April 13, 2024

Cell And Gene Therapy Market is Estimated to Witness High Growth Owing to Advances in Genetic Engineering

The cell and gene therapy market involves modifying genes or cells within a patient’s body to treat diseases. This therapy replaces or repairs faulty genes responsible for certain conditions and helps restore normal functioning. Currently approved cell and gene therapies treat various types of cancer, bleeding disorders, diabetes, and vision loss. The demand for these therapies is growing due to their ability to cure genetic disorders traditionally considered incurable.

The global cell and gene therapy market is estimated to be valued at US$ 21.08 billion in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031.

Advances in genetic engineering and cell modification techniques are enabling the development of novel therapies with fewer side effects than conventional treatments like chemotherapy.

Key Takeaways

Key players
Key players operating in the Cell And Gene Therapy Market Size include Tadano Ltd, Liebherr Group, Terex Corporation, Xuzhou Construction Machinery Group Co., Ltd, Sany Heavy Industry Co. Ltd, Zoomlion Heavy Industry Science and Technology Co., Kobelco Construction Machinery Co., Ltd, Manitowoc Cranes, Link-Belt Cranes, Kato Works Co. Ltd. These companies are engaged in developing innovative cell and gene therapies through partnerships, acquisitions and internal R&D activities.

Key opportunities
The untapped potential of emerging markets and rising investment in cell and gene therapy research present significant opportunities for growth. Additionally, the development of gene editing technologies like CRISPR-Cas9 has expanded the list of diseases that can potentially be treated with these therapies.

Technological advancement

Advances in genetic engineering, particularly genome editing techniques like CRISPR-Cas9, allow the precise introduction, elimination or alteration of genes in a cell. This has enabled cell and gene therapies with potential to cure previously incurable genetic disorders.

Market drivers
The increasing prevalence of cancer and other chronic diseases worldwide is a major factor driving demand for cell and gene therapies. Rising healthcare expenditure in developing nations is also providing a boost to market growth. Additionally, improvements in biotechnology have accelerated research and development of novel therapies, contributing significantly to market expansion.

Challenges in the Cell And Gene Therapy Market
The cell and gene therapy market is facing a few key challenges like high cost of development, safety risks, regulatory and manufacturing challenges. Developing an effective and safe cell or gene therapy is an extensive process that requires years of research and testing. The clinical trials themselves are often very long, complex and expensive. Any safety risks or side effects could delay the approval of new therapies or damage confidence in the field. Another challenge is the lack of standardized and large scale manufacturing capabilities. Producing cell and gene therapies at commercial and global scale requires specialized facilities, equipment, processes and training that is still evolving for many therapies. Strict regulatory approvals from bodies like FDA also add time and costs to new product development in this sector.

Current Challenges in the Cell And Gene Therapy Market

One of the major challenges currently faced by the cell and gene therapy market is addressing safety concerns around DNA modifications. While gene therapies offer promise for treating various diseases, the possibility of DNA mutations or carcinogenic effects from gene insertions is a key risk that requires thorough evaluation. Another challenge is bringing down the exorbitantly high costs of developing and manufacturing cell and gene therapies. The average costs per patient to bring a new therapy to market is estimated to be over $350 million which puts these treatments out of reach for many. Streamlining production processes, enabling large scale manufacturing and lowering manufacturing facility set up costs could help address this challenge over time.

SWOT Analysis
Strength: Highly innovative field pursuing cures for previously untreatable conditions. Potential to significantly improve quality of life.
Weakness: Very lengthy and costly development cycles and regulatory approvals required. High commercial production costs.
Opportunity: Large underserved patient population globally for diseases addressable by these therapies. Significant investments and partnerships boosting research.
Threats: Safety risks from DNA modifications or long term effects. Potential high level of regulation delaying approvals. Emerging competition from other novel therapeutic areas.

Geographical Regions
In terms of value, North America region currently accounts for the largest share of the global cell and gene therapy market, primarily due to higher healthcare investments, ongoing clinical trials and product approvals. However, Asia Pacific region is expected to show the fastest growth over the forecast period of 2024 to 2031. This is led by increasing government funding for regenerative medicine research, rising healthcare infrastructure and growing biotech industry in countries like China, India and South Korea.

Fastest Growing Geographical Region

Asia Pacific region has shown the fastest growth in the global cell and gene therapy market and is expected to maintain this growth trajectory over the forecast period from 2024 to 2031. Major factors fueling this growth include rapidly aging population leading to higher disease incidence, rising healthcare expenditures, increasing adoption of advanced treatment options and regulatory and manufacturing improvements driving product commercialization. Countries like China and India are emerging as new innovation and manufacturing hubs, further supporting the growth of cell and gene therapies in the Asia Pacific region.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it