Health Technology World

Cancer Gene Therapy Market Expected to Reach $2,082 Million by 2023

Cancer Gene Therapy Market by Therapy and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023,the global market accounted for $289 million in 2016, and is estimated to reach $2,082 million by 2023, registering a CAGR of 32.4% from 2017 to 2023. North America is the highest contributor in the cancer gene therapy market in 2016; however, Asia-Pacific is expected to witness the highest growth rate.

The positive results displayed by the use of oncolytic virotherapy in the pre-clinical trials could have noteworthy impact on the quality of life of the cancer patient, making it the largest contributor toward the market growth.

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Cancer Therapy Market Key Players:

The key companies profiled in the report include Adaptimmune, GlaxoSmithKline, Bluebird bio, Inc., Merck, Celgene, Shanghai Sunway Biotech, BioCancell, Shenzhen SiBiono GeneTech, SynerGene Therapeutics, and OncoGenex Pharmaceuticals.

Cancer gene therapy is an approach for the cancer treatment, where genetically engineered vectors such as viruses are used to transfer or replace a mutated gene (that is causing cancer) with a heathy 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.

Cancer Therapy Market Growth:

The rise in prevalence of cancer, ethical acceptance of gene therapy for cancer treatment, and the advancement in this field drive the market growth. In addition, benefits of cancer gene therapy over conventional cancer therapies, increase in government support, and rise in biotechnological funding that encourage the R&D activities for cancer gene therapy fuel the growth of the cancer gene therapy market. However, high cost associated with the treatment and unwanted immune responses are expected to restrain the market growth.

Cancer Therapy Market Segments:

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

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In 2016, North America accounted for maximum contribution to the total revenue generated, 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 rise in incidence rate of cancer, increase in government initiative to improve healthcare infrastructure, and rise in healthcare expenditure.

Cancer Therapy Market Quantitative Analysis:

This report entails a detailed quantitative analysis of the current market trends from 2016 to 2023 to identify the prevailing opportunities. Market estimations are based on comprehensive analysis of the key developments in the industry. In-depth analysis, based on geography assists in understanding the regional market to assist in strategic business planning. The development strategies adopted by key manufacturers are enlisted to understand the competitive scenario of the market.

Key Benefits

  • This report entails a detailed quantitative analysis of the current market trends from 2016 to 2023 to identify the prevailing opportunities.
  • Market estimations are based on comprehensive analysis of the key developments in the industry.
  • In-depth analysis, based on geography assists in understanding the regional market to assist in strategic business planning.
  • The development strategies adopted by key manufacturers are enlisted to understand the competitive scenario of the market.

Learn More at: https://www.prnewswire.com/news-releases/cancer-gene-therapy-market-to-reach-2-08-bn-globally-by-2023-at-32-4-cagr-says-allied-market-research-840293464.html

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