How is Rising Number of Cancer Cases Driving Gene Therapy Market?
The burden of chronic diseases has only been increasing since past few years. The cases for cancer, for example, are growing rapidly. According to the American Cancer Society, from 2016–2019, the number of new cases of cancer in the U.S. increased from 1,685,210 to 1,762,450, and the cancer mortality rose from 595,690 to 606,880 during the same time period. Doubtless, a number of advancements have been made in the medical industry for developing a proper cure for cancer and other rare chronic diseases, however, the fact remains that there is a long way to go before anything certain comes to light.
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The advancements regarding gene therapy though can significantly aid in getting closer to dealing properly with several chronic diseases. Gene therapy is designed for introducing genetic material into cells for compensating for abnormal genes or for making a beneficial protein. In case a mutated gene causes an essential protein to be faulty or non-existent, gene therapy may potentially be able to introducing a new copy of the gene for restoring the function of the protein. Attributed to these reasons, the gene therapy market generated revenue of $3,407.5 million in 2019 and is expected to advance at a 31.1% CAGR during the forecast period (2020–2030).
The two types of gene therapies are ex vivo and in vivo, between which, the in vivo approach was adopted more. The in vivo technique is less complicated as compared to the ex vivo technique. The cells have to be taken out of the body first for manipulating artificially and then are put back inside the body in this technique. Viral and non-viral are the two vectors used in gene therapy. The demand for viral vector was higher, as these vectors exhibit higher expression and genomic incorporation levels during clinical trials and they have higher efficiency than non-viral vectors.
Gene therapy has a number of applications such as cardiology, oncology, infectious diseases, rare diseases, hematology, neurology, and ophthalmology. Owing to the surging prevalence of cancer across the globe and the fact that almost 60% of the ongoing clinical trials of gene therapy at the present time are targeted at cancer, the adoption of gene therapy for oncology application is projected to rise in the coming years. Academic institutes & research centers and pharmaceutical & biotechnology companies are the major end users of gene therapy. A large number of pharmaceutical & biotechnology companies in the domain are outsourcing the production of vectors for expanding the gene therapy for many more diseases.