London, July 22, 2020 (GLOBE NEWSWIRE) -- According to The Business Research Company’s latest report, the global CAR-T therapy market is expected to reach $3.1 billion by 2030 from a value of nearly $2.2 billion in 2023 growing at an annual growth rate of above 32%. This rapid growth of the market can be attributed to increase in investments by biopharmaceutical biotechnology companies in CAR-T therapy, which has proven to be a highly effective therapeutic tool for treating different types of cancers, especially hematological malignancies.
Biotechnology companies are focusing on acquiring or partnering with biopharmaceutical companies to develop and promote the CAR-T therapy market. There have been several partnerships in recent years which helps these companies to increase their CAR-T therapy portfolio, enhance their revenues and share the costs. For instance, in May 2020, EdiGene, a biotechnology company collaborated with Immunochina, a pharmaceutical company in China, for the improvement of allogeneic CAR-T therapy for cancer which will help in future treatments. In addition, there is unlocked potential in the market needing more investment, particularly in four areas - expanding the number of healthcare settings that administer CAR-T therapy, optimizing autologous CAR-Ts for liquid tumors, innovating in the manufacturing of next-generation CAR-T cell therapies, and shortening the innovation cycle time to enable success in solid tumors.
However, the CAR-T therapy market is expected to be negatively impacted due to the spread of COVID-19. Along with the clinical and logistical complexities inherent to cellular therapy, in the era of COVID-19, or a similar pandemic, additional anticipated challenges include staff shortages due to potential exposure, limitation of resources in personal protective equipment, hospital beds, intensive care unit (ICU) beds, and mechanical ventilation, as well as potential delays in the shipment of cellular therapy products, and blood and platelet shortages
The Business Research Company’s report titled CAR-T Therapy Market Global Report 2020 covers the global CAR-T therapy market and its segments. The CAR-T therapy market is segmented by Target Antigen into CD19, CD22, Others. By application, the market is segmented into acute lymphoblastic leukemia, diffuse large B-cell lymphoma, follicular lymphoma, chronic lymphocytic leukemia, multiple myeloma, and others.
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Oncology companies will also have a major impact from COVID-19 since patients with cancer are more susceptible to viral infections, especially after chemotherapy, stem cell transplants, or surgeries. This has caused a production decrease as countries started to report a significant number of cases daily, the pharmaceutical focus has shifted to finding a cure for COVID-19. This has resulted in the suspension of clinical trials.
CAR-T Therapy Market Global Report 2020 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2400 market segments and 56 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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