Gene Therapy Segment Is The Largest Segment Driving The Growth Of Cell And Gene Therapy Market
The global 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 utilizes genetically modified cells or genes to treat or prevent diseases. Cell therapy aims to replace or regenerate human cells, while gene therapy modifies or manipulates a person's genes to treat a disease. These therapies represent transformative treatments for various rare diseases and some cancers.
Market key trends:
Cell And Gene Therapy Market Size has emerged as a promising area for developing effective treatments against various genetic diseases. Currently, there are many gene therapy clinical trials being conducted for various diseases like cancer, genetic disorders, cardiovascular diseases, and infectious diseases. In addition, increased funding from venture capital firms and government organizations for cell and gene therapy research and development is boosting the market growth. Between 2017 to 2019, funding raised for early-stage gene therapy companies more than doubled. Furthermore, the advent of personalized medicines and advanced genomic technologies is augmenting the development of personalized cell and gene therapies to treat cancer and other complex diseases.
SWOT Analysis
Strength: The cell and gene therapy market offers potential cures for various life-threatening diseases such as cancer. These therapies are more targeted and precise compared to conventional therapies.
Weakness: High costs associated with research and development of cell and gene therapies. Stringent regulatory approvals and manufacturing complexities are other weaknesses.
Opportunity: Rising prevalence of chronic diseases and genetic disorders provide major growth opportunities. Emerging economies offer huge untapped potential.
Threats: Reimbursement uncertainties pose a major threat. Other threats include safety issues, immunosuppression concerns, and potential side effects.
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 chronic diseases. The market size for 2023 is US$ 18.29 Bn.
Regional analysis: North America dominated the market and is expected to retain its position throughout the forecast period. This can be attributed to advancements in research and rising funding for cell and gene therapies in the US. Asia Pacific is anticipated to exhibit the fastest growth due to rising healthcare spending, increasing disposable income, and growing awareness.
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. Advancements in research by these key players will drive market growth during the forecast period.
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