Cancer Gene Therapy Market to Reach $2.08 Bn, Globally, by 2023 at 32.4% CAGR, Says Allied Market Research

PORTLAND, Oregon, October 18, 2018 /PRNewswire/ --

Increased prevalence of cancer, and rise in global geriatric population, and high growth potential in the untapped markets of developing countries are expected to boost the growth of the global cancer gene therapy market 

Allied Market Research recently published a report, titled, "Cancer Gene Therapy Market by Therapy (Gene Induced Immunotherapy, Oncolytic Virotherapy, and Gene Transfer): Global Opportunity Analysis and Industry Forecast, 2017-2023." The report offers an in-depth analysis of the market dynamics, top winning strategies, key market segments, top investment pockets, and competitive landscape. According to the report, the global cancer gene therapy market was valued at $385.8 million and is expected to reach $2,082.5 million by 2023, registering a CAGR of 32.4% through 2023.

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High prevalence of incidence of cancer, surge in geriatric population, and increase in funding from governmental and non-governmental organizations for R&D drive the growth of the global cancer gene therapy market. However, high cost for gene therapy and adverse effects such as immune response hamper the market growth. On the contrary, increase in the adoption rate due to technological advancements and high growth potential in the untapped markets in the developing countries such as India and China would create lucrative opportunities in the coming years.

Gene transfer segment to manifest fastest growth  

The gene transfer segment is estimated to witness the fastest CAGR of 32.8% during the forecast period, owing to increase in funding for the development of gene transfer therapy to effectively treat cancer. However, oncolytic virotherapy therapy segment was the largest contributor of the market in 2017, holding more than 43% share of the global cancer gene therapy market. In addition, the gene-induced immunotherapy segment would show gradual growth from 2017 to 2023.

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North America to retain largest market share through 2023 

In 2017, North America accounted for the largest market share, contributing more than half of the total revenue, owing to increase in the number of viral infection cases and high prevalence of cancer and other inherited disorders in the region. However, Asia-Pacific region is expected to manifest the fastest CAGR of 38.4% through 2023, on account of several government initiatives to improve the healthcare infrastructure in developing economies. The other regions analyzed in the report include Europe and Latin America, Middle East and Africa (LAMEA).