July 20, 2024

Personalized Gene Therapy Treatments for Cancer Market: Precision Oncology Revolution

Personalized Gene Therapy Treatments for Cancer Market

Market Overview:
The personalized gene therapy treatments for cancer market involves products such as gene therapy viruses, non-viral gene delivery, and genetically engineered T-cell receptors. These products help deliver modified genes to treat and potentially cure cancer. They hold potential to selectively target and kill cancer cells while leaving healthy cells unharmed. Demand for these targeted and customized treatments is growing due to limitations of conventional cancer therapies.

The global Personalized Gene Therapy Treatments for Cancer Market is estimated to be valued at US$ 2.20 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Rise in genomic sequencing activities: Growing adoption of next-generation sequencing technologies by healthcare facilities and research centers has boosted the scope for genomic profiling of tumors. This trend enables comprehensive characterization of genetic alterations driving a patient’s cancer. It allows development of personalized treatments tailored to an individual’s genetic profile.
Increasing product approvals: Regulatory approvals for novel gene therapy products such as Kymriah, Yescarta, and Luxturna in recent years have improved access and driven their commercial adoption in key markets. Approvals are expected to continue rising based on positive clinical trial results, fueling revenue growth of this market.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate due to high capital requirements for R&D and production facilities. However, small companies can enter through collaboration.

Bargaining power of buyers: The bargaining power of buyers is moderate as a few biotech companies currently dominate the market. Customized treatments also create switching costs for patients.

Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials required are widely available. Suppliers have less influence on prices.

Threat of new substitutes: The threat of new substitutes is low as personalized gene therapies offer highly targeted solutions compared to traditional cancer treatment methods.

Competitive rivalry: Competition is high among existing players to gain greater market share through innovations.

Key Takeaways

The global Personalized Gene Therapy Treatments for Cancer Market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing prevalence of cancer globally. The market size for 2023 is US$ 2.20 Bn.

Regional analysis: North America currently dominates the market due to advancements in genetic research and availability of funds. Asia Pacific is expected to witness fastest growth due to rising healthcare expenditure and growing patient base.

Key players: Key players operating in the Personalized Gene Therapy Treatments for Cancer market are Novartis AG, Kite Pharma (Gilead Sciences), Spark Therapeutics (Roche), and bluebird bio. Novartis has witnessed significant growth through its CAR-T cell therapies Kymriah and Tecartus. Kite Pharma leads the market with its approved therapy Yescarta.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it