Aug 19, 2019 (AmericaNewsHour) -- A significant rise in the number of cancer incidences has led to the deployment of genome technologies, which will spurCancer Gene Therapy Market size. As per WHO estimates, the number of cancer cases is estimated to increase by 70% over the coming two decades, which will stimulate the introduction of new gene therapies. Heavy funding by the government for cancer research programs and beneficial schemes favoring cancer screening programs are expected to produce lucrative avenues for cancer gene therapy market. As per Global Market Insights, Inc., "Cancer gene therapy industry revenue, which was assessed at USD 805.5 million in 2015, is projected to hit USD 4.3 billion by 2024."
Considering the regional trends, cancer gene therapy industry in China, which accounted for 35% of Asia Pacific cancer gene therapy market share in 2015, is projected to record a CAGR of 21% over the next few years, having collected a revenue of USD 99.6 million in 2015. Rapid commercialization of drugs required for cancer gene therapy coupled with enhanced developments in healthcare services will drive the regional expansion.UK cancer gene therapy industry, which was assessed at USD 92 million in 2015, is set to grow at an annual rate of 20.8% over the coming seven years, subject to high frequency of cancer among the nations' population along with the acceptance of modern treatment methodologies. Cancer gene therapy market in Japan, worth USD 78.2 million in 2015, is projected to expand at a CAGR of 20.9% over the period from 2016 to 2024.
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U.S. cancer gene therapy industry, which contributed more than 95% of North America cancer gene therapy market revenue in 2015, is projected to grow at a rate of 20.9% over the coming seven years. It had amassed an income of USD 235 million in 2015. Innovation in biotechnology and the rising acceptance of new gene technologies for cancer treatments is expected to boost the regional revenue.
Cancer gene therapies comprise gene transfer, oncolytic virotherapy, and gene induced immunotherapy. Gene transfer market size, which accounted for more than 46% of the cancer gene therapy market revenue in 2015, is projected to record a CAGR of 20.9% over the coming timeframe. This therapy helps to permanently alter the nuclear genome of the host cell and is widely deployed across the medical sector, stimulating the overall market.
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Gene induced immunotherapy industry, which contributed to 14% of cancer gene therapy market share in 2015, is slated to surpass USD 592.7 million by 2024. The growth can be attributed to its ability to effectively fight cancer cells through new gene insertion in the tumors.
Global cancer gene therapy market is highly fragmented with small biotech firms holding a chunk of the overall industry share. Key business expansion strategies such as deployment of advanced technologies, copyrights & patenting of products, strategic collaborations, and joint ventures adopted by major industry participants will help them in retaining their positions in the global business space. NewLink Genetics Corporation, ZIOPHARM Oncology Incorporation, Shenzhen Sibiono GeneTech Company Limited, Genelux Corporation, Gradalis Incorporation, Altor Bioscience Corporation, Shanghai Sunway Biotech Company Limited, Amgenen Incorporation, MultiVir Incorporation, Aduro Biotech Incorporation, OncoGeneX Pharmaceuticals Company, GlobeImmune Incorporation, MolMed S.p.A., and BioCancell Therapeutic Incorporation are the few of the established players of cancer gene therapy industry.