Global Cell And Gene Therapy Market To Have Growth Rate Of 24% Through 2023
The global cell and gene therapy market is expected to grow from $6.68 billion in 2019 to $6.92 billion in 2020 at a compound annual growth rate (CAGR) of 3.61%. The slow growth is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $13.23 billion in 2023 at a CAGR of 24.10%. Steady investment and consolidation in cell and gene therapies contributed to the growth of the cell and gene therapy (CGT) market. However, limited reimbursements preventing patients from receiving treatments are expected to limit the growth of the market.
Cell therapy refers to the transfer of intact, live cells that are originated from autologous or allogenic sources and gene therapy refers to the introduction, removal, or change in the genome for treating diseases. The market consists of revenue generated by the companies developing cell and gene therapy products by the sales of these products.
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The global cell and gene therapy market is further segmented based on type and geography.
By Product: Cell Therapy, Gene Therapy
By Application: Oncology, Dermatology, Musculoskeletal, Others.
By Geography: The global cell and gene therapy market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American cell and gene therapy market accounts for the largest share in the global cell and gene therapy market.
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Trends In The Cell And Gene Therapy Market
Chimeric antigen receptor (CAR) T-cell therapy is shaping the cell and gene therapy (CGT) market. CAR T-cell therapy is a combination of cell and gene therapy in which T cells are collected from the patient’s blood and are genetically engineered to produce modified receptors at their surface, known as chimeric antigen receptors. These modified T cells with special structures are reinfused into the patient. Then, the modified receptors of T cells help in targeting the surface antigen of the cancer cell that ultimately results in the killing of tumor cells in patients.
Cell And Gene Therapy Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides cell and gene therapy market overviews, analyzes and forecasts cell and gene therapy market size and growth for the global cell and gene therapy market, cell and gene therapy market share, cell and gene therapy market players, cell and gene therapy market size, cell and gene therapy market segments and geographies, cell and gene therapy market trends, cell and gene therapy market drivers and cell and gene therapy market restraints, cell and gene therapy market’s leading competitors’ revenues, profiles and market shares. The cell and gene therapy market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.