAGR of 20.9% over the period of 2016-2024.
The UK market worth USD 92 million in 2015, is anticipated to register a CAGR of 20.8% over the forecast timeline due to the rising occurrence of cancer along with increasing acceptance of gene technology.
Key industry participants include Amgen, SiBiono, GENELUX, Altor Bioscience Corporation, MolMed S.p.A, Shanghai Sunway Biotech Company limited, Gradalis, ZIOPHARM Oncology Incorporation, Aduro Biotech Incorporation, GlobeImmune Company, OncoGeneX, and New Link Genetics. These market participants will try to increase their revenue share by continuously investing in R & D activities to develop new methods of treatment. In addition to this, they will try to retain their market position by forming strategic alliances and through mergers & acquisitions.
