How is Rising Number of Cancer Cases Driving Gene Therapy Market?

The global gene therapy market was valued at $3,407.5 million in 2019. According to the forecast of P&S Intelligence, a market research company based in India, the market will advance at a CAGR of 31.1% between 2020 and 2030. The positive results of various clinical trials, the increasing prevalence of chronic diseases, and the soaring R&D (research and development) activities being conducted in gene therapy are the main factors fueling the advancement of the market.

The rising prevalence of chronic diseases such as cancer and many rare diseases is a major growth driver of the gene therapy market. This is because the gene therapies, that are currently available to healthcare professionals, have the ability to treat various rare diseases, especially the ones that have genetic causes. For example, cancer therapies do not require long-term transgene expression. There has been a sharp rise in cancer cases throughout the world in recent times.

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According to the American Cancer Society, the number of new cancer patients increased in the U.S. from 1,685,210 in 2016 to 1,762,450 in 2019. Furthermore, the organization found that cancer mortality rose from 595,690 to 606,880 from 2016 to 2019 in the country. Because of these factors, the requirement for gene therapy grew massively in the country over the last few years. Depending on type, the gene therapy market is divided into in vivo and ex vivo.

Hence, it is quite clear that due to the rising incidence of cancer, rare diseases, and various chronic diseases and the soaring R&D activities being performed in gene therapy, the market will advance rapidly all around the world in the upcoming years.