by CAR T cell therapy is an immunotherapy technique that involves genetically modifying a patient’s own T cells to attack and kill cancer cells. T cells are collected from the patient and are genetically engineered to produce chimeric antigen receptors (CARs) which allow the T cells to recognize a specific protein (antigen) on the surface of tumor cells. Once the CAR T cells are infused back into the patient, they can multiply and cause the immune system to attack cancer cells that express the specific antigen the CAR was designed to recognize. This targeted approach allows CAR T cells to eliminate cancer cells while leaving normal cells unharmed. CAR T cell therapy offers the promise of long-lasting remission and potentially curing treatment-resistant cancers like leukemia, lymphoma, myeloma and other hematologic cancers.
The global CAR T Cell Therapy Market is estimated to be valued at US$ 2.26 Bn in 2023 and is expected to exhibit a CAGR of 20.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the CAR T cell therapy market is the development of “off-the-shelf” or “universal” CAR T cell products. Currently, each patient’s T cells must be separately collected, genetically engineered in the lab, and then given back to the same patient. This personalized manufacturing process is long and expensive. Researchers are now working on developing allogeneic or “off-the-shelf” CAR T cell products that can be mass produced and used to treat multiple patients. These “universal” CAR T cells could be given to any eligible patient without the need for individualized manufacturing, leading to lower overall costs and faster availability of treatment for more cancer patients.
Porter’s Analysis
Threat of new entrants: The CAR T cell therapy market has high barriers to entry due to stringent regulatory requirements and the need for specialized infrastructure and expertise to manufacture CAR T cell therapies.
Bargaining power of buyers: The bargaining power of buyers is moderate as the demand for CAR T cell therapies is currently limited to patients suffering from specific cancers. However, this is expected to increase with further research and approvals.
Bargaining power of suppliers: A few global biotechnology and pharmaceutical companies dominate the supply of CAR T cell therapies. This gives them significant bargaining power over buyers.
Threat of new substitutes: There is no alternative substitute currently available for CAR T cell therapies. Traditional cancer treatment options cannot substitute for their novel mechanism of action in fighting certain cancers.
Competitive rivalry: The competitive rivalry in the market is high owing to the presence of global companies investing heavily in R&D and conducting clinical trials to develop advanced CAR T cell therapies.
Key Takeaways
The Global CAR T Cell Therapy Market Size is expected to witness high growth during the forecast period of 2023-2030. North America currently dominates the market owing to rapid FDA approvals and the presence of key market players in the region.
Regional analysis:
North America holds the highest share in the global CAR T cell therapy market mainly due to the presence of major market players in the US. Additionally, favorable reimbursement policies and FDA approvals have boosted market growth in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing healthcare expenditures and demand for advanced cancer treatment options in countries like China and Japan.
Key players:
Key players operating in the CAR T cell therapy market are Bristol-Myers Squibb Company, Johnson & Johnson Services, Inc., Novartis AG, CARsgenTherapeutics Co., Ltd, Aurora Biopharma, Legend Biotech, Gilead Sciences, Inc., Pfizer Inc., bluebird bio, Inc., Sorrento Therapeutics, Inc., and Mustang Bio, Fate Therapeutics. These players are focusing on strengthening their product pipelines through partnerships, acquisitions, and R&D to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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.
