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Rising Prevalence Of Chronic Diseases is likely to drive demand for Cell and Gene Therapy Market

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Gauri Cmi
Rising Prevalence Of Chronic Diseases is likely to drive demand for Cell and Gene Therapy Market


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 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The cell and gene therapy market consists of therapeutic products that utilize human cells, genes or living microorganisms to treat disease. Cell therapy products involve the infusion of live cells into patients to replace or repair damaged tissues and cells. Gene therapy aims to correct defective genes that are responsible for disease development. These innovative treatment approaches offer long-lasting effects and potential cures for conditions previously considered incurable. Growing understanding of the molecular mechanisms of disease has accelerated product development and clinical application in cancer immunotherapy, neurological disorders, cardiovascular diseases and rare genetic conditions.

Market key trends:

One of the major trends in the market is the rising prevalence of chronic diseases globally. Genetic and cellular treatments offer promising solutions for conditions like cancer, heart disease and diabetes which place a huge economic burden on healthcare systems. Growing investment by pharmaceutical companies in research and development of advanced therapies is driving clinical trials and regulatory approvals. Strategic collaborations between industry players and academic research centers are helping to fast track product commercialization. Falling gene therapy manufacturing costs due to technological advancements and evolving reimbursement policies are also expected to increase patient access and adoption over the coming years.

Porter’s Analysis

Threat of new entrants: The high capital requirements and stringent regulatory framework pose significant entry barriers for new players in the Cell And Gene Therapy Market Size.

Bargaining power of buyers: The bargaining power of buyers is moderate due to the high treatment and manufacturing costs for cell and gene therapies.

Bargaining power of suppliers: Suppliers have considerable bargaining power in the market owing to the specialized expertise required for manufacturing cell and gene therapies.

Threat of new substitutes: The threat of new substitutes is low as cell and gene therapies provide innovative treatments for various critical diseases with no close substitutes currently available.

Competitive rivalry: The competitive rivalry is intense among the leading players to capture more market share through continuous innovation and partnerships.

Key Takeaways

The global cell and gene therapy market is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing prevalence of various genetic and chronic diseases.

Regional analysis

North America is expected to dominate the global cell and gene therapy market during the forecast period. This is attributed to increase funding for research activities, rising adoption of advanced therapies, and presence of key market players in the region. Asia Pacific is anticipated to grow at the fastest pace due to rising geriatric population, increasing healthcare spending, and growing awareness regarding advanced therapies.

Key players

Key players operating in the cell and gene therapy market are Alnylam Pharmaceuticals Inc., Amgen Inc., Biogen Inc., CORESTEM Inc., Dendreon Pharmaceuticals LLC., Helixmith Co. Ltd., JCR Pharmaceuticals Co. Ltd., Kolon TissueGene Inc., Novartis AG, Pfizer Inc. Amgen Inc. and Novartis AG are two leading players dominating the global market due to their diverse product portfolios and widespread geographic presence.

 

Read More: https://www.rapidwebwire.com/cell-and-gene-therapies-market-size/


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Gauri Cmi
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