by The cell and gene therapy market is estimated to be valued at US$ 18.29 Billion or 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 products are used for the treatment of several genetic and chronic diseases such as cancer, cardiovascular diseases, neurological disorders, and infectious diseases. These therapies work by modifying the DNA or RNA sequences of the patient’s cells or by replacing dysfunctional cells with healthy ones. Some key products in this market include gene therapy vectors, chimeric antigen receptor (CAR) T-cell therapies, and cancer vaccines.
Market Dynamics:
The cell and gene therapy market is expected to grow at a high rate owing to the rising prevalence of genetic and chronic diseases worldwide. According to the World Health Organization (WHO), around 7.6 million deaths in 2019 globally were due to cancer. Moreover, chronic diseases such as heart disease, diabetes, and chronic respiratory diseases accounted for over 71% of all global deaths in 2019. Thus, the growing burden of these fatal diseases is driving research and development of cell and gene therapies for their treatment. Furthermore, advancement in gene transfer and genome editing technologies such as CRISPR have enabled the development of more effective and efficient cell and gene therapy products. For instance, in 2018, the U.S FDA approved the first CRISPR genome editing therapy for human testing to treat metastatic non-small cell lung cancer and BRCA mutation-associated breast and ovarian cancers.
The Cell And Gene Therapy Market Size Is Estimated To Witness High Growth Owing To Rising Prevalence Of Genetic And Chronic Diseases. The cell and gene therapy market is estimated to be valued at US$ 18.29 Billion or 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. Cell and gene therapy products are used for the treatment of several genetic and chronic diseases such as cancer, cardiovascular diseases, neurological disorders, and infectious diseases. These therapies work by modifying the DNA or RNA sequences of the patient’s cells
SWOT Analysis
Strength: The cell and gene therapy market has high potenial for growth in the near future. There are increasing investments in research and development of advanced gene therapies. Many clinical trials are underway to develop effective therapies for cancer and other genetic disorders.
Weakness: Gene therapy is still at a nascent stage and development of effective and safe therapies is still a challenge. Several clinical trials have failed or been suspended in the past raising safety concerns. High costs involved in development and production of cell and gene therapies.
Opportunity: Increasing prevalence of cancer and genetic disorders presents a huge patient pool for cell and gene therapy products. Rising geriatric population globally also increases the potential patient base. Partnerships between pharmaceutical companies and research institutions can help increase research efforts in this area.
Threats: Stringent regulations for approval of new cell and gene therapies could delay market access. Safety issues and side effects linked to some therapies act as a roadblock. Easy access to alternatives like small molecule drugs pose competition.
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 cancer and other genetic disorders. Rising geriatric population prone to such conditions further drive market growth. Additionally, increasing investments in research and approval of new advanced therapies will boost the market during the forecast period.
Regional analysis: North America dominates the global cell and gene therapy market currently. This is attributed to presence of advanced research infrastructure and early approval of novel therapies. Europe follows next with major research programs ongoing in the UK and Germany. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period due to rising healthcare expenditure, improving research capacity and increasing patient pool in countries like China, India and Japan.
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 primarily focused on research collaborations to develop innovative products and target large markets like oncology and neurology disorders with cell and gene therapies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
