LONDON, March 28, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company's Cell And Gene Therapy Manufacturing Services Global Market Report 2024, the cell & gene therapy manufacturing services market has experienced rapid growth in recent years, driven by advancements in medical technology and an increasing focus on precision medicine.
Market Growth and Projections
The cell & gene therapy manufacturing services market is witnessing substantial growth, with revenues projected to rise from $7.25 billion in 2023 to $8.55 billion in 2024, reflecting a robust compound annual growth rate (CAGR) of 17.8%. Looking ahead, the cell & gene therapy manufacturing services market is expected to continue its upward trajectory, reaching $15.77 billion by 2028, with a CAGR of 16.6%.
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Impact of Cancer Cases
The growing number of cancer cases worldwide is anticipated to be a significant driver of the cell & gene therapy manufacturing services market growth. Cancer remains a pervasive health challenge, with factors such as lifestyle choices, environmental exposures, and an aging population contributing to its prevalence. Cell and gene therapy manufacturing services play a crucial role in cancer treatment by developing personalized cellular products to target and eliminate malignant cells. According to the National Cancer Institute, the number of people living with metastatic cancer in the United States is expected to increase significantly by 2025, underscoring the urgent need for advanced treatment options such as cell and gene therapy.
Innovation in Clinical Trials
Companies in the cell & gene therapy manufacturing services market are actively focusing on innovation to enhance treatment outcomes. For example, Allogene Therapeutics has launched the CAR T Together initiative, aiming to improve CAR T therapies through the development of "off-the-shelf" allogeneic cell therapy options. These therapies, derived from donors, offer the advantage of being readily available and easy to produce in large quantities, potentially revolutionizing cancer treatment approaches.
Cell & Gene Therapy Manufacturing Services Market Segmentation
The cell & gene therapy manufacturing services market is segmented based on several factors, including type, indication, application, and end-user. Key segments include:
- Type: Gene Therapy, Cell Therapy
- Indication: Central Nervous System Disorders, Ophthalmology Diseases, Cardiovascular Diseases, Infectious Diseases, Orthopedic Diseases, Oncology Diseases
- Application: Commercial Manufacturing, Clinical Manufacturing
- End-user: Academic And Research Institutes, Pharmaceutical And Biotechnology Companies, Other End-Users
Market Landscape and Competition
The cell & gene therapy manufacturing services market is characterized by high concentration, with a small number of large players dominating the market. Thermo Fisher Scientific, Inc., Merck KGaA, and F. Hoffmann-La Roche Ltd are among the top competitors, contributing to the the cell & gene therapy manufacturing services market's dynamism and competitiveness.
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Regional Analysis
North America emerged as the largest region in the cell & gene therapy manufacturing services market, accounting for a significant portion of total market revenues in 2023. This underscores the region's leadership in medical innovation and research.
Cell And Gene Therapy Manufacturing Services Global Market Report 2024 by The Business Research Company provides insights on the cell and gene therapy manufacturing services market size, cell and gene therapy manufacturing services market segments, cell and gene therapy manufacturing services market trends, drivers and restraints, major competitors' market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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