by The global Car T Cell Therapy Market is estimated to be valued at US$ 12709.23 Mn in 2023 and is expected to exhibit a CAGR of 20. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Car T cell therapy is a type of immunotherapy that involves genetically modifying a patient’s own T cells to attack and kill cancer cells. It involves collecting T cells from the patient’s blood and engineering them through a lentivirus vector to express a chimeric antigen receptor (CAR) that binds to a specific protein on the target cancer cell. The modified CAR T cells are grown in large numbers and infused back into the patient to eliminate the cancer. Car T cell therapy provides more personalized treatment approach compared to conventional therapies as it harnesses the power of a patient’s own immune cells. It has demonstrated promising results in treating hematologic cancers like leukemia and lymphoma.
Market Key Trends:
Personalized medicine is one of the major trends in the oncology therapeutic area. Car T cell therapy falls under the category of personalized medicine as it utilizes a patient’s own T cells and subsequently trains them to target a specific cancer antigen on tumors. The demand for more personalized cancer treatment options is growing due to their targeted approach and improved clinical outcomes observed with Car T cell therapies especially in hematological cancers. Major pharmaceutical players are investing heavily in developing off-the-shelf Car T cell therapies which can be used for a large patient population and address manufacturing and cost challenges associated with autologous Car T cell therapies. This is expected to increase the accessibility and affordability of Car T cell therapy globally, driving its market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Car T Cell Therapy Market is low as it requires high capital investment and expertise in R&D to develop new therapies.
Bargaining power of buyers: The bargaining power of buyers is moderate since the availability of alternative treatment options provides some leverage to buyers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitute raw materials required for Car T cell therapy production.
Threat of new substitutes: The threat of new substitutes is moderate as alternative immunotherapies and targeted therapies are available in the market.
Competitive rivalry: The competitive rivalry in the industry is high due to the presence of many global key players.
Key Takeaways
The global Car T Cell Therapy Market is expected to witness high growth, exhibiting CAGR of 20.% over the forecast period, due to increasing prevalence of cancer globally.
The global Car T cell therapy market size for 2023 is US$ 12709.23 Mn. North America is expected to dominate the global Car T cell therapy market during the forecast period. High cancer incidence, strong presence of key players, and availability of advanced healthcare facilities are attributed to its large market share.
Key players operating in the Car T cell therapy market are Bristol-Myers Squibb Company, Johnson & Johnson Services, Inc., Novartis AG, CARsgenTherapeutics Co., Ltd, Aurora Biopharma, Legend Biotech, Gilead Sciences, Inc., Pfizer Inc., bluebird bio, Inc., Sorrento Therapeutics, Inc., Mustang Bio, Fate Therapeutics. Bristol-Myers Squibb Company and Novartis AG hold a significant share in the global market due to their strong product portfolio andwide geographical presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
