Seattle, Feb. 05, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global cell and gene therapy market was valued at US$ 6,020.0 million in 2017 and is projected to exhibit a CAGR of 21.9% over the forecast period (2018 – 2026).
Key Trends and Analysis of the Cell and Gene Therapy Market:
Key trends in the market are increasing prevalence of cardiovascular disease, cancer, and genetic disorder, introduction of effective guidelines, rising funding by governments and other organizations to support gene and cell therapy in clinical trial, and increasing research and development activities of cell and gene therapy.
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Market players are actively investing in research for developing cell and gene therapy. The players are offering new and improved products, in order to address the critical unmet needs of patients. For instance, in December 2017, the U.S. Food and Drug Administration (FDA) approved Luxturna developed by Spark Therapeutics and Children's Hospital of Philadelphia. Luxturna is a gene therapy for certain forms of vision imparting retinal disorders.
Moreover, key players operating in the market are focused on adopting strategies such as acquisition, in order to gain access to innovative products and expand their product offerings in the potential markets. For instance, on January 3, 2019, Bristol-Myers Squibb Company announced that it will acquire Celgene Corporation. This agreement would result in the formation of a specialty focused biopharmaceutical company that can address the patient needs through high-value innovative medicines.
However, lack of safety and efficacy issues, lengthy laboratory procedures for conducting clinical studies, lack of understanding of cell function interaction with host, stringent regulatory framework, and high therapy cost are expected to hinder the market growth. For instance, in 2004, China introduced a gene-based drug Gendicine for the treatment of patients with head and neck squamous cell carcinoma. Around 10,000 patients were treated with Genidicine, no clear adverse side effects have been reported but the therapeutic efficacy of this drug is still controversial.
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Key Market Takeaways:
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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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