April 14, 2024

Cell And Gene Therapy Market is Estimated to Witness High Growth Owing to Increasing Prevalence of Cancer and Genetic Disorders

Cell and gene therapy involves modifying cells or genes to treat or cure disease. Some key therapeutic areas where cell and gene therapies show promise include cancer, cardiovascular disease, neurological disorders, infectious disease and genetic disorders. Several cell therapy products have already received regulatory approval and are commercially available to treat certain cancers and genetic disorders.

The global cell and gene therapy market is estimated to be valued at US$ 21.08 billion in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Cell And Gene Therapy Market Size  are Tadano Ltd, Liebherr Group, Terex Corporation, Xuzhou Construction Machinery Group Co., Ltd, Sany Heavy Industry Co. Ltd, Zoomlion Heavy Industry Science and Technology Co., Kobelco Construction Machinery Co., Ltd, Manitowoc Cranes, Link-Belt Cranes, Kato Works Co. Ltd, Palfinger AG, Manitex International, Sichuan Changjiang Electric Co. Ltd, Altec Inc., Elliott Equipment Company, Böcker Maschinenwerke GmbH, Tadano Faun GmbH, Broderson Manufacturing Corp., Mühlhäuser GmbH & Co. KG, SENNEBOGEN Maschinenfabrik GmbH.

The cell and gene therapy market is expected to witness high opportunities in the application areas of cancer, neurological disorders, genetic disorders and cardiovascular diseases owing to the large patient population suffering from these diseases. Rising R&D investments by key pharmaceutical and biotechnology companies is helping develop novel and improved cell and gene therapy products which is likely to fuel market growth over the forecast period.

The cell and gene therapy market is expected global expansion fueled by increasing development of cell and gene therapies across North America, Europe and Asia Pacific regions. Growing prevalence of cancer and genetic disorders in developing nations of Asia Pacific and Latin America is expected to boost adoption of novel cell and gene therapies in these regions in the coming years.

Market drivers

The cell and gene therapy market is estimated to witness high growth driven by the increasing prevalence of cancer and genetic disorders globally. According to WHO, around 9.6 million deaths in 2018 resulted from cancer and over 600,000 new cases of cancer are reported annually in the United States. Higher disease incidence has led to increased R&D investments by pharmaceutical companies in developing novel cell and gene therapies to treat various cancer indications. Further, growing success rates of gene therapy clinical trials, product approvals and commercialization of therapies are contributing to positive momentum of the cell and gene therapy market.

PEST Analysis

Political: The cell and gene therapy market is regulated under strict guidelines by various government agencies and regulatory bodies like the FDA in the U.S. and EMA in Europe. The regulations determine the approval process and market access of these therapies.

Economic: Growing healthcare expenditure in major economies and rising focus on value-based care is fueling the demand for advanced treatment options like cell and gene therapies. The high costs of development and manufacturing of these therapies is a challenge for commercialization.

Social: Increasing awareness about the potential of cell and gene therapies to treat various genetic disorders and chronic diseases is positively impacting the market growth. However, social challenges like ethical issues related to genetic modification and embryo research can restrain commercial expansion.

Technological: Continuous improvements in gene editing tools like CRISPR-Cas9, development of personalized and targeted therapy approaches, and advancements in genome sequencing technologies are fueling innovation. Automation technologies help enhance manufacturing efficiency.

Geographical regions where the market is concentrated in terms of value are North America and Europe. North America dominates the market currently due to favorable regulatory environment and high adoption rate. Majority of cell and gene therapy clinical trials are also conducted in the US and Canada.

The Asia Pacific region is expected to be the fastest growing market during the forecast period. This is attributed to rising incidence of chronic diseases, growing healthcare spending, increasing government focus on biotechnology sector and greater patient acceptance of advanced therapies. Countries like China, India, South Korea and Japan are anticipated to offer high growth opportunities.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it