Rise in prevalence of leukemia, surge in research and development activities to develop new CAR T-cell therapy are the key factors driving the growth of the market for CAR T-cell therapy.
Wilmington, New Castle, Delaware, Jan. 25, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “CAR T-Cell Therapy Market Size, Share, Competitive Landscape and Trend Analysis Report by Drug type (Axicabtagene Ciloleucel, Tisagenlecleucel, Brexucabtagene Autoleucel, Others), by Indication (Lymphoma, Acute Lymphocytic Leukemia, Others), by End user (Hospitals, Cancer Treatment Centers): Global Opportunity Analysis and Industry Forecast, 2023-2032“. According to the report, the CAR T-cell therapy industry generated $2.6 billion in 2022, and is anticipated to generate $35.9 billion by 2032, witnessing a CAGR of 28.5% from 2023 to 2032.
Prime determinants of growth
Surge in prevalence of cancer, high effectivity of CAR T-cell therapy over other conventional drugs for cancer treatment and increase in investment and funding for research in CAR T-Cell therapy are the major factors that drive the growth of the CAR T-cell therapy market. However, high cost of CAR T-cell therapy restricts market growth. Moreover, high research and development activities to develop CAR T-cell therapeutics presents new opportunities in the coming years.
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Report Coverage & Details:
|Market Size in 2022
|Market Size in 2032
|No. of Pages in Report
|Drug Type, Indication, End User and Region
|Surge in prevalence of cancer.
|High effectivity of CAR T-cell therapy over other conventional drugs for cancer treatment.
|Increase in investment and funding for research in CAR T-Cell therapy.
|High R&D activities to develop CAR T-cell therapeutics.
|High cost of CAR T-cell therapies.
- During recession, there might be a decrease in research funding, both from government sources and private institutions. This reduction in funding could lead to a slowdown in research projects involving CAR T-cell therapy, as researchers may have fewer resources to invest in their studies.
- In addition, recessions lead to disruptions in supply chains, affecting the availability of necessary materials and resources for research. This could lead to delays in projects and increased costs.
- However, surge in adoption of CAR T-cell therapy, and increase in cases of cancer are anticipated to drive the market growth in the coming future.
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The axicabtagene ciloleucel segment to maintain its leadership status throughout the forecast period
Based on drug type, the axicabtagene ciloleucel segment held the highest market share in 2022, accounting for more than two fifth of CAR T-cell therapy market revenue, owing to high adoption of axicabtagene ciloleucel for the treatment of adult patients with large B-cell lymphoma.
The lymphoma segment to maintain its leadership status throughout the forecast period
Based on indication, the lymphoma segment held the highest market share in 2022, accounting for more than half of CAR T-cell therapy market revenue. This is attributed to high prevalence of lymphoma globally. However, other segment is expected to register fastest growth during the forecast period, owing to high research to explore various other therapeutic application of CAR T-cell therapy.
The hospital segment to maintain its leadership status throughout the forecast period
Based on end user, the hospital segment held the highest market share in 2022, accounting for four fifth of CAR T-cell therapy market revenue. This is attributed to high number of patients getting cancer treatment in the hospital.
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North America to maintain its dominance by 2032
Based on region, North America held the largest market share in terms of revenue in 2022, accounting for more than three fifth of the CAR T-cell therapy market revenue. This is attributed to strong presence of key players in the region
However, the Europe region is expected to witness the fastest CAGR of 30.3% from 2023 to 2032. This is attributed to prevalence rate of cancer, a large and diverse population, and well-developed healthcare infrastructure.
Leading Market Players: –
- Autolus Theraputics Plc
- 2Seventy Bio, Inc
- Bristol-Myers Squibb
- Gilead Sciences
- Intellia Therapeutics
- Caribou Biosciences, Inc.
- Cartesian Therapeutics, Inc
- Novartis AG
- Johnson and Johnson.
The report provides a detailed analysis of these key players in the CAR T-Cell Therapy Market. These players have adopted different strategies such as product approvals, collaboration, clinical trials, strategic alliance and merger to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Comprehensive Healthcare Industry Research Studies: –
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