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Global Cell and Gene Therapy Market Expected to Grow at 26.4% CAGR, Reaching $23.3 Billion by 2028

BCC Research Study Projects Rapid Expansion of Cell and Gene Therapy Market, with Demand Increasing from $7.2 Billion in 2023 to $23.3 Billion by 2028

BOSTON, June 14, 2024 /PRNewswire/ -- The global market for cell and gene therapy is expected to experience significant growth in the coming years. These cutting-edge treatments, which aim to cure diseases by repairing or replacing defective cells and genes, are revolutionizing the medical field.

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Market Expansion and Revenue Surge

According to the latest BCC research study, the demand for Global Market for Cell and Gene Therapy expected to grow from $7.2 billion in 2023 and will reach $23.3 billion by the end of 2028 at a compound annual growth rate (CAGR) of 26.4% from 2023 through 2028.           

This study investigates the cell and gene therapy market, exploring what's driving it, the challenges it faces, and the opportunities it presents. It includes market predictions up to 2028 and the market shares of major companies. The report profiles key players, detailing their business areas, finances, products, and recent updates. Additionally, it covers new technologies and the future investment outlook in this field.

Some Interesting Facts about Health and Medical Insurance Providers

  • The cell and gene therapy (CGT) market has seen approvals for cell therapies, gene therapies, and genetically modified cell therapies. In 2023, there were significant advancements, especially with regulatory approvals in the U.S.
  • The market has approved advanced products like off-the-shelf therapies and gene-editing products, showing the adoption of new technologies in this field.
  • In 2023, there were 7 approvals, highlighting the recent increase in CGT drugs.
  • While awareness of CGT therapies is growing, challenges remain, such as high treatment costs and manufacturing issues. To address these, companies are partnering with contract development and manufacturing organizations (CDMOs) to outsource production and are working with governments to secure reimbursement for these one-time treatments for rare diseases with high unmet needs.

Discover more insights and information about global market for cell and gene therapy, click here.

Factors contributing to this growth include:

  1. Increasing prevalence of chronic diseases means more people are dealing with long-term health issues like heart disease, diabetes, and cancer. This increase is often because people are living longer, changing their lifestyles, and better ways of diagnosing these conditions. As more people face these chronic illnesses, the need for effective treatments, including new options like cell and gene therapies, is growing.
  2. Growing investments in cell and gene therapy research means more money and resources are being put into developing these advanced treatments. Both private companies and public institutions are boosting their funding to find new therapies, improve existing ones, and bring innovative treatments to patients more quickly. This financial support speeds up scientific discoveries, advances technology, and leads to better healthcare options for everyone.
  3. Expanding manufacturing capacity simply means making more of something. In the case of cell and gene therapy, it's about building new places, improving the ones we already have, and using better technology to create more of these treatments. This way, we can keep up with the increasing demand for these therapies and make sure they're made well and get to the people who need them.
  4. Increasing numbers of cell and gene therapy approvals: It means that more of these treatments are being given the go-ahead by regulatory agencies to be used in patients. As scientists make progress and technology gets better, more of these therapies meet the safety and effectiveness standards set by regulators. This uptick in approvals shows that people are becoming more confident in the potential of cell and gene therapies to treat different diseases and conditions.

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Report Synopsis        

Report Metrics

Details

Base year considered

2022

Forecast Period considered

2023-2028

Base year market size

$5.8 billion

Market Size Forecast

$23.3 billion

Growth Rate

CAGR of 26.4% for the forecast period of 2023-2028

Segment Covered

Therapy Type, Product Type, Application, and Region

Regions covered

North America, Europe, Asia-Pacific, and Rest of the World

Countries covered           

U.S., Mexico, Canada, Germany, U.K., France, China, Japan, Australia

Key Market Drivers

 

  • Increasing prevalence of chronic diseases
  • Growing investments in cell and gene therapy research
  • Expanding manufacturing capacity
  • Increasing numbers of cell and gene therapy approvals

Market Segmentation 

The Cell and Gene Therapy market can be categorized into various segments:

  • Market Segments by Type

    The cell and gene therapy manufacturing services market are categorized into three types: cell therapy, which involves using living cells to treat diseases; gene therapy, which focuses on modifying or replacing faulty genes to cure or treat medical conditions; and gene-modified cell therapy, which combines both approaches by altering the genes within cells before using them for treatment.
  • Market Segments by Product Type

    The cell and gene therapy manufacturing services market includes various products, such as Zolgensma, Yescarta, Kymriah, Abecma, Maci, Tecartus, Epicel, and other similar therapies. These products represent different advanced treatments that utilize cell and gene therapy techniques to treat a range of medical conditions.
  • Market Segments by Application

    The cell and gene therapy manufacturing services market serves various applications, including oncology (cancer treatment), rare diseases, ophthalmology (eye-related conditions), and other medical fields. These applications represent the different areas where cell and gene therapies are used to treat specific health issues.
  • Market Segments by Region

    The cell and gene therapy manufacturing services market is divided into different regions: North America, Europe, Asia-Pacific, and the Rest of the World. This categorization helps to understand and analyze the market trends, demand, and growth opportunities for cell and gene therapies in various parts of the globe.

This report on global market for cell and gene therapy provide comprehensive insights and analysis, addressing the following key questions:

  1. What is the projected market size and growth rate of the market?

    •  The global market for cell and gene therapy reached $5.8 billion in 2022. The total CGT market is estimated to reach $23.3 billion through 2028, growing at a CAGR of 26.4% during the forecast period.
  2. What are the key factors driving the growth of the market?

    •  Increasing prevalence of chronic diseases

    •  Increasing investment in CGT research

    •  Increasing CGT approvals

    •  Increasing clinical and commercial manufacturing capacity
  3. What segments are covered in the market?

    •  The global market is segmented based on therapy type, product type, application, and region. Based on therapy type, the market is categorized into cell therapy, gene-modified cell therapy and gene therapy. Based on product type, the market is segmented into Zolgesma, Yescarta, Kymriah, Abecma, Maci, Tecartus, Epicel and others. Based on application, the market for cell and gene therapy is segmented into rare diseases, oncology, ophthalmology, and others (includes neurology, cardiovascular, blood disorders etc.).
  4. By Type, which segment will dominate the market by the end of 2028?

    •  Gene Therapy will dominate the market by the end of 2028.
  5. Which region has the highest market share in the market?

    •  North America holds the highest share in the market.

Some of the Key Market Players Are:

  • MALLINCKRODT PLC
  • NOVARTIS AG
  • ORCHARD THERAPEUTICS PLC.
  • PHARMICELL CO. LTD.
  • UNIQURE N.V.
  • VERICEL CORP.
  • AMGEN INC.
  • BLUEBIRD BIO INC.
  • BRISTOL-MYERS SQUIBB CO.
  • DENDREON PHARMACEUTICALS LLC.
  • FERRING PHARMACEUTICALS
  • GILEAD SCIENCES INC.
  • IOVANCE BIOTHERAPEUTICS INC.
  • JOHNSON & JOHNSON SERVICES INC.
  • KRYSTAL BIOTECH INC.

Browse for more related reports:

Cell and Gene Therapy Manufacturing Services Market-  The Cell and Gene Therapy Manufacturing Services Market is a part of the biopharmaceutical industry that focuses on creating and producing advanced medical treatments involving cells and genes. Companies in this market help develop, manufacture, and bring these innovative therapies to patients.

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SOURCE BCC Research LLC

By: PR Newswire Association LLC. - 14 Jun 2024
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