by The 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 involves modifying cells or tissues to treat or prevent disease. These therapies help replace faulty genes that cause disease and help restore the normal function of the cell. They are used for treating various chronic diseases like cancer, cardiovascular diseases, neurological disorders and others. Growing prevalence of such diseases is expected to drive the demand for cell and gene therapies as they offer several advantages like minimal side effects and permanent treatment effects.
Market key trends:
Cell therapies are gaining increased popularity as alternative treatment options for several chronic and life threatening diseases. Growing research efforts aimed at development of novel therapies is expected to drive market growth over the forecast period. For instance, in 2021, CORESTEM Inc. announced promising results from phase 2 clinical trial evaluating its stem cell therapy product for treating diabetic neuropathy. In the same year, JCR Pharmaceuticals Co. received approval from regulatory authorities to conduct phase 3 clinical trial of its gene therapy product for treating Duchenne Muscular Dystrophy. Increasing funding and grants from government as well as private organizations for supporting R&D activities will also fuel market growth. As per reports, National Institutes of Health awarded grants worth over US$ 500 Mn in 2021 for supporting development of diverse gene and cell therapies. Additionally, increasing applications of gene editing technologies like CRISPR-Cas9 is helping researchers develop effective cell and gene therapies at affordable costs, thereby increasing market access and acceptance of these therapies.
Porter’s Analysis:
Threat of new entrants: The high capital investment required in cell & gene therapy research and development poses a high barrier for new entrants in the market. The presence of established players also poses a threat to new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate as the presence of alternative treatment options provides buyers with some control over prices. However, the increasing demand for personalized therapies limits their bargaining power.
Bargaining power of suppliers: Suppliers of raw materials and technologies for cell & gene therapy manufacturing have moderate-to-high bargaining power due to their specialized expertise. This allows them to influence prices to some extent.
Threat of new substitutes: The threat of new substitutes is low currently due to the limited availability of alternative treatments for many life-threatening conditions targeted by cell & gene therapies.
Competitive rivalry: High due to the presence of many major players competing to develop advanced cell & gene therapies.
SWOT Analysis:
Strengths: High unmet medical needs for certain diseases. Increased R&D in gene therapies.
Weaknesses: High costs associated. Complicated manufacturing processes.
Opportunities: Emerging markets offer high growth potential. Increasing collaborations for product development.
Threats: Stringent regulatory approval. Reimbursement issues hinder market potential.
Key Takeaways:
The Cell And Gene Therapy Market Size is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing demand for personalized therapies. North America currently dominates the market and is expected to continue its dominance over the forecast period due to growing R&D spending and the presence of key market players in the region.
Regional analysis: Asia Pacific is expected to be the fastest growing regional market during the forecast period owing to increasing healthcare expenditure, rising awareness regarding advanced therapies, and improving healthcare infrastructure in emerging countries such as China and India.
Key players: Key players operating in the cell & 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. They are focusing on new product launches and collaborations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
