Key Takeaways
Key players operating in CAR T Cell Therapy are The Wonderful Company LLC, Germack Pistachio Company, Primex Farms, LLC, Horizon Growers, Nichols Pistachio, Keenan Farms and Setton Pistachio of Terra Bella Inc. Other players are Santa Barbara Pistachio Company, Hellas Farms LLC, Del Alba International and Ready Roast Nut Company.
The Global CAR T Cell Therapy Market Share is witnessing high demand due to rising incidence of cancer. According to Globocan 2020, the new cancer cases across the globe are projected to rise to 28.9 million by 2040. The growing cancer burden is majorly driving the adoption of CAR T cell therapies.
CAR T cell therapy market is also expanding due to rising partnerships and collaborations between pharma companies, biotech companies, and academic institutions for developing advanced CAR T cell therapies. For instance, in 2021, Astellas Pharma collaborated with Fate Therapeutics to develop iPSC-derived CAR T cell cancer therapies. These collaborations are enhancing research activities in CAR T cell therapy.
The CAR T Cell Therapy Market is estimated to be valued at US$ 14641.04 Mn in 2024 and is expected to exhibit a CAGR of 3.7% over the forecast period 2024 to 2031.
Market key trends
Adopting a gene therapy approach, CAR T cell therapy genetically modifies a patient’s own T cells to attack cancer cells. it is a type of immunotherapy that uses the genes from chimeric antigen receptor (CAR) technologies. The CAR binds to a specific protein on the outside of a patient’s cancer cell and activates the engineered T cell to kill cancer cell. Currently, CAR T cell therapies have gained FDA approval for few cancer types like acute lymphoblastic leukemia and large B-cell lymphoma where it has shown durable remission. With continued R&D, the application of CAR T cell therapy is expected to grow for other cancer types as well over the forecast period.
Porter’s Analysis
Threat of new entrants: High costs involved in R&D and clinical trials pose significant barriers for new entrants in the market.
Bargaining power of buyers: Individual customers have very little influence in the market due to high costs of CAR T cell therapies.
Bargaining power of suppliers: Suppliers of raw materials and contract manufacturing organizations have moderate bargaining power due to limited availability of alternate vendors.
Threat of new substitutes: Limited substitute options available currently, however new technologies such as gene editing continue to emerge as potential alternatives over the long term.
Competitive rivalry: Competition is intense amongst leading players to gain market share through continuous innovation and improvement of existing CAR T cell therapies.
Geographical Regions
North America accounts for the largest share of the global CAR T cell therapy market currently, contributing over 45% of the total market value. This is attributed to high adoption rate of technologically advanced CAR T cell therapies and availability of favorable reimbursement policies in the region.
The Asia Pacific region is expected to witness the fastest growth over the forecast period. Growing penetration of healthcare facilities, increasing awareness about cancer immunotherapy, and rising investments by market players are major factors fueling market growth in emerging Asian countries.