Cell and Gene Therapy Market Poised for Significant Growth Due to Rising Prevalence of Chronic Diseases
Cell and gene therapy involves modifying cells or tissues to treat or cure disease. Cells can be engineered to express proteins that can shut down disease. These therapies are used to treat cancer, cystic fibrosis, heart disease and neurological disorders. Cell therapies also involve replacing damaged or missing cells with healthy cells to restore function. Gene therapies typically involve the delivery of functional genes via vectors to compensate for mutated genes. These advanced treatment options have shown promise in clinical trials for conditions with limited treatment options.
The global cell and gene therapy market is estimated to be valued at US$ 2.5 Bn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The cell and gene therapy market is driven by the rising prevalence of chronic diseases such as cancer, cardiovascular disease, neurological disorders among others. According to WHO, cancer remains a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. Around 30% of deaths are due to cardiovascular diseases. Gene therapies have shown effectiveness in treating various forms of cancer, lymphoma, leukemia and solid tumors. Research in cell and gene therapies is focused on addressing unmet medical needs for these chronic conditions. Large clinical trials have demonstrated positive results for cell therapies in treating chronic diseases. Moreover, increased funding from public and private organizations for research in cell and gene therapies is boosting pipeline candidates which is expected to have a significant impact on the market growth over the forecast period.
However, high costs associated with the development and approval of cell and gene therapies coupled with inadequate infrastructure are likely to hinder market growth. Cell and gene therapies require specialized facilities and trained staff increasing the costs involved. Also, manufacturing complexities pose challenges in scaling up and commercializing these treatments. Nonetheless, several genome editing technologies under research such as CRISPR are expected to make gene modification procedures more efficient reducing costs in the long run.
SWOT Analysis
Strength: Cell and gene therapy offers potential cure for various life-threatening diseases like cancer and neurological disorders. It uses natural substances like genes, RNA and genetically engineered cells to treat disease. This therapy has minimal side effects and offers long term results compared to other traditional treatment options. Cell and gene therapy has a patient-specific and personalized approach suiting individual genetic makeup which increases its effectiveness.
Weakness: Cell and gene therapy is an expensive procedure and not affordable for all patients. The manufacturing process of customized treatments for each patient is complex and time consuming increasing the costs. There are also safety concerns related to viral vectors used to deliver therapeutic genes inside the body which can potentially activate dormant viruses.
Opportunity: Rising prevalence of cancer, genetic disorders and chronic diseases is driving the demand for advanced treatment options. Increasing funding from both private and public sources for research and development of new cell and gene therapies presents major growth opportunities. Partnerships between biopharma companies, research institutes and hospitals to commercialize promising pipeline candidates offer scope for market expansion.
Threats: Stringent regulations for product approval and manufacturing practices increases clinical trials timelines and costs. There is a risk of therapies failing during clinical trials which negatively impacts return on investment. Emerging alternative treatments like targeted drug therapies pose competitive threat to cell and gene therapies.
Key Takeaways
Global Cell And Gene Therapy Market Size is expected to witness high growth over the forecast period supported by ongoing advancements and increasing funding. The market size is projected to reach over US$ 2.5 Million by 2030, growing at a CAGR of 4.4% annually.
Regional analysis: North America currently dominates the global market owing to presence of major market players, rising healthcare expenditure and regulatory support for clinical research. Asia Pacific offers significant growth potential due to rising awareness, improving healthcare infrastructure and increasing disposable income in countries like China and India.
Key players: Key players operating in the cell and gene therapy market are Gilead Sciences, Novartis AG, Bristol-Myers Squibb Company, Spark Therapeutics, Bluebird Bio and Orchard Therapeutics. These companies are focusing on collaborations to strengthen product pipeline and commercialization of promising candidates. Gilead acquired Kite Pharma in 2017 to gain access to its chimeric antigen receptor T-cell therapy portfolio and manufacturing facilities.
Explore More Related Article On This Topic: https://www.ukwebwire.com/cell-and-gene-therapy-market-share/
Explore More Related Article On: https://bloggalot.com/business-post/global-land-mobile-radio--lmr--systems-market-is-estimated-to-witness-high-growth-owing-to-opportunity-for-public-safety-applications
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian