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| Cell And Gene Therapy Market Size |
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 Overview:
The cell and gene therapy market consists of therapeutic products that utilize
human cells, genes or living microorganisms to treat disease. Cell therapy
products involve the infusion of live cells into patients to replace or repair
damaged tissues and cells. Gene therapy aims to correct defective genes that
are responsible for disease development. These innovative treatment approaches
offer long-lasting effects and potential cures for conditions previously
considered incurable. Growing understanding of the molecular mechanisms of
disease has accelerated product development and clinical application in cancer
immunotherapy, neurological disorders, cardiovascular diseases and rare genetic
conditions.
Market key trends:
One of the major trends in the market is the rising prevalence of chronic
diseases globally. Genetic and cellular treatments offer promising solutions
for conditions like cancer, heart disease and diabetes which place a huge
economic burden on healthcare systems. Growing investment by pharmaceutical
companies in research and development of advanced therapies is driving clinical
trials and regulatory approvals. Strategic collaborations between industry
players and academic research centers are helping to fast track product
commercialization. Falling gene therapy manufacturing costs due to
technological advancements and evolving reimbursement policies are also
expected to increase patient access and adoption over the coming years.
Porter’s Analysis
Threat of new entrants: The high capital requirements and stringent regulatory
framework pose significant entry barriers for new players in the Cell
And Gene Therapy Market Size.
Bargaining power of buyers: The bargaining power of buyers is moderate due to
the high treatment and manufacturing costs for cell and gene therapies.
Bargaining power of suppliers: Suppliers have considerable bargaining power in
the market owing to the specialized expertise required for manufacturing cell
and gene therapies.
Threat of new substitutes: The threat of new substitutes is low as cell and
gene therapies provide innovative treatments for various critical diseases with
no close substitutes currently available.
Competitive rivalry: The competitive rivalry is intense among the leading
players to capture more market share through continuous innovation and
partnerships.
Key Takeaways
The global cell and gene therapy market is expected to witness high growth,
exhibiting CAGR of 18% over the
forecast period, due to increasing prevalence of various genetic and chronic
diseases.
Regional analysis
North America is expected to dominate the global cell and gene therapy market
during the forecast period. This is attributed to increase funding for research
activities, rising adoption of advanced therapies, and presence of key market players
in the region. Asia Pacific is anticipated to grow at the fastest pace due to
rising geriatric population, increasing healthcare spending, and growing
awareness regarding advanced therapies.
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. Amgen Inc. and Novartis AG are two leading
players dominating the global market due to their diverse product portfolios
and widespread geographic presence.
Read More:
https://www.rapidwebwire.com/cell-and-gene-therapies-market-size/