The global cell and gene therapy market is estimated to be valued at US$22.7 billion in 2023 and is expected to exhibit a CAGR of 28.7% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Cell and gene therapy involves the use of genetic material or cells to treat or prevent diseases. This innovative approach to medicine holds immense potential in addressing previously untreatable conditions. Advantages of cell and gene therapy include personalized treatment options, potential for long-term disease remission, and minimal side effects. The need for advanced treatment options for genetic, chronic, and degenerative diseases makes cell and gene therapy a promising field in the healthcare industry.
Market Key Trends:
One key trend in the cell and gene therapy market is the increasing focus on personalized medicine. With advancements in technology and better understanding of genetic variations, personalized treatments tailored to an individual’s genetic makeup have become a reality. This trend is expected to drive the growth of the cell and gene therapy market as it offers more effective and targeted treatments, improving patient outcomes. Additionally, the rising prevalence of genetic disorders and cancers further fuels the demand for cell and gene therapy, as it provides potential cures and treatments for these conditions.
Threat of new entrants: The threat of new entrants in the Cell And Gene Therapy Market Size is relatively low. The industry requires significant investment in research and development, as well as specialized expertise. Additionally, there are high regulatory barriers to entry, making it difficult for new players to enter the market.
Bargaining power of buyers: The bargaining power of buyers in the cell and gene therapy market is moderate. While patients and healthcare providers have a need for these therapies, the limited number of players in the market gives them less negotiation power. However, as the market grows and more companies enter, the bargaining power of buyers may increase.
Bargaining power of suppliers: The bargaining power of suppliers is moderate in the cell and gene therapy market. Suppliers of raw materials and components may have some leverage if they are able to offer unique or specialized products. However, the industry requires a high level of quality and reliability, which limits the number of potential suppliers.
Threat of new substitutes: The threat of new substitutes in the cell and gene therapy market is low. These therapies offer advanced treatment options for various diseases, with few alternatives available. Traditional pharmaceuticals and conventional treatments are not able to provide the same level of effectiveness and innovation as cell and gene therapies.
Competitive rivalry: The competitive rivalry in the cell and gene therapy market is high. The industry is experiencing significant growth, attracting both established pharmaceutical companies and emerging startups. This intensifies competition as companies strive to gain market share and develop innovative therapies. Key players are investing heavily in research and development to maintain a competitive edge.
The global cell and gene therapy market is projected to witness high growth, exhibiting a CAGR of 28.7% over the forecast period 2023-2030. The market is driven by increasing investments in research and development, advancements in gene editing technologies, and growing prevalence of genetic disorders. The market is expected to reach a size of US$ 22.7 billion by 2023.
In terms of regional analysis, North America is the fastest-growing and dominating region in the cell and gene therapy market. The region has a well-established healthcare infrastructure, favorable regulatory environment, and significant investments in research and development. Additionally, the presence of key industry players in North America contributes to its growth and dominance in the market.
Key players operating in the cell and gene therapy market include Novartis International AG, Pfizer, Inc., Sanofi S.A., Amgen, Inc., Regeneron Pharmaceuticals, Inc., Bluebird Bio, Inc. (Celgene Corporation), Biogen Inc., uniQure N.V., JCR Pharmaceuticals Co. Ltd., Gene Biotherapeutics, Kolon TissueGene, Inc., Horama S.A., MeiraGTx Limited, Gilead Sciences, Inc., Organogenesis, Inc., Orchard Therapeutics Plc., Freeline Therapeutics Ltd., Bristol-Myers Squibb Company, PTC Therapeutics, Inc., Spark Therapeutics, Inc., and Biomarin Pharmaceutical Inc. These key players are actively engaged in research and development activities, strategic collaborations, and acquisitions to strengthen their market position and drive innovation in the cell and gene therapy market.