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| cell and gene therapy market |
The global cell and gene therapy market is estimated to be valued at US$22.7 billion in 2023 and is expected
to exhibit a CAGR of 28.7% over the
forecast period of 2023-2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Cell and gene therapy involves the use of genetic material or cells to treat or
prevent diseases. This innovative approach to medicine holds immense potential
in addressing previously untreatable conditions. Advantages of cell and gene
therapy include personalized treatment options, potential for long-term disease
remission, and minimal side effects. The need for advanced treatment options
for genetic, chronic, and degenerative diseases makes cell and gene therapy a
promising field in the healthcare industry.
Market Key Trends:
One key trend in the cell and gene therapy market is the increasing focus on
personalized medicine. With advancements in technology and better understanding
of genetic variations, personalized treatments tailored to an individual's
genetic makeup have become a reality. This trend is expected to drive the
growth of the cell and gene therapy market as it offers more effective and
targeted treatments, improving patient outcomes. Additionally, the rising
prevalence of genetic disorders and cancers further fuels the demand for cell
and gene therapy, as it provides potential cures and treatments for these
conditions.
Porter's Analysis:
Threat of new entrants: The threat of new entrants in the Cell
And Gene Therapy Market Size is relatively low. The industry requires
significant investment in research and development, as well as specialized
expertise. Additionally, there are high regulatory barriers to entry, making it
difficult for new players to enter the market.
Bargaining power of buyers: The bargaining power of buyers in the cell and gene
therapy market is moderate. While patients and healthcare providers have a need
for these therapies, the limited number of players in the market gives them
less negotiation power. However, as the market grows and more companies enter,
the bargaining power of buyers may increase.
Bargaining power of suppliers: The bargaining power of suppliers is moderate in
the cell and gene therapy market. Suppliers of raw materials and components may
have some leverage if they are able to offer unique or specialized products.
However, the industry requires a high level of quality and reliability, which
limits the number of potential suppliers.
Threat of new substitutes: The threat of new substitutes in the cell and gene
therapy market is low. These therapies offer advanced treatment options for
various diseases, with few alternatives available. Traditional pharmaceuticals
and conventional treatments are not able to provide the same level of
effectiveness and innovation as cell and gene therapies.
Competitive rivalry: The competitive rivalry in the cell and gene therapy
market is high. The industry is experiencing significant growth, attracting
both established pharmaceutical companies and emerging startups. This
intensifies competition as companies strive to gain market share and develop innovative
therapies. Key players are investing heavily in research and development to
maintain a competitive edge.
Key Takeaways:
The global cell and gene therapy market is projected to witness high growth,
exhibiting a CAGR of 28.7% over the
forecast period 2023-2030. The market is driven by increasing investments in
research and development, advancements in gene editing technologies, and
growing prevalence of genetic disorders. The market is expected to reach a size
of US$ 22.7 billion by 2023.
In terms of regional analysis, North America is the fastest-growing and
dominating region in the cell and gene therapy market. The region has a
well-established healthcare infrastructure, favorable regulatory environment,
and significant investments in research and development. Additionally, the
presence of key industry players in North America contributes to its growth and
dominance in the market.
Key players operating in the cell and gene therapy market include Novartis
International AG, Pfizer, Inc., Sanofi S.A., Amgen, Inc., Regeneron
Pharmaceuticals, Inc., Bluebird Bio, Inc. (Celgene Corporation), Biogen Inc.,
uniQure N.V., JCR Pharmaceuticals Co. Ltd., Gene Biotherapeutics, Kolon
TissueGene, Inc., Horama S.A., MeiraGTx Limited, Gilead Sciences, Inc., Organogenesis,
Inc., Orchard Therapeutics Plc., Freeline Therapeutics Ltd., Bristol-Myers
Squibb Company, PTC Therapeutics, Inc., Spark Therapeutics, Inc., and Biomarin
Pharmaceutical Inc. These key players are actively engaged in research and
development activities, strategic collaborations, and acquisitions to
strengthen their market position and drive innovation in the cell and gene
therapy market.