Cell and Gene Therapy Manufacturing Services Market Growing at a CAGR of 12.4% – Research Provides Detailed Analysis of Trends, Growth and Forecast
The Cell and Gene Therapy Manufacturing Services Market is projected to reach USD 13.8 billion by 2026 from USD 7.7 billion in 2021, at a CAGR of 12.4% during the forecast period.
Increasing investments in pharmaceutical R&D;
Most pharmaceutical companies continue to invest heavily in the development of novel drugs and devices. The pharmaceutical industry, in particular, is R&D-intensive. Pharmaceutical companies invest in R&D to deliver high-quality and innovative products to the market. The trend suggests that the top pharma companies are increasing their R&D efficiencies through heavy R&D investments to see returns on their investment in the long run and through collaborative R&D efforts. According to an EvaluatePharma report, the worldwide pharmaceutical R&D spending was valued at USD 136 billion in 2012; this increased to USD 186 billion in 2019. With the impact of COVID-19, the global pharma R&D growth rate has dropped to 0.3% from 2019-2020. As per report findings, this R&D spend is expected to grow steadily between 2019 and 2026 at a CAGR of 3.2% to reach USD 232.5 billion, slower than the historical CAGR of 4.6% between 2012 and 2019.
The increase in pharmaceutical R&D has resulted in a sharp increase in the number of cell & gene therapy candidates under development. This has made it necessary to outsource manufacturing services to develop cost-effective and efficient cell & gene therapies.
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Increasing number of cell & gene therapy clinical trials;
Clinical trials are the backbone of medical research and help pharmaceutical and biopharmaceutical companies develop and commercialize new cell & gene therapies. In the past few years, the demand for clinical trials has risen worldwide as a result of the growing demand for novel medicines to fulfill unmet medical needs. According to a 2020 PhRMA report on the cell & gene therapy pipeline in 2018, there were 289 cell & gene therapies in clinical development by biopharmaceutical companies. This number increased by 25% in 2020, with 362 cell & gene therapies in clinical development. In addition to this, according to data released by CGT Catapult, there were 154 ATMP clinical trials ongoing in the UK in 2020 compared to the 127 trials reported in 2019, indicating an increase of more than 20%. This significant growth in the number of cell & gene therapy clinical trials is expected to drive the demand for manufacturing services and, in turn, propel growth in the cell & gene therapy manufacturing services market.
The clinical manufacturing segment accounted for the largest share of the application segment in the Cell and Gene Therapy Manufacturing Services Market in 2020.
Based on application, the cell therapy manufacturing services market is categorized into two segments-clinical manufacturing and commercial manufacturing. The clinical manufacturing application segment accounted for the largest share of the market in 2020. The key factor driving this segment’s growth are increasing awareness about cell therapy, growing funding for new cell lines, increasing partnerships and acquisitions, and the development of advanced genomics methods for cell analysis.
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The Asia Pacific region is the fastest-growing region of the Cell and Gene Therapy Manufacturing Services Market in2020.
In 2020, Asia Pacific region accounted for the fastest-growing region of the gene therapy manufacturing services market. The high growth of this segment can be attributed to the increasing pharmaceutical R&D spending, the growing trend of outsourcing drug discovery services, growing life sciences research, and increasing government initiatives for healthcare research.
Some of the prominent players in the Cell & Gene Therapy Manufacturing Services Market are Thermo Fisher Scientific (US), Merck KGaA (Germany), Charles River Laboratories (US), Lonza (Switzerland), Catalent (US), WuXi AppTec (China), Takara Bio Inc. (Japan), Nikon Corporation (Japan), FUJIFILM Holdings Corporation (Japan), F. Hoffmann-La Roche Ltd. (Switzerland), Oxford Biomedica plc (UK), and Cell and Gene Therapy Catapult (UK).
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