- Cell and gene therapy includes advanced therapeutic products used to treat various chronic and life-threatening diseases including cancer, genetic disorders, and infectious diseases. These therapies involve modifying genes or cells that are isolated from a patient and then reintroduced in the body to fight against the disease. The growing adoption of gene therapy especially for cancer treatment has significantly driven the demand for cell and gene therapy products. The global Cell And Gene Therapy Market is estimated to be valued at US$ 18.29 Bn in 2023 and is expected to exhibit a CAGR of 19. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
- Market key trends:
The growth of the Global Cell And Gene Therapy Market Size is primarily driven by the increasing adoption of gene therapy for cancer treatment. Gene therapy involves modifying genes or inserting new genes into targeted cells and tissues in order to prevent, treat or cure diseases. Several gene therapy products have been approved in recent years for cancer indications and many others are under clinical trials. For instance, Kymriah by Novartis is one of the first CAR-T therapies approved for pediatric and young adult ALL and diffuse large B-cell lymphoma. The success of such gene therapies to treat cancer has increased its adoption and boosted the demand for cell and gene therapy products significantly. This rising acceptance of gene therapy is a major trend fueling the strong growth of the overall cell and gene therapy market.
Here is the response without mentioning market size, CAGR or forecast period: - SWOT Analysis
- Strength: The cell and gene therapy market offers potential cures and treatments for various chronic diseases. Development of new therapies is driving growth in this market.
Weakness: High costs associated with research and development as well as manufacturing of cell and gene therapies poses a challenge. Stringent regulations also increase compliance costs for companies.
Opportunity: Increasing investment by pharmaceutical companies and government funding present lucrative opportunities. Growing prevalence of cancer and other genetic disorders also boosts demand.
Threats: Limited medical infrastructure in developing nations pose challenges. Reimbursement issues and unfavorable pricing policies can threaten market potential. - Key Takeaways
The global cell and gene therapy market is expected to witness high growth. - Regionally, North America currently dominates due to presence of major players and high healthcare spending. Asia Pacific is poised to be the fastest growing market due to rising healthcare expenditure, increasing patient population and improving medical facilities.
- Key players operating in the cell and gene therapy market are Johnson & Johnson, Medtronic, Stryker Corporation, Zimmer Biomet Holdings, Smith & Nephew, NuVasive, Globus Medical, Wright Medical Group, Arthrex, DJO Global, Össur, CONMED Corporation, Breg, Orthofix Medical and Bioventus. Johnson & Johnson leads with its strong portfolio of advanced surgical solutions. Smaller players are focused on partnerships and acquisitions for product development.
- *Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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The Global Cell And Gene Therapy Market Is Propelled By Adoption Of Gene Therapy To Treat Cancer, The Cell And Gene Therapy Market Exhibits Strong Growth
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