The global cell and gene therapy market is witnessing a high double-digit growth rate due to the high demand for cell-based immunotherapies
Arizton’s recent market research report on the global Cell and Gene Therapy Market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The study includes insights by products (Cell therapy and gene therapy), application (oncology, dermatology, musculoskeletal, and others), end-users (hospitals, wound care centers, cancer care centers, ambulatory surgical centers, and others), and geography (North America, APAC, Europe, Latin America, and MEA).
The cell and gene therapy market is expected to grow at a CAGR of over 24% during the period 2018−2024.
The increasing in the target population base, with high incidence of several chronic diseases, the launch of novel cell and gene therapy-based products, promising clinical evidences for cell and gene therapy products in terms of safety and efficacy, the rapid adoption of CAR T-cell therapies are contributing to the growth of the market. The rapid rise in the geriatric population is also expected to be a decisive factor for the growth of the cell and gene therapy market.
The leading drivers and trends propelling the growth of the cell and gene therapy industry are discussed below:
Rise of Cancers
The application of cell and gene therapy products is increasing at a phenomenal rate for treating cancers. The global market is witnessing a high double-digit growth rate due to the high demand for cell-based immunotherapies and gene therapy products to treat certain cancers such as prostate cancer and hematological cancers. According to the GLOBOSCAN database, published in 2018 by the International Agency for Research on Cancer along with World Health Organization (WHO), there were approximately 17 million new cases of cancer and 9.6 million deaths due to cancer worldwide in 2018. It is estimated that 1 in 5 men and 1 in 6 women worldwide develop cancer during their lifetime, whereas 1 in 8 men and 1 in 11 women lose their life to cancer. Hence, the increased prevalence of cancers is likely to influence cell and gene therapy-based products as they act as an effective, disease-modifying treatment.
Favorable Regulatory Support for Cell and Gene Therapy Products
Several cell and gene therapy products are getting regulatory approvals faster than other products due to their superior efficacy in treating diseases such as cancer, acute and chronic wounds, genetic diseases, blindness, and musculoskeletal deformities. The regulatory approval process in the US is evolving and becoming favorable for vendors developing these products. The USFDA is designating orphan drug status, breakthrough designation, accelerated approval, and RMAT designations for cell and gene therapy to expedite the approval process. Similarly, Japan initiated SAKIGAKE designation in 2015 to promote R&D of regenerative medicines and other innovate pharmaceuticals and medical devices. Therefore, favorable regulatory support will positively influence the demand from end-users.
Increased R&D Funding
North America and Europe have been at the forefront of recognizing the value of regenerative medicines and providing sustainable treatment options for chronic diseases. Public funding is important for cell and gene therapy as research expenses are high and the patient population is relatively low, therefore, the public funding support will benefit if commercialization takes time. The National Institute of Health initiated the research support in 2006, which is currently funding opportunities for emerging therapies at the university level. Similarly, the Medical Research Council in UK has also targeted funding for cell and gene therapy. It aims to improve the understanding of fundamental stem cell biology and regenerative processes and applies emerging technologies to improve human health.
Gilead Sciences, Spark Therapeutics, Novartis AG, Organogenesis, Amgen, Osiris Therapeutics, Dendreon, and Vericel are identified as prominent vendors in the global cell and gene therapy industry.
The complete overview of the latest market research report on the global cell and gene therapy market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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