Global Cancer Gene Therapy Market is valued at approximately USD 1.68 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 19.99% over the forecast period 2022-2029. Cancer gene therapy is a new treatment modality that assists in the introduction of new genes into a cancerous cell or the nearby tissue that leads to cell death or slows the growth of cancer.
This treatment technique is flexible and a variety of genes and vectors are being utilized in clinical trials that present positive results, which is gaining huge popularity as a novel method for treating human ailments. The flourishing development of the pharmaceutical industry, surging demand for novel cancer therapeutics, and rising government support are the primary factors that are fostering market demand across the globe.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
The rising incidences of cancer globally are a key driving factor for market growth. According to National Cancer Institute, in 2018, the number of cancer patients is estimated to account for 18.1 million, which is projected to reach 29.5 million patients by the year 2040. Accordingly, the growing prevalence of cancer is fueling the demand for wide range of diagnosis and treatment alternatives, which, in turn, accelerates the growth of the Cancer Gene Therapy Market.
Moreover, the increasing technological advancements in cancer gene therapy, as well as growing R&D investments, are creating lucrative opportunities for market growth in the foreseen years. However, the high cost associated with gene therapy and unwanted immune responses is hindering market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Cancer Gene Therapy Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America dominated the market in terms of revenue, owing to the presence of well-established market players and increasing investment in healthcare facilities in the region. Whereas, Europe is expected to grow at the highest CAGR during the forecast period. Factors such as rising research funding for novel therapeutics by government bodies, as well as growing demand for novel therapeutics are burgeoning the market growth in the forecasting years.
Major market players included in this report are:
Abeona Therapeutics Inc.
Asklepios BioPharmaceutical Inc.
Bluebird bio Inc.
GlaxoSmithKlineInc.
Introgen TherapeuticsInc.
MerckKGaA
BioCancell Inc.
Elevate Bio Inc.
Genelux Corporation
OncoGenex Pharmaceuticals Inc.
Recent Developments in the Market:
In January 2022, Ori Biotech Ltd. publicized that the company has achieved above USD 100 million in funding in a Series B funding round, which is planned to use for the expansion of key personnel to support the launch of its innovative cell and gene therapy manufacturing platform.
In June 2021, Eisai and Bristol Myers Squibb entered collaborative agreement to form and marketing of MORAb-202, Eisai’s ADC for advanced solid tumors.
Global Cancer Gene Therapy Market Report Scope:
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Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Type, End Use, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope: Free report customization (equivalent to up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define the market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study.
The report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
Oncolytic Virotherapy
Gene Induced Immunotherapy
Gene Transfer
By End Use:
Research Institutes
Biopharmaceutical Companies
Diagnostic Centers
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
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ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
The following are the market elements blanketed in this report:
Important Market Strategic Developments:
The lookup covers the primary strategic market developments, such as R&D, M&A, agreements, new product launches, collaborations, partnerships, joint ventures, and regional enlargement of the main opponents working in the market on a countrywide and worldwide level.
Key Market Features in Global Market:
The record assessed key market features, consisting of revenue, capacity, price, ability utilization rate, manufacturing rate, gross, production, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. The learn about additionally provides a thorough evaluation of the most necessary market elements and their most current developments, as nicely as pertinent market segments and sub-segments.
Analysis’s Key Market Indicators & Method
Using a range of analytical methodologies, the learn about makes use of in-depth lookup and contrast to current data on the main market gamers and their function inside the industry. Analytical techniques, such as Porter’s 5 forces analysis, feasibility studies, SWOT analyses, and ROI analyses have been used to take a look at the improvement of the primary market players.
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