CAR T cell therapy offers a promising approach for the treatment of cancer. CAR T cells are genetically engineered T cell receptors that are programmed to target specific antigens on tumor cells. Once administered, these CAR T cells can migrate throughout the body, multiply, and attack cancer cells expressing the target antigen. CAR T cell therapies have demonstrated high response rates and durable clinical benefits in certain hematological malignancies like acute lymphoblastic leukemia and lymphoma. However, their effectiveness in solid tumors still needs more research. The global CAR T cell therapy market possesses immense potential given the growing burden of cancer worldwide and limitations of existing treatment options.
The demand for CAR T cell therapies is growing due to the rising prevalence of cancer globally. According to GLOBOCAN 2020, there were about 19.3 million new cancer cases and 10 million cancer deaths worldwide in 2020. As conventional therapies like chemotherapy, radiation, and targeted drug therapy have limitations, there is an urgent need for more effective treatments. CAR T cell therapy offers one such possibility with its unique mechanism to reprogram a patient’s own immune cells to target and destroy cancer.
The global Car T Cell Therapy Market is estimated to be valued at Us$ 12,709.23 Mn in 2023 and is expected to exhibit a CAGR Of 3.7% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the CAR T cell therapy market is the ongoing research to expand its use in solid tumors. Currently, CAR T cell therapies are only approved for use in certain hematological cancers. Extensive research is exploring ways to overcome obstacles like low antigen expression, immunosuppressive tumor microenvironment, and antigen escape variants that hinder CAR T cell effectiveness against solid tumors. Promising clinical trials evaluating CAR T cell therapies for solid tumors like lung cancer, pancreatic cancer, and brain tumors indicate its potential in this sizable oncology segment. As research advances solutions to address solid tumor challenges, it could unlock a much broader market for CAR T cell therapies.
Threat of new entrants: The threat of new entrants in the CAR T cell therapy market is low as it requires high capital investments for research and development. Additionally, established players have significant resources which make it difficult for new players to gain footing.
Bargaining power of buyers: The bargaining power of buyers is moderate as the demand for CAR T cell therapy is growing but it is currently limited to only a few life-threatening diseases. However, as the market expands buyers will have more options.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the presence of several biotechnology companies engaged in research and development activities. However, established players have strong bargaining power due to patented technologies.
Threat of new substitutes: There is a low threat of substitutes as CAR T cell therapy is highly specialized with no close substitute currently available for the treatment of cancer and other diseases.
Competitive rivalry: The competitive rivalry is high owing to the presence of major players continuously competing on the basis of new product launches and innovation.
The Global CAR T Cell Therapy Market Demand is expected to witness high growth over the forecast period owing to increasing demand for cancer treatment alternatives. The global CAR T Cell Therapy Market is estimated to be valued at US$ 12,709.23 Mn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030.
North America accounts for the largest share of the global CAR T cell therapy market due to increasing prevalence of cancer, rising adoption of CAR T cell therapy drugs, and strong presence of key players in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period with China and India being the major contributors to the market growth.
The key players operating in the CAR T cell therapy market are The Wonderful Company LLC and Germack Pista. The Wonderful Company LLC is a leading player focused on developing new CAR T cell therapies for various cancer types. Germack Pista focuses on treatment of lymphomas and leverages latest technologies for manufacturing CAR T cells.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it