High prevalence of cancers throughout the world along with the limited and painful existing cancer treatment regimen is positively impacting the global cancer gene therapy market growth- finds OG Analysis.
Moreover, the advancements in cancer therapy technologies leading to higher adoption rate and untapped markets in economies such as US, Canada and others are likely to provide new market opportunities in near future. Further, modifications in terms of coverage by payers, market penetration, and government bodies are strongly impacting the market size and value.
The government organizations are supporting the acceptance of advanced cancer gene therapies in order to reduce the cancer prevalence worldwide. This could drive the market size. As per World Health Organization (WHO) estimates, the number of cancer cases is projected to increase by 70% over the coming two decades, which is enhancing the need for introduction of new cancer gene therapies.
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Therefore, owing to increasing need for development of robust treatment options, most of the market players are developing molecules that can change treatment approaches and assist to cure different types of cancers and obtaining approvals from government.
According to recent studies, it is estimated that more than 15 approved molecules for various cancer indications are to change treatment approach for cancers and inherited diseases to improve patient cure by 2030.
However, high development cost of cancer drugs is expected to act as a restraint to the industry growth. Further, it is expensive to carry out clinical trials that includes expensive phase I, II and III for the approval. Consequently, the high cost of clinical trials is serving serve as a major impediment to the market over the forecast time frame.
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Ongoing cancer screening programs funded by government proceed as long term market opportunity
Heavy funding for cancer research programs and beneficial schemes by the government is anticipated to offer lucrative market share for cancer gene therapy industry players.
For instance, Mainstreaming Cancer Genetics (MCG) programme intends to develop clinical infrastructure, informatics, assays, assessment and education that will enable gene testing of patients efficiently. The programme also provides convenient tools for the incorporation of gene testing across the National Health Services (NHS).
Americas continues to impact the global Cancer Gene Therapy Market growth
North America market share is increasing in cancer gene therapy market, in terms of R&D activities, number of molecules approved for clinical usage, and revenue generation. In 2018 alone, FDA approved 3 molecules to treat cancer and inherited blindness in the US.
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In addition, several companies in the US are seeking FDA approvals to their next phase of clinical trials & molecules, which are ready for commercialization. According to FDA, it is estimated that around 6 molecules would be on a full commercial scale by 2020.
Besides, the increasing government support in approving the cancer gene therapies will be a future market opportunity for industry players to improve their businesses. Further, increasing acceptance of new gene technologies for cancer treatments and innovation in biotechnology are anticipated to fuel the market size. However, lack of reimbursement policies for advanced gene therapies will affect the market size across North America.
Strategic approaches and competitive players are shaping the market size
Major industry participants are adopting business expansion strategies such as collaborations, mergers and joint ventures in order to retain their position in the global cancer gene therapy market share. In February 2019, Merck KGaA and GSK jointly entered into strategic alliance, worth up to €3.7 billion to develop and commercialise M7824, a new immunotherapy with potential in multiple difficult-to-treat cancers.
In addition, in April 2018, GlaxoSmithKline entered into a strategic agreement with Orchard Therapeutics to move rare disease gene therapy portfolio to Orchard Therapeutics.
Further, the players are continuously engaging in R&D in order to develop new methods to treat life-threatening cancer diseases and obtaining approvals from government. In June 2019, Bluebird bio declared that the “European Commission (EC)” granted conditional marketing authorization for a new gene therapy, ZYNTEGLO, for patients 12 years and older.
Small biotech firms dominate the cancer gene therapy market share
Top companies contributing towards market growth include daptimmune Therapeutics plc, GlaxoSmithKline (GSK), Bluebird bio, Inc., Merck, Celgene, Shanghai Sunway Biotech, BioCancell, Shenzhen SiBiono GeneTech, SynerGene Therapeutics, and OncoGenex Pharmaceuticals.
In global cancer gene therapy market, the current competitive landscape is dominated by small pioneering biotech firms. The small players are entering into strategic collaborations with international organisations and players to continue clinical developments and commercialization of products.
For instance, in March 2019, TCR2 Therapeutics Inc. declared its collaboration with Cell and Gene Therapy Catapult for developing of its novel “T Cell Therapies” for cancer and to meet immediate clinical trials for cancer gene therapy development.
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