SAN FRANCISCO, March 10, 2020 /PRNewswire/ -- The global advanced therapy medicinal products market size is expected to reach USD 9.6 billion by 2026, expanding at a CAGR of 17.4% over the forecast period, according to a new report published by Grand View Research, Inc. The use of advanced therapy medicinal products (ATMPs) is well-proven for the improvement in the quality of life and health status in the long run for patients suffering from life-threatening conditions. This is particularly for diseases with few or no alternative treatment options. These novel treatment modes deliver transformative advantages not offered by conventional forms of disease treatment, thereby driving the ATMP market.
Key suggestions from the report:
Cell therapies dominated the ATMP market in 2019, owing to the presence of a substantially high number of approved products for clinical use
Huge investments by commercial and non-commercial sponsors in the testing of cell-based product candidates in clinical studies has also spurred the revenue share of cell therapies
Stem cell-based therapies accounted for the major revenue share in 2019, owing to the high adoption of hematopoietic stem cell transplantation for the treatment of immune system and blood disorders
The recent FDA approval of Zolgensma gene therapy product in May 2019 has accelerated R&D activities in the gene therapy arena, this is anticipated to drive the segment growth at lucrative pace
Similarly, CAR-T therapy is projected to expand at a significant CAGR during the forecast period, resulted by the approval such as Kymriah and Yescarta in the past years
With a high number of approvals of therapies, North America, particularly U.S., captured the largest revenue share in 2019. Increasing marketing operations to sustain the growing market competition coupled with the presence of a relatively high number of candidates in the pipeline is anticipated to propel the U.S. market at a lucrative CAGR in the forthcoming years
Spark Therapeutics, Inc.; Bluebird Bio, Inc.; Novartis AG; Celgene Corporation; and Gilead Lifesciences, Inc. are some major revenue-generating companies operating in the advanced therapy medicinal product market
High prices of existing products and technological advancements in genetic tools have driven the entry of new players in the market
In the current scenario, ATMPs are expensive for patients as well as health insurance schemes. Growing competition to gain revenue share could help reduce prices and improve the affordability, along with the acceptance of these products as mainstream medicine. Furthermore, manufacturers are embracing efforts to streamline technology and logistics for the provision of therapies at accessible prices.
Moreover, lack of manufacturing capabilities to meet growing consumer demand coupled with the resource and budget constraints faced by advanced therapy medicinal product developers has created lucrative avenues for contract services providers and has intensified the market competition. This has led to a rise in market activities by contract service providers. For instance, in November 2019, Fujifilm Diosynth established a 60,000-square-feet Gene Therapy Innovation Center to offer downstream, upstream, and analytical services.
Grand View Research has segmented the global advanced therapy medicinal products market on the basis of therapy type and region:
Advanced Therapy Medicinal Products Therapy Type Outlook (Revenue, USD Million, 2015 - 2026)
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.