According to a new report published by Allied Market Research, titled "CAR T-Cell Therapy Market", the car T-cell therapy market is worth $1.7 billion in 2021 and is expected to reach $6.1 billion. dollars by 2031, growing at a. CAGR of 13.5% from 2022 to 2031.
Chimeric antigen receptor (CAR) T cell therapy treats certain cancers by converting T cells into cells that are more effective in fighting cancer. CAR T-cell therapy is a new targeted approach, which involves the genetic engineering of T cells to target specific receptors on cancer cells.
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The COVID-19 outbreak is expected to adversely affect the market as a large number of medical colleges and hospitals across the world have been reorganized to increase hospital capacity for patients diagnosed with COVID- 19. The COVID-19 pandemic has had a negative impact on the market as COVID-19 patients are given priority for treatment. Research and development of CAR T-cell therapies slowed during the pandemic but did not stop.
A major slowdown in clinical trials due to strict government guidelines against COVID-19 is hampering the growth and size of the CAR T-cell therapy market. The reduction in human travel, border closures and population lockdowns have affected the chain of life-saving pharmaceutical products in the CAR T cell therapy market. Unnecessary surgeries have taken a back seat and home care is preferred, because of the fast. increase in COVID-19 cases, as only elective emergency surgeries are performed.
By drug type, the axicabtagene ciloleucel segment was the highest revenue contributor to the market owing to increase in adoption of (Yescarta) axicabtagene ciloleucel for treatment of relapsed or refractory large B-cell lymphoma, and relapsed or refractory follicular lymphoma. The brexucabtagene autoleucel segment is expected to witness highest CAGR during the forecast period, owing to rise in approval of CAR T-cell therapies in different countries for relapsed or refractory B-cell precursor acute lymphoblastic leukemia (ALL).
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