Cell and gene therapy involves the modification of cells or genes to treat or cure disease. These therapies work by replacing, manipulating, or supplementing nonfunctioning or mutated genes in the body. Diseases that are commonly treated through cell and gene therapies include cancer, cardiovascular diseases, neurological disorders such as Alzheimer's disease and Parkinson's disease, immune disorders, and genetic disorders. The cell and gene therapy market has witnessed significant growth in recent years owing to the growing prevalence of various genetic and chronic diseases and the increased funding for research and development of novel cell and gene therapies.

The global cell and gene therapy market is estimated to be valued at US$ 21.08 billion in 2024 and is expected to exhibit a CAGR of 19.4% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The growing prevalence of genetic disorders across the globe presents a significant market opportunity for players in the cell and gene therapy market. Genetic disorders are caused due to changes or mutations in genes or chromosomes and can be either inherited or caused by spontaneous gene mutations. According to the Global Genes organization, it is estimated that over 7,000 rare genetic diseases currently affect approximately 350 million people globally. Moreover, every day an estimated 150 babies are born with a rare genetic disease. The increasing cases of genetic disorders has boosted the demand for more effective therapeutic options for treating these conditions, thereby driving the growth of the cell and gene therapy market. Cell and gene therapies offer promising treatment alternatives for genetic conditions by correcting faulty genes or repairing malfunctioning cells. Therefore, the development of advanced cell and gene therapy solutions targeting high prevalence genetic disorders would help exploit lucrative growth opportunities in the market over the forecast period.

Porter's Analysis

Threat of new entrants: Low-moderate, as cell and gene therapy requires significant research funding, specialized expertise, and regulatory approvals which pose a high barrier to entry. However, the high growth prospects attract new players over time.

Bargaining power of buyers: High. The presence of few approved therapies combined with life-saving applications gives buyers strong bargaining power in negotiating prices.

Bargaining power of suppliers: Moderate. While key raw materials and technologies are specialized, the presence of several research organizations and technology providers keeps suppliers' power in check.

Threat of new substitutes: Low in the short term. Although several novel therapies are in development, cell and gene therapy holds strong potential due to targeted advantages over other modalities.

Competitive rivalry: High. The large market potential and ongoing technological advances have led to intense competition among key players to develop innovative new therapies and capture market share.

SWOT Analysis

Strengths: Promising clinical effectiveness for various hard-to-treat conditions. Growing pipeline of candidate therapies in clinical trials.

Weaknesses: High costs associated with extensive R&D and regulatory requirements. Potential safety risks need to be carefully addressed.

Opportunities: Rising burden of cancer and genetic disorders boosts the market. Advances in gene editing tools and vector engineering enhance applications.

Threats: Strict regulations prolong therapy approvals. Reimbursement challenges may limit widespread adoption. Dependence on a small number of suppliers for critical materials.

Key Takeaways

The Global Cell And Gene Therapy Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is estimated to be US$ 21.08 Mn, rising at a CAGR of 4.4%.

The North America region currently dominates the global market and is projected to maintain its lead through 2031. Factors such as the presence of key industry players, higher healthcare expenditure, and favorable reimbursement policies drive the regional market. However, Asia Pacific is anticipated to show the fastest growth over the coming years backed by rising patient pool, increasing research investment and emerging biotech centers in major countries like China, India and South Korea.

Key players operating in the cell and gene therapy market are Tadano Ltd, Liebherr Group, Terex Corporation, Xuzhou Construction Machinery Group Co., Ltd, Sany Heavy Industry Co. Ltd, Zoomlion Heavy Industry Science and Technology Co., Kobelco Construction Machinery Co., Ltd, Manitowoc Cranes, Link-Belt Cranes, Kato Works Co. Ltd, Palfinger AG, Manitex International, Sichuan Changjiang Electric Co. Ltd, Altec Inc., Elliott Equipment Company, Tadano Faun GmbH, Broderson Manufacturing Corp., and SENNEBOGEN Maschinenfabrik GmbH. Major players are focusing on developing next-generation technologies, expanding manufacturing capabilities and strengthening their sales network globally. Collaborations between industry stakeholders are also on the rise to accelerate research progress.

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