Report: Cell and gene therapy market to reach $57.4 billion by 2028
Sector is expected to be driven by a rise in drug development and regulatory approvals for advanced therapies
The global cell and gene therapy manufacturing market size is expected to reach $57.4 billion by 2028, according to a report on ResearchAndMarkets.com that was recently released by Grand View Research. The cell and gene therapy segment is also estimated to expand at a compound annual growth rate (CAGR) of 20.3% from 2021 to 2028.
An exponential rise in clinical pipeline—combined with an increasing number of regulatory approvals for advanced therapies—has played a large role in driving the market.
The report references demand for contract manufacturing organizations (CMOs)/contract development and manufacturing organizations (CDMOs) services, which has led to new companies joining the industry, along with expansion of product development capabilities. This has positively influenced market revenue.
There are also various new methods being presented that can benefit cell and gene therapy manufacturing, such as exploring the potential of single-use technology in production workflows. This technology has the potential of not only accelerating the development process, but decreasing the cost and production timeline as well, the report suggests.
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