Trends and Market Conditions of the Cells and Gene Therapy Industry
10 September 2020
In 2017, the value of the global cell therapy market was 5.22 billion US dollars (Grand View Research, 2018). The market value is expected to reach $ 7.92 billion in 2025, with a cumulative annual growth rate (CAGR) of 5.34 percent. The value of the gene therapy market in 2018 is $0.39 billion and has a CAGR of 33.9 percent. Currently, the market values of both markets are not high when compared to the ongoing growth of cells and gene therapy research. Meanwhile, the value of the world’s stem cell market, which is considered the upstream industry of cells and gene therapy industries, is 16.09 billion US dollars and is expected to reach $28.56 billion in 2023, with a CAGR of 10.04 percent.
Six important factors can accelerate the growth of the cell and gene therapy industries. The first factor is technological advancement, which is measured by the effectiveness of cell and gene therapy in medical treatment and successful commercialization of such therapy. The second factor is lower costs of gene and cell therapies, which will allow patients to have more access to these theraphies and thus increase the market size. Similarly, inclusion of these treatments in health insurance policies will help expand the market because of their increased affordability. Another factor which will help the market expansion is reduction in the cost of cell storage. Given that there are ethical issues related to the use of the donated cells and the risk of infection from donated stem cells, a lower cost of cell storage will allow individuals to store their own cells or prepare storage of their children’s stem cells in case their children need these cells in the future. The fifth factor is state regulations that not only are conducive to cell and gene theraphy research and commercialization but also take into account patients’ safety and privacy. Sixth, the public needs to be awareness of the benefits and limitations of cells and gene therapy. In the past, some people believed that cell and gene theraphies would always be effective. As a result, when such theraphies are unsuccessful, they developed a negative attitude towards such theraphies. Hence, educating the public about cell and gene therapies would benefit the market growth.
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