The Global Cell And Gene Therapy Market Growth is Accelerated by Increasing Demand for Gene Therapy
Cell and gene therapies are advanced therapies that use genetic material to treat illness, modify body functions or repair damaged cells. Cell and gene therapies have the potential to dramatically transform how diseases like cancer, genetic disorders, and infectious diseases are treated by replacing dysfunctional cells or correcting genetic mutations. Cell and gene therapies hold great promise due to their targeted approach of treating diseases at the cellular and genetic level. These therapies are being studied in clinical trials for various genetic disorders like hemophilia, sickle cell disease and lysosomal storage disorders as well as cancer and infectious diseases.
The
global cell and gene therapy market is estimated to be valued at US$ 18.29 Bn
in 2023 and is expected to exhibit a CAGR
of 19% over the forecast period 2023 to 2030, as highlighted in a new
report published by Coherent Market Insights.
Market Opportunity:
The significant opportunity for the growth of the cell and gene therapy market
lies in its potential to treat genetic disorders. Genetic disorders arise due
to abnormalities in a person's genes or chromosomes. Some examples include
cystic fibrosis, sickle cell anemia, and Huntington disease. Currently, there
are no cures for many genetic disorders and available treatments only manage
symptoms. Cell and gene therapies offer a promising approach by fixing the
underlying genetic flaws that cause these disorders. Gene therapies involve
introducing a normal copy of the gene into the patient's cells to compensate
for the mutated gene. Cell therapies involve replacing patient's dysfunctional
cells with normal healthy cells. Ongoing research and clinical trials in cell
and gene therapies for genetic disorders like hemophilia, beta thalassemia and
inherited retinal diseases demonstrate their potential to permanently correct
genetic mutations providing functional cure for these currently incurable
conditions. This significant medical advancement of using genetics to cure
genetic conditions rather than just manage symptoms presents a major
opportunity for growth of the cell and gene therapy market over the forecast
period.
Porter's Analysis
Threat
of new entrants: The Global
Cell And Gene Therapy Market Size has high capital requirements for
R&D which acts as a barrier for new entrants. Established regulations for
product approval also make market entry difficult.
Bargaining power of buyers: The bargaining power of buyers is moderate as the
demand for cell and gene therapies are increasing. However, the specialized
nature of these therapies limits buyer options.
Bargaining power of suppliers: Suppliers of raw materials and technologies have
some bargaining power due to limited alternatives and dependencies of
manufacturers.
Threat of new substitutes: There is a low threat of substitution as cell and
gene therapies are novel with few alternatives for conditions they target.
Competitive rivalry: The market has high competition due to the presence of
major players and increasing focus on cell and gene therapies.
SWOT Analysis
Strengths:
Rising investment in R&D, growing target disease segments, and advantages
over conventional treatments.
Weaknesses: High capital requirements, delivery challenges, and lack of
treatment access in developing regions.
Opportunities: Increasing approval of new therapies, potential in developing
applications, and collaborations for commercialization.
Threats: Stringent regulations, reimbursement issues, and high development
costs.
Key Takeaways
The global cell and gene therapy market is expected to witness high growth at a
CAGR of 19% during the forecast period of 2023 to 2030. An estimated market
size of US$ 18.29 Billion in 2023 is projected to reach over US$ 64 Billion by
2030.
Regionally, North America dominates the market currently due to presence of
major players and technological advancements. The Asia Pacific region is
anticipated to grow at the fastest pace attributed to rising R&D
expenditure and increasing healthcare investments.
Key players operating in the cell and gene therapy market are Johnson &
Johnson, Medtronic, Stryker Corporation, Zimmer Biomet, Smith & Nephew,
NuVasive, Globus Medical, Wright Medical Group, Arthrex, DJO Global, Össur,
CONMED Corporation, Breg, Orthofix Medical and Bioventus. These companies are
focusing on product approvals, partnerships and geographic expansions to
strengthen their market position.
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