Cancer Gene Therapy Market to Attain a USD 12.63 Billion by 2031; Advancements in Gene Technologies Augment Development | SkyQuest Technology

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Jul 19, 2024, 10:15 ET

WESTFORD, Mass., July 19, 2024 /PRNewswire/ -- According to SkyQuest, the global Cancer Gene Therapy Market size was valued at USD 2.38 billion in 2022 and is poised to grow from USD 2.86 billion in 2023 to USD 12.63 billion by 2031, growing at a CAGR of 20.42% in the forecast period (2024-2031).

Cancer has plagued the world and is probably the leading chronic disease affecting millions of people. Demand for novel cancer treatments and therapeutics is always high, which is projected to help boost the adoption of cancer gene therapy. Advancements in genetic engineering and the growing acceptance of gene therapies for multiple indications are forecasted to create new opportunities for cancer gene therapy providers in the future. The global cancer gene therapy market is segmented into therapy, indication, end user, and region.

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Cancer Gene Therapy Market Overview:

Report Coverage	Details
Market Revenue in 2023	$ 2.86 Billion
Estimated Value by 2031	$ 12.63 Billion
Growth Rate	Poised to grow at a CAGR of 20.42%
Forecast Period	2024–2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Therapy, Indication, End User, and Region
Geographies Covered	North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights	Growing acceptance of novel gene therapies for cancer treatment
Key Market Opportunities	Rising investments in gene and cancer research
Key Market Drivers	Growing number of cancer cases and high demand for novel treatments

Segments covered in Cancer Gene Therapy Market are as follows:

Therapy
- Gene Induced Immunotherapy, Oncolytic Virotherapy, and Gene Transfer
Indication
- Breast Cancer, Ovarian Cancer, Liver Cancer, Pancreatic Cancer, Lung Cancer, Prostate Cancer, and Others
End User
- Hospitals, Diagnostic centers, Research Institutes, and Others

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Gene Therapies for Breast Cancer Treatment are Slated to be Highly Popular Going Forward

The incidence of breast cancer around the world has risen substantially in recent years owing to growing awareness and increasing availability of advanced diagnostic procedures. High investments in R&D to develop new diagnostic and treatment procedures for breast cancer around the world are projected to help this segment lead the cancer gene therapy market. Gene transfer and suppression are mostly used to treat breast cancer via gene therapies.

Meanwhile, the demand for gene therapy to treat lung cancer is projected to shine bright across the forecast period. Lung cancer amounts to the biggest mortality rate of any other cancer indications, and this is why the demand for novel treatments to treat it is increasing at a rapid pace. Bad air quality due to increased air pollution levels has led to the high incidence of lung cancer, which is why this segment presents highly lucrative opportunities for cancer gene therapy providers.

Gene Induced Immunotherapy Remains Preferred Owing to High Emphasis on Fighting Cancer through the Immune System

Fighting cancer through the immune system has been the best approach proven to treat multiple types of cancers. Gene induced immunotherapy combines the advantages of immunotherapy and gene therapy to provide a much better treatment for cancer indications as compared to either one being used on its own. High investments in research and development of new therapies based on the immune response approach will also help this segment offer new opportunities for cancer gene therapy companies.

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Most Cancer Gene Therapies are Slated to be Performed in Hospitals

Hospitals are projected to emerge as major end users of cancer gene therapies. Growing rates of hospitalization due to cancer and the high availability of novel gene therapies in the same are also estimated to help this segment hold a prominent chunk of market share. Biopharmaceutical companies are also estimated to be highly lucrative for cancer gene therapy providers as they focus on developing new cancer treatments and therapeutics.

Surging incidence of multiple types of cancers around the world makes this an opportune market. New as well as established cancer gene therapy providers should invest heavily in R&D to maximize their business scope.

Related Report:

Gene Therapy Market

Cancer Biological Therapy Market

Cancer Therapeutics Market

Breast Cancer Therapeutics Market

Gene Editing Market

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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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SOURCE SkyQuest Technology