The latest market analysis report titled Gene Therapy in Oncology Market Region, Segment, Therapy Type, and End-user 2022–2027 has been added to GlobalData Plc report store. The analysts predict that gene therapy in the oncology market size was USD 2,045 million. The gene therapy in the oncology market will garner a CAGR of 23.7% during 2022-2027. The market growth will be driven by the high prevalence of cancer and the growing demand for gene therapy over conventional therapies. The market will also witness an increase in government support for research in gene therapy favoring market growth.
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Gene Therapy in Oncology Market Segment Highlights
By Therapy type
- Oncolytic virotherapy: In 2021, oncolytic virotherapy captured a sizeable market share exceeding 45% of worldwide. The market in focus growth is largely attributed to the growing prevalence of cancer, rising adoption of oncolytic virotherapy among the HCPs, and technological advancements in gene therapy. Therefore, with the rise in cancer cases, the US has witnessed an increase in research and development of novel therapies to treat multiple cancers. The increase in the prevalence of cancer has resulted in increased demand and approval of gene therapy in oncology.
- Gene transfer
- Gene induced immunotherapy
- Hospitals: The hospitals segment held the largest gene therapy in the oncology market growth in 2021. The hospital segment has been at the forefront of the research and development of gene therapies. Stronger financial muscle, and propensity to spend on research and development make this segment a major market for gene therapy in oncology solutions, thereby driving the market growth.
- Diagnostic Centers
- Research Institutes
- North America: The region accounted for the largest revenue in gene therapy in oncology market in 2021. The major factors contributing to the market growth include a rise in cancer incidence, approval of novel drug therapies, increasing funding and investment for the development of cancer gene therapy, and an increase in strategic partnerships.
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Top Gene Therapy in Oncology Companies
The gene therapy in the oncology market is fragmented and the vendors are deploying various growth strategies such as R&D, and collaborations to compete in the market. Competition among players is concentrated and complex, as drug companies compete for market share for oncology indications. Furthermore, there are several other players developing novel gene therapies for oncology indications, which are expected to accelerate the market growth during the forecast period.
- Amgen: The company develops products by using advanced human genetics to unravel the difficulties of disease and understand the fundamentals of human biology Amgen sells products primarily to pharmaceutical wholesale distributors in the US. In May 2021, FDA approved Amgen drug for non-small cell lung cancer with a specific mutation in a gene known as KRAS in patients whose disease has worsened after treatment with chemotherapy or other medicines.
- BMS: The company offers its products across the world to wholesalers, retail pharmacies, hospitals, medical professionals, and government entities. BMS provides its products in the US, Europe, and Japan. In 2021, the FDA approved Abecma for the treatment of relapsed or refractory multiple myeloma.
- Gilead: The company sells its products through subsidiaries and distributors in Europe, the Americas, Asia-Pacific, the Middle East, and Africa. It has manufacturing facilities in Edmonton, Alberta, Canada; Foster City, San Dimas, Oceanside, California; and Cork, Ireland among others. The company has partnerships with universities, medical research institutions, and global pharmaceutical leaders to develop new drugs.
- Novartis AG: It provides drugs for the treatment of cancer, cardiovascular diseases, dermatological conditions, neurological disorders, ophthalmic and respiratory diseases, immune disorders, and infections, among others. The company focuses on the discovery, development, manufacture, and marketing of prescription and generic pharmaceutical products and eye care products.
- Shenzen Sibiono GeneTech: SiBiono is a major player in the gene therapy market. SiBiono pioneered the development of the world’s first gene therapy drug, Gendicine.
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