CAR T cell therapy is a type of immunotherapy that utilizes patient’s T cells, a type of immune cell, to target and eliminate cancer cells. It provides customized treatment by using an individual’s own immune system cells and re-engineering them to recognize and attack cancer cells.
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:
The increasing prevalence of cancer globally is fueling the demand for CAR T cell therapies. According to WHO, in 2020, around 19.3 million new cancer cases and 10 million cancer deaths were reported worldwide. CAR T cell therapies offer an effective treatment option for various cancers including hematologic cancers like lymphoma and leukemias. Ongoing clinical trials exploring the use of CAR T cells against solid tumors is also supporting the market growth.
SWOT Analysis
Strength: CAR T cell therapy is a form of immunotherapy that is potentially curative for certain types of cancer. It involves engineering a patient’s own immune cells to better find and destroy cancer cells.
Weakness: CAR T cell therapy is very expensive to develop and administer. The costs can exceed $300,000 per treatment. Additionally, CAR T cell therapies can cause severe side effects in some patients including life-threatening cytokine release syndrome.
Opportunity: The market has opportunity for growth as more key players are investing in R&D and clinical trials to develop CAR T cell therapies for new cancer types beyond blood cancers. Many pharma companies are also working on making CAR T cell therapies more affordable and widely accessible.
Threats: Significant safety concerns and potential risks still exist regarding CAR T cell therapies especially in the elderly and pediatric populations. Development of resistant cancer cells also poses a major threat. Strict regulations by regulatory agencies also pose challenges.
Key Takeaways
The Global CAR T Cell Therapy Market Size is expected to witness high growth at a CAGR of 20.9% during the forecast period of 2023 to 2030. North America currently dominates the market due to growing research on CAR T therapies and presence of key market players in the region.
Regional analysis:
North America accounts for the largest share of the global CAR T cell therapy market due to growing adoption of CAR T cell therapies and strong presence of key market players in the US. Within North America, the US is expected to dominate the market due to robust clinical research and increasing approvals of CAR T cell therapies in the country. Asia Pacific is expected to grow at the fastest rate during the forecast period owing to growing government focus on immunotherapy, rising healthcare expenditure, and increasing patient pool 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. Major players are focusing on expanding their product portfolios through acquisitions and partnerships to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
