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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 2023-2030, according to a new report published by Coherent Market Insights.
Market Overview:
Cell and gene therapy involves the use of genetic materials to treat and prevent diseases. These therapies have the potential to provide tailored treatment options, making them a promising solution for patients who do not respond to traditional therapies. The growing demand for personalized medicine is expected to drive the growth of the cell and gene therapy market. These therapies have the ability to target specific genetic defects and offer targeted treatment options, which can lead to improved patient outcomes.
Market Key Trends:
One key trend in the Cell And Gene Therapy Market Size is the advancement in gene editing technologies. The development of technologies such as CRISPR-Cas9 and TALENs has revolutionized the field of gene therapy. These technologies allow for precise and efficient editing of genes, opening up new possibilities for treating genetic diseases. The advancements in gene editing technologies are expected to drive the growth of the market by enabling the development of more effective and targeted therapies.
PEST Analysis:
Political: The political environment plays a crucial role in shaping regulations and policies related to cell and gene therapy. Governments around the world have started recognizing the potential of these therapies and have been introducing supportive regulations to accelerate their development and commercialization.
Economic: The cell and gene therapy market is expected to experience high growth due to the economic factors such as increasing healthcare expenditure, a growing burden of chronic diseases, and the potential for these therapies to offer long-term cost savings compared to traditional treatments.
Social: The social factors driving the growth of the cell and gene therapy market include increasing awareness and acceptance of personalized medicine, rising patient interest in advanced therapies, and the growing demand for innovative and effective treatment options.
Technological: The cell and gene therapy market heavily relies on technological advancements in areas such as gene editing, stem cell research, and gene delivery systems. Continuous progress in these areas has enabled researchers to develop and enhance these therapies, contributing to market growth.
Key Takeaways:
The global cell and gene therapy market is expected to witness high growth, exhibiting a CAGR of 28.7% over the forecast period of 2023-2030. This growth can be attributed to several factors, including increasing investments in research and development, the development of advanced and personalized treatment options, and the increasing prevalence of genetic and chronic diseases.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the cell and gene therapy market. Factors such as robust healthcare infrastructure, favorable government initiatives, and the presence of key market players contribute to the region’s market dominance.
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 contribute to the market growth through their innovative products, strong distribution channels, and extensive research and development efforts.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
