The market size of cancer gene therapy is expected to cross US$3.2 billion by 2026. The forecast predicted the increased market size of cancer Gene Therapy which is expected to increase at the compound annual growth rate (CAGR) of almost 29.7% from 2019 to 2026.
“Acumen Research and Consulting” has published a detailed report on it.
Acumen Research and Consulting (ARC) is the global provider of intelligence of market and consulting services to IT, telecommunication, manufacturing, and investment and consumer technology markets. It helps IT professionals, investment communities and business executives for making decisions based on facts regarding technology purchases and to develop strong growth strategies for sustaining market competition.
The global cancer gene therapy market is dominated by North America in 2018. The region has shown potential growth owing to the various cancer gene therapy companies such as Cobra, Ziopharm, Sangamo Therapists Inc., Finvector and Novartis AG among others.
The huge customer base and the agreeable reimbursement policies are accelerating market growth. Besides, affirmative medicare policies and an increased number of hospitals and care centers are expected to increase the market size and show growth in the global market in the future.
According to the report of the American Cancer Society almost 15.8 million cases of cancer were diagnosed in 2017 and around 16.5 million cases were already expected in 2018. Increasing prevalence further expected to suggest the demand for gene therapy in North America.
The second-largest share in the cancer gene therapy market by the European region is expected. Government rules and regulations regarding rapid industrialization and hospital devices, the advancement of technology, a rapidly increasing number of strategies in different countries like France, Germany, the United Kingdom, Italy, and Spain are expected to raise the cancer gene therapy market growth during the forecast.
The highest CAGR in the market is expected by the Asia-Pacific region. The rapid urbanization, growing healthcare industries, foreign direct investments in the medical sector is the major factor contributing to the growth of the region in the global market. Moreover, the growing awareness related to treatment options and the increasing geriatric population enhances its dominance in the future.
Growing demands of gene therapy for cancer treatment and increasing awareness about treatment options around the globe and the multi-functionality of this technique are the main drivers for an increased market size of gene therapy for cancer treatment over the forecast period.
Advancing investments in research and development, helpful government initiatives also increase the demand for gene therapy for cancer treatment over the predicted period.
Furthermore, technological advancement and increasing applications and advanced facilities in the developing countries are contributing to increase the market size. New investment opportunities are also expected in the global market for the producers in the coming years.
The high costs of gene therapy for cancer treatment, low consumers purchasing power, and associated risks are expected to restrict the growing global market during the predicted period.
The product segments have dominated by the non-viral vectors segment in 2018. Increasing prevalence of cancer, diabetic retinopathy and increasing demands for non-viral surgery expected to exhibit the demand for the segment.
The manufacturers Novartis AG, Sangamo Therapists Inc., and Sarepta Therapeutics are investing in the production of non-viral vectors that expected the lead in the market in the next coming years.