The cell and gene therapy market is estimated to be valued at US$ 18.29 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cell and gene therapy involves the modification of cells or genes to treat diseases. It involves extracting cells from patients or donors to make copies of genetic material and reintroducing the modified cells back into patients. These therapies are being used in treatments for cancers, cardiovascular diseases, neurological disorders, and other rare genetic diseases. They provide personalized treatment options with longer-lasting effects compared to traditional drug therapies.
Market Dynamics:
The increasing investment and funding in R&D activities for cell and gene therapy development is one of the major drivers for this market. According to report, over $1 billion was invested in the cell and gene therapy space alone in 2019. Key players are focusing on clinical trial collaborations and new product launches. For instance, Alnylam Pharmaceuticals launched vutrisiran, an RNAi therapeutic, for the treatment of transthyretin-mediated amyloidosis in November 2020. The increasing prevalence of chronic diseases along with limitations of traditional treatment options is also fueling the demand for cell and gene therapy with more targeted approach. However, high costs associated with therapy development and regulatory issues pose challenges to market growth.
Segment Analysis
The Cell And Gene Therapy Market Size is dominated by the Oncology sub segment. It accounts for over 40% of the overall market share as cancers like lung cancer, breast cancer, blood cancer etc are widely prevalent globally and cell and gene therapies have shown promising potential in treating such hard to cure cancers. The oncology sub segment is dominating due to growing prevalence of cancers and rising demand for novel targeted treatment options with less side effects.
PEST Analysis
Political: Supportive regulatory environment with streamlined approval process and national initiatives supporting research are boosting the market growth.
Economic: Rising healthcare spending coupled with high treatment cost of chronic diseases is driving demand for cost effective cell and gene therapies.
Social: Increasing awareness about potential of new gene-based treatments and rising acceptance of such novel treatment options are favoring the market growth.
Technological: Advancements in genetic engineering, dedicated research facilities, and 3D organoid and microfluidic chip technologies are facilitating development of new cell and gene therapies.
Key Takeaways
The global cell and gene therapy market is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing prevalence of chronic diseases. The market size is projected to reach US$ 81.35 Bn by 2030 from US$ 18.29 Bn in 2023.
Regional analysis
North America dominates the global market owing to presence of major market players, high healthcare expenditure, and rising prevalence of chronic diseases in the US and Canada. Asia Pacific exhibits fastest growth led by China, India & Japan due to supportive regulations, improving healthcare infrastructure and increasing R&D investments in cell-based research.
Key players
Key players operating in the cell and gene therapy market are Alnylam Pharmaceuticals Inc., Amgen Inc., Biogen Inc., CORESTEM Inc., Dendreon Pharmaceuticals LLC., Helixmith Co. Ltd., JCR Pharmaceuticals Co. Ltd., Kolon TissueGene Inc., Novartis AG, Pfizer Inc. These players are focusing on partnerships, new product launches and regulatory approvals to strengthen their market position. For instance, CORESTEM signed partnership with several hospitals in South Korea and China for clinical trials of its stem cell therapies for liver disease and arthritis.
Read More: https://www.trendingwebwire.com/cell-and-gene-therapy-market-overview/
