Cancer Gene Therapy Market Growth Drivers, Segment Analysis and Forecast by 2023
The global cancer gene therapy market is expected to attain lucrative growth in the forecast period mainly due to rise in funding for R&D activities for cancer gene therapy, increasing prevalence of cancer, and rapid technological advancements being witnessed in the market. Gene therapy is used for the treatment of cancer, where a functional gene is inserted into the cells of a patient to correct a genetic abnormality and provide new function to the cells.
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The cancer gene therapy market is segmented on the basis of various therapies used for treatment and end user. Gene induced immunotherapy, oncolytic virotherapy, and gene transfer are the different therapies used for the treatment of cancer. Gene transfer therapies holds the largest share in the global market and the category is also expected to witness fastest growth in demand during the forecast period. The key end users in the cancer gene therapy market include hospitals, oncology institutes, biotechnological companies and clinical research laboratories.
Increasing funding for R&D activities for cancer gene therapy, rising prevalence of cancer, rapid technological advancements, growing geriatric population, ethical acceptance of gene therapy for treatment of diseases, growing popularity of DNA vaccines and favorable government regulations are some of the key factors characterizing the growth in the cancer gene therapy market, globally. According to the American Cancer Society (ACS), around 1,688,780 new cancer cases are expected to be diagnosed, in the U.S., in 2017. Almost, 600,920 Americans are expected to die of cancer in 2017, indicating that around 1,650 cancer patients are dying per day, due to the disease. In 2013, the World Health Organization (WHO) launched the Global Action Plan for the Prevention and Control of Noncommunicable Diseases 2013-2020, that aimed at reducing the rate of premature mortality from cancer, cardiovascular diseases, diabetes, and chronic respiratory diseases by 25%, by 2025.
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Innovation therapies with better success rates, ethical acceptance of gene therapy for cancer treatment and untapped markets in developing economies are expected to offer various growth opportunities for the players in the cancer gene therapy market. For instance, in August 2017, the United States Food and Drug Administration (USFDA) approved a breakthrough treatment for children suffering with acute lymphoblastic leukemia (ALL) using CAR T therapy, also known as Kymriah, developed at the University of Pennsylvania’s Abramson Cancer Center.
In June 2017, Cell Medica acquired the Catapult Therapy TCR Limited, a subsidiary of Cell and Gene Therapy Catapult (CGT Catapult), and initiated a collaboration to establish cell therapy manufacturing for Cell Medica at CGT Catapult’s GMP manufacturing facility in Stevenage, the U.K. Some of the other key players operating in the cancer gene therapy industry include Genelux Corporation, Cell Genesys, Advantagene Inc., GenVec, Inc., BioCanCell Ltd., Adaptimmune Therapeutics plc, Bluebird bio, Inc., and Achieve Life Sciences, Inc.
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