Cell and gene therapies offer promising treatment alternatives for chronic and genetic diseases by repairing or replacing faulty genes. They help treat conditions like cancer, diabetes, cardiovascular diseases, and neurological disorders more effectively. 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 key trends:
Advancements in cell and gene therapy research have fuelled the market growth over the past few years. Various clinical researches are being conducted to evaluate the effectiveness of these therapies for treating different types of cancers, cardiovascular diseases, neurological disorders, etc. Researchers are also working on developing optimal delivery methods of therapeutic cell and gene components inside the body to enhance treatment efficacy and reduce side effects. These ongoing developments are expected to accelerate the adoption of cell and gene therapy in the coming years.
Segment Analysis
The global cell and gene therapy market is dominated by the cancer sub segment which accounts for over 40% market share. Cancer being major health issue worldwide, cell and gene therapies are promising treatment options with potential of long term remission. Major ongoing clinical trials and FDA approvals in oncology indications are fuelling growth of cancer sub segment.
Key Takeaways
The Global Cell And Gene Therapy Market Size is expected to witness high growth during the forecast period 2023 to 2030 supported by increasing investment in R&D and clinical trials.
Regional analysis
The United States is currently the dominating regional market accounting for over 50% revenue share owing to presence of majority global key players and large patient population and healthcare spending. Asia Pacific region is emerging as lucrative market for cell and gene therapy driven by rapidly increasing prevalence of cancer and other chronic diseases coupled with expanding healthcare infrastructure in major countries like China and India. Increasing government funding for development of advanced treatment options is also boosting regional market growth. Major global players are partnering with regional research institutes and hospitals to conduct clinical trials and tap growth opportunities in the region.
Key players
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. Novartis AG is a pioneering player with strong pipeline and commercial portfolio in various therapy areas including oncology and neurology.
For More Insights, Read: https://www.newsstatix.com/cell-and-gene-therapy-market-size-share-and-growth-forecast-2023-2030/
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