The CAR T Cell Therapy Market is estimated to be valued at US$ 2.26 Billion in 2022 and is expected to exhibit a CAGR of 20.9% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
CAR T cell therapy is a form of immunotherapy that uses genetically modified T cells to treat cancer. These cells are engineered to express chimeric antigen receptors (CARs) that can recognize and bind to specific proteins on cancer cells, leading to their destruction. The market for CAR T cell therapy is witnessing significant growth due to the increasing prevalence of cancer globally. Moreover, rising investments in research and development activities for the development of innovative CAR T cell therapies are further driving market growth.
Market Dynamics:
The CAR T cell therapy market is primarily driven by the increasing prevalence of cancer worldwide. According to the World Health Organization (WHO), cancer is one of the leading causes of morbidity and mortality globally, with approximately 9.6 million deaths in 2018. CAR T cell therapy offers a promising treatment option for various types of cancers, including leukemia, lymphoma, and multiple myeloma. Additionally, the market is also fueled by rising investments in research and development activities by pharmaceutical companies to develop advanced CAR T cell therapies with improved clinical outcomes. These factors are anticipated to drive the growth of the CAR T cell therapy market over the forecast period.
Segment Analysis
The CAR T Cell Therapy market can be segmented based on application and end user.
Based on application, the dominating segment in the CAR T cell therapy market is the treatment of leukemia. This segment is expected to witness high growth due to the increasing prevalence of leukemia and the effectiveness of CAR T cell therapy in treating this disease. Leukemia is a type of blood cancer that affects the bone marrow and blood, and CAR T cell therapy has shown promising results in providing long-lasting remission in patients with leukemia.
Based on end user, the dominating segment in the CAR T cell therapy market is the hospitals segment. This can be attributed to the fact that hospitals are the primary healthcare settings where CAR T cell therapy is administered. Hospitals have the necessary infrastructure and expertise to perform CAR T cell therapy procedures, making them the most preferred choice for patients seeking treatment.
PEST Analysis
Political: The CAR T cell therapy market is influenced by regulations and policies regarding the approval and manufacturing of cell therapies. Government regulations play a crucial role in determining the accessibility and affordability of CAR T cell therapy.
Economic: The economic factors impacting the CAR T cell therapy market include healthcare expenditure, reimbursement policies, and pricing strategies. The high cost of CAR T cell therapy can limit the adoption and accessibility of this treatment option.
Social: The social factors influencing the CAR T cell therapy market include awareness and acceptance of innovative cancer therapies among patients and healthcare professionals. Increasing acceptance and awareness are expected to drive the growth of the market.
Technological: Technological advancements in cell therapy manufacturing and genetic engineering techniques are driving the research and development of CAR T cell therapies. These advancements are expected to improve the efficacy and safety profiles of CAR T cell therapies.
Key Takeaways
The Global CAR T Cell Therapy Market Demand is expected to witness high growth, exhibiting a CAGR of 20.9% over the forecast period. This growth can be attributed to the increasing prevalence of cancer and the growing demand for personalized and targeted therapies.
Regionally, North America is expected to be the fastest-growing and dominating region in the CAR T cell therapy market. This can be attributed to the presence of well-established healthcare infrastructure, high healthcare expenditure, and strong support from regulatory authorities for the development and commercialization of advanced therapies.
Key players operating in the CAR T cell therapy market include Bristol-Myers Squibb Company, Johnson & Johnson Services, Inc., Novartis AG, CARsgen Therapeutics Co., Ltd, Aurora Biopharma, Legend Biotech, Gilead Sciences, Inc., Pfizer Inc., bluebird bio, Inc., Sorrento Therapeutics, Inc., Mustang Bio, and Fate Therapeutics. These key players have a strong market presence and are actively involved in research and development activities to enhance their CAR T cell therapy portfolio and expand their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it