by
Cell and gene therapy refers to a medical approach that employs cells or genes as drugs to treat diseases. It involves modifying cells or genes to treat disease or restore function. Some key applications of cell and gene therapy include cancer, cardiovascular diseases, neurological disorders, and genetic disorders. The global cell and gene therapy market is driven by the increasing prevalence of chronic diseases and rising R&D investments fornovel treatment approaches.
The global Cell And Gene Therapy Market is estimated to be valued at US$ 15 billion in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing disease burden of cancer and other chronic conditions worldwide has fueled clinical development of cell and gene therapy products over the past few years. According to WHO, chronic diseases now account for approximately 60% of all deaths globally. Moreover, cancer alone claims over 9 million lives annually worldwide. Various cell and gene therapy products targeting cancer and other chronic diseases are currently under clinical trials. For instance, chimeric antigen receptor T-cell (CAR-T) therapy has shown promising results for treating blood cancers. With continuous technological advancements, cell and gene therapy is gaining prominence as a viable treatment approach for different disease conditions with high unmet needs. This growing acceptance and application of cell and gene therapy across various therapeutic areas is expected to propel the market growth over the forecast period.
SWOT Analysis
Strength: Cell and gene therapy has tremendous therapeutic potential to cure severe, chronic as well as genetic diseases. It contributes to developing customized treatments tailored to individual patients’ conditions.
Weakness: High costs associated with cell and gene therapy development and manufacturing pose affordability challenges. Long-term safety and efficacy data are still lacking for many therapies.
Opportunity: Continued investments in research and development are expected to result in new cell and gene therapy approvals for various diseases. Growing awareness is also raising patients’ acceptance of novel treatment options.
Threats: Stringent regulations and lengthy approval processes can pose delays. Ethical concerns related to genetic modifications also act as a barrier.
Key Takeaways
Global Cell And Gene Therapy Market Size is expected to witness high growth.
Regional analysis: North America currently dominates the market and is expected to continue its dominance during the forecast period. This is attributed to presence of major market players, high healthcare expenditure, and technological advancements in the region. However, Asia Pacific is projected to exhibit the highest growth rate during the forecast period owing to improving healthcare infrastructure, increasing incidences of chronic diseases, and growing focus on cell and gene therapy research in emerging economies of the region.
Key players operating in the cell and gene therapy market are Novartis AG, Gilead Sciences, Inc., Amgen Inc., Spark Therapeutics, Inc., Bluebird Bio, Inc., Orchard Therapeutics plc, UniQure N.V., Ltd., SIBIONO GeneTech Co. These players are focusing on adopting organic and inorganic growth strategies such as collaborations, partnerships, mergers and acquisitions to expand their product portfolio and to strengthen their geographical presence in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
