Cancer Gene Therapy Market size Expected to Reach $11.4 Billion by 2030

The Cancer Gene Therapy Market size was valued at $1.4 billion in 2020, and is estimated to reach $11.4 billion by 2030, growing at a CAGR of 23.3% from 2021 to 2030.

Cancer gene therapy is a technique used for the treatment of cancer where therapeutic DNA is being introduced into the gene of the patient with cancer. Owing to the high success rate during the preclinical and clinical trials, cancer gene therapy has gained popularity. There are many techniques used for cancer gene therapy, for example, a procedure where the mutated gene is being replaced with a healthy gene or the inactivation of the gene whose function is abnormal. Cancer gene therapy is an approach to cancer treatment, where genetically engineered vectors such as viruses are used to transfer or replace a mutated gene (that is causing cancer) with a healthy gene. This technique can be used for both the prevention and treatment of disease. The most commonly used techniques for the treatment using cancer gene therapy includes oncolytic virotherapy, gene transfer, and gene-induced immunotherapy

The cancer gene therapy market is segmented on the basis of therapy, end-user, and region. By therapy, it is categorized into gene-induced immunotherapy, oncolytic virotherapy, and gene transfer. By end-user, it is categorized into hospitals, diagnostic centers, and research institutes. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

.The Cancer Gene Therapy Market trends are the rise in prevalence of cancer, ethical acceptance of gene therapy for cancer treatment, and the advancement in this field driving the market growth. In addition, the benefits of cancer gene therapy over conventional cancer therapies, surge in government support and rise in biotechnological funding that encourages the R&D activities for cancer gene therapy fuel the growth of the Gene Therapy Industry. On the other hand, the favorable government regulations for therapy are further going to boost various opportunities that will lead to the growth of the cancer gene therapy market in the above-mentioned forecast period. However, high costs associated with the treatment and unwanted immune responses are expected to restrain the Cancer Gene Therapy Market size. Moreover, an increase in new pipeline developments for gene therapy was witnessed in 2020 as compared to previous years. Thus, the number of clinical trials, product launches, collaborations, and product developments is on the rise, which is expected to provide a lucrative opportunity for the growth of the cancer gene therapy market during the forecast period.

COVID-19 Impact Analysis

The COVID-19 pandemic had a negative impact on the cancer gene therapy market. As per the article published in Cancer Connect 2020, doctors from Dana Farber Cancer Institute determined that during the COVID-19 pandemic, there was a 46% decrease in the diagnoses of the six most common cancer types - breast, colorectal, lung, pancreatic, gastric, and oesophageal cancers. Moreover, the Centres for Disease Control and Prevention (CDC) &many medical professional organizations recommended that cancer screening and other health prevention services, along with elective surgeries,  be postponed unless the risks outweighed the benefits and to secure the hospital infrastructure for the treatment of COVID-19 patients. Thus, the COVID-19 pandemic has impacted the cancer gene therapy market. However, the situation is expected to gradually improve.

By therapy segment, the gene induced immunotherapy segment is the largest contributor to the market growth and the gene transfer therapy segment is anticipated to be a lucrative market due to the positive results of these therapies during the preclinical and clinical trials for the treatment of cancer.

By end-user, the hospital segment is the largest contributor to the market growth. Owing to the increase in the prevalence of cancer worldwide and the surge in regulatory approval of gene therapy for cancer are key factors that foster the Cancer Gene Therapy Market growth.

By region, North America accounted for the maximum Cancer Gene Therapy Market share in 2020, owing to the high prevalence rate of cancer, presence of high disposable income, and high funding for R&D activities associated with cancer gene therapy. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to a rise in the incidence rate of cancer, an increase in a government initiative to improve healthcare infrastructure, and owing to rise in the number of people prone to various chronic diseases. In addition, approval and launch of cancer gene therapy products can positively influence market expansion in developed countries, such as Japan, Australia, and New Zealand are the major factors for the growth of the cancer gene therapy market.

KEY FINDINGS OF The STUDY

• By therapy, gene-induced immunotherapy was the highest contributor to the Cancer Gene Therapy Market size in 2020.
• By end-user, the hospital segment dominated the market in 2020 and is expected to continue this trend during the forecast period.
• Region-wise, North America garnered the largest revenue share in 2020; however, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.