Global Cell & Gene Therapy Market Outlook and Forecast 2019-2024 - Robust Pipeline Products & Increasing Funding for R&D Activities Trigger Massive Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 20, 2019--
The “Cell and Gene Therapy Market - Global Outlook and Forecast 2019-2024” report has been added to ResearchAndMarkets.com’s offering.
The global cell and gene therapy market is growing at a CAGR of over 24% during the forecast period 2018-2024.
Key Market Insights
The major drivers contributing to the growth of the global cell and gene therapy market are the growing incidence of several chronic and terminal diseases, including cancer, the launch of new products, the increasing availability in clinical evidences of these products in terms of safety and efficacy, the rapid adoption of CAR T-cell therapy, favorable regulatory support in the development of these treatment, and improved manufacturing expertise in these products.
Market Growth Enablers
Market Growth Restraints
Market Opportunities and Trends
Cell and Gene Therapy Market: Segmentation
This research report includes detailed market segmentation by product, application, end-user, and geography.
The global cell therapy market is growing at a steady rate, and this trend is expected to continue during the forecast period due to the increased patient base with a wide range of diseases/ailments. The segment is likely to witness upward growth on account of expanded expertise in the manufacturing of stem cell-based products.
The gene therapy segment is expected to witness faster growth as the penetration of these products is increasing at a significant rate, especially in developed economies. The market is expected to grow during the forecast period due to the increased patient base for the existing gene remedy products, expected the launch of other gene therapy-based products for several indications, and expanded indication approvals for existing commercially available products.
The oncology segment accounts for the highest share of the global market. The growth of the oncology segment is increasing at a fast rate on account of the growing prevalence of several types of cancers. Currently, the available products not only modify the disease but also improve the quality of the patient’s life, thereby decreasing the mortality rate. The market in the dermatology segment is increasing at a steady rate. This segment owns its growth to the increasing incidence and prevalence rate of several types of wounds, which are difficult to treat under normal conditions and the launch of innovative products. The dermatology segment is likely to showcase growth due to the high product availability of wound care products in the market.
Hospitals are the leading end-user segment. The segment is growing mainly due to the increasing incidence/prevalence of chronic diseases such as cancer, cardiovascular diseases, diabetes, and chronic wound on account of diabetes feet, pressure ulcers, and other injuries.
Market Segmentation by Products
Market Segmentation by Distribution Channel Type
Market Segmentation by End-users
The US market dominates the cell and gene therapy market in North America due to the high prevalence of chronic diseases and other conditions, which require these treatment methods. There is also comparably high utilization and wide accessibility of these therapies. The oncology segment is likely to witness significant growth in North America.
The market in Europe is expected to witness upward growth in the near future on account of the growing prevalence of chronic diseases and rising elderly population. In Europe, cell and gene therapy products are considered to be part of the Advanced Therapy Medicinal Products (ATMPs), which are commonly known as regenerative medicine globally.
Key Vendor Analysis
The global market is characterized by the presence of a few global, large-scale companies and several small to medium-scale companies offering one or two cell and gene therapy products. Global players are majorly offering innovative products with the potential of disease-modifying characteristics that are generating significant revenues, especially in Europe and US regions. Most innovative and breakthrough products are approved in the European countries and the US.
Vendors are targeting mostly developed economies such as the US, Germany, France, the UK, Spain, and Japan as the uptake of these products is higher in these countries than low and middle-income countries. However, the market in these regions is at the nascent stage.
Other Prominent Vendors
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INDUSTRY KEYWORD: HEALTH GENETICS
SOURCE: Research and Markets
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PUB: 11/20/2019 05:40 AM/DISC: 11/20/2019 05:40 AM