by The South Korea car-T cell therapy market is providing an effective treatment option for cancer patients. Car-T cell therapy involves the extraction of T cells from the patient’s blood which are then modified to recognize and destroy cancer cells with remarkable precision and effectiveness. The therapy represents the next frontier in cancer treatment as it has the potential to cure cancers like acute lymphoblastic leukemia and lymphomas. The modified T cells are then infused back into the patient’s blood and these cells vigorously multiply and can last for years.
South Korea car-T cell therapy Market is estimated to be valued at US$ 7.88 Mn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the South Korea car-T cell therapy are Novartis AG, Pfizer, Inc., Bristol Myers Squibb, CARsgen Therapeutics Co., Ltd., Fate Therapeutics, Inc., Poseida Therapeutics, Inc., Eureka Therapeutics, Inc., Johnson & Johnson, Cellular Biomedicine Group, and Gilead Sciences, Inc. These players are investing heavily in research and development activities to develop advanced and effective car-T cell therapy for various cancers.
Key opportunities in the South Korea car-T cell therapy market include growing research on solid tumors, development of allogeneic car-T cell therapy and combination therapies. Furthermore, rising approval of car-T cell therapies by regulatory bodies is augmenting clinical trials which is creating lucrative opportunities in the market.
The global expansion of the South Korea car-T cell therapy market is driven by rising prevalence of cancer across countries, robust research funding for cell-based therapies by both private and public organizations, and increasing awareness regarding car-T cell therapy.
Market Drivers
The key driver for the growth of the South Korea car-T cell therapy market is the rising prevalence of cancer in the country. According to Korean statistical information service, cancer was the leading cause of death in South Korea in 2020, accounting for nearly 28% of the total deaths. The high prevalence of cancer is generating high demand for effective targeted therapies like car-T cell therapy, thereby driving the growth of the market during the forecast period.
PEST Analysis
Political: The government supports research and development activities related to cell and gene therapies through funding and regulations. It aims to establish South Korea as a global hub for innovative medical technologies.
Economic: The economy is strong with rising healthcare expenditures. However, high costs of CAR-T cell therapies could be a challenge given budget constraints faced by the national healthcare system.
Social: There is acceptance towards new cell and gene-based treatment options among patients and healthcare professionals given the potential to treat various cancers. However, safety concerns need to be addressed.
Technological: South Korea is an emerging leader in biotechnology and has a skilled workforce contributing to advancements in CAR-T cell therapy development and manufacturing processes. Local companies are partnering with global players to build expertise.
The geographical region where the South Korea car-T cell therapy market is concentrated in terms of value currently is the densely populated capital city of Seoul and surrounding Gyeonggi province. This is where major hospitals offering cancer care are located along with proximity to top research institutes.
The fastest growing region for the South Korea car-T cell therapy market is expected to be Busan, the second largest city known for its ports and industries. With expanding healthcare infrastructure in the form of new cancer centers and cell therapy manufacturing facilities coming up in the surrounding areas, the market in this region is projected to see strong growth over the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
What Are The Key Data Covered In This South Korea Car-T Cell Therapy Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the South Korea Car-T Cell Therapy’s growth between 2024 and 2031.
:- Accurate calculation of the size of the South Korea Car-T Cell Therapy and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- South Korea Car-T Cell Therapy Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of South Korea Car-T Cell Therapy vendors
FAQ’s
Q.1 What are the main factors influencing the South Korea Car-T Cell Therapy?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top South Korea Car-T Cell Therapy companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the South Korea Car-T Cell Therapy’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
About Author - Ravina Pandya
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
