Growth Forecast of the Cell and Gene Therapy Market by 2024

According to a report by Research and Market, the global gene therapy market is expected to reach a whopping 6.42 billion dollars in 2024 with a CAGR of 19.29%. The market is expected to approve 20-25 new products by 2025. The US is the major contributor to the gene therapy market and it is expected to see a growth of 354&% by 2024. Companies are investing more and more in clinical trials which results in more FDA-approved gene and cell therapy products on the market. 

Market Dynamics:

The global cell and gene therapy market is growing at a steady rate. 

The use of gene and cell therapy is required in Dermatology, musculoskeletal, oncology, and other fields of medicine. The use in dermatological ailments is increasing at a stable rate due to an increase in the incidence of wounds that are difficult to heal. 

The end users of gene and cell therapy are hospitals, wound care centers, cancer care centers, ambulatory surgical centers, and others. Among them, hospitals are the leading end users. The hospital segment is growing due to the increased prevalence of chronic illnesses.

CAR-T Cell Therapy:

In the last few years, CAR-T therapy has emerged on the horizon as a promising treatment. As a result, it is the most rapidly growing product on the market producing revenue at an exponential rate. It is the fastest therapy in oncology and tends to replace other therapies. CAR-T therapy has superior mechanisms, efficiency, and safety which makes it a tough competition for other therapies. CAR-T is a more personalized approach to treating cancers. The widely popular CAR-T therapy is a major fuel of growth in the gene and cell therapy market. 

Growth Drivers

One of the major growth drivers is an increase in diseases all around the globe. More incidences of infections and cancers mean an increased requirement for new and innovative therapies. The favorable designations and regulatory support for gene therapy products are also making the market boom. The government and private companies are investing a lot of capital into gene and cell therapy R&D activities which play a huge role in growth. 

Plasmids are required in cells in gene therapy. So a plasmid manufacturing company is also benefiting from the exponential growth of the gene therapy market. 

Competitive Landscape:

In North America, The US is the leading country generating revenue in the cell and gene therapy market. This growth is primarily due to the rising incidence of cancer and other chronic diseases like diabetes, cardiovascular problems, etc in the US. The US is also the leading country in the accessibility and utilization of gene therapy. 

In Europe, gene and cell therapy are considered Advanced Therapy Medicinal Products (ATMPs). It is known as regenerative medicine worldwide. Advanced products and therapies are now introduced in Japan and India along with advanced R&D activities. 

Concluding Thoughts:

Capitalists are supporting pharma and biotechnology startups that are involved with the research and development of cell and gene therapies and key vendors have placed cell and gene therapy in their strategic area of growth and revenue generation because cell and gene therapy is the future.