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(CityRegions.Com, August 09, 2024 ) According to the latest research by InsightAce Analytic, the Global Cell and Gene Therapy CRO Market is valued at US$ 1.46 Bn in 2023, and it is expected to reach US$ 2.43 Bn by 2031, with a CAGR of 6.7% during the forecast period of 2024-2031.
Gene therapies are a type of medicine that has the potential to treat many different ailments. Whereas conventional medicine focuses on alleviating symptoms, their strategy is to deal with the sources of ailments. Also, they have the potential to help with a wide variety of ailments that have not responded to other treatments, including those involving the eyes, the nervous system, and cancer. One approach to gene therapy that makes use of viral vectors is the delivery of therapeutic genes to cardiac or arterial cells.
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Some cardiovascular illnesses, such as heart failure and hereditary heart issues, have demonstrated some improvement in response to gene therapy, according to various clinical trials. Finally, gene therapy research and development are attracting increasing interest from both the public and corporate sectors. Consequently, cell and gene therapy for coronary artery disease is expected to see an expansion in the market in the years ahead. However, the poor retention of skilled manpower is a limitation on the worldwide cell and gene therapy CRO market's growth, making it one of the most difficult markets to maintain a stable workforce.
List of Prominent Players in the Cell and Gene Therapy CRO Market:
• Altasciences
• Allucent
• CMIC
• Labcorp
• Linical
• Medpace
• PPD
• Precision for Medicine
• QPS
• Syneos Health
• CMED
• ICON
• Pharmalex
• Novotech
Cell and Gene Therapy CRO Market Report Scope:
Report Attribute Specifications
Market Size Value In 2023 USD 1.46 Bn
Revenue Forecast In 2031 USD 2.43 Bn
Growth Rate CAGR CAGR of 6.7% from 2024 to 2031
Quantitative Units Representation of revenue in US$ Bn and CAGR from 2024 to 2031
Historic Year 2019 to 2023
Forecast Year 2024-2031
Report Coverage The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends
Segments Covered By Type of Cell Therapy, By Stage of Development, By Type of Genetic Modification, By Therapeutic Area, By End-users and By Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country Scope U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea
Market Dynamics:
Drivers:
The growing demand for cell and gene therapy in the cardiovascular disease market is fueled by the rising incidence of long-term illnesses, such as cancer and rare genetic disorders impacting numerous unusual diseases. An increasing number of people are recognizing gene therapy as a viable option for cancer treatment, and the growing number of governments backing this field are all elements propelling the market forward.
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Challenges:
The prime challenges are high investment, a shortage of competent individuals, and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of the cell and gene therapy CRO market. Producing and delivering gene therapies can be highly costly due to the fact that gene therapy is a relatively new and advanced medical technology. Since these costs are often passed on to patients, many individuals, particularly those without adequate insurance or financial means, are unable to afford them. There are no clear payment standards, and insurance options are few, which contributes to the exorbitant expense of therapy.
Insurance companies and healthcare providers may be hesitant to fund the costs of gene treatments, especially for rare diseases or disorders, due to the lack of information on their long-term safety and effectiveness. This has the potential to slow the expansion of cell and gene therapy and make it more difficult for patients to get these treatments. The COVID-19 pandemic has had a major effect on the healthcare industry as a whole, plus the gene therapy industry, specifically in relation to cardiovascular disease. Site limitations, closures, and disruptions to the supply chain all contributed to the pandemic's strong influence on clinical trials.
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Regional Trends:
The North American gene therapy in the cell and gene therapy CRO market is anticipated to register a major market share in terms of revenue. It is projected to grow at a high CAGR in the near future because of the rising number of cases of cardiovascular disease, massive investments in R&D, novel technologies, new government programs, and growing healthcare costs. Besides, Europe had a substantial share in the market because of many things, including a larger patient population in the sector, more infectious illness cases, more people knowing about gene therapy, more cancer cases, and more people involved in research and development.
Recent Developments:
• In January 2024, ICON plc announced that Chief Financial Officer Brendan Brennan would resign in the final period of this year to pursue an adventure within the CRO field. To facilitate a seamless transfer to the new Chief Financial Officer, Brendan will continue in his current position and join the firm. A hunt for ICON's next chief financial officer has begun.
• In March 2024, Novotech announced that the Commission for Drugs for Humans of the European Medicines Agency (EMA) has recommended that Fabhalta (iptacopan) be approved for marketing to treat adulthood with nocturnal paroxysms of hemoglobin (PNH) and hemolytic anemia.
Segmentation of Cell and Gene Therapy CRO Market
By Type of Cell Therapy
• CAR-NK
• CAR-T
• TCR-T
• Others
By Type of Genetic Modification
• Ex vivo
• In vivo
By Stage of Development
• Discovery
• Preclinical
• Clinical
By Therapeutic Area
• Blood Disorders
• Cardiovascular Disorders
• Dermatological Disorders
• Immunological Disorders
• Infectious Diseases
• Metabolic Disorders
• Musculoskeletal Disorders
• Neurological Disorders
• Oncological Disorders
• Rare Diseases
• Other disorders
Cell and Gene Therapy CRO Market-By End-Users
• Industry Players
• Non-Industry Players
Cell and Gene Therapy CRO Market-By Region
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
Why should buy this report:
To receive a comprehensive analysis of the prospects for global Cell and Gene Therapy CRO market
To receive industry overview and future trends of global Cell and Gene Therapy CRO market
To analyze the Cell and Gene Therapy CRO market drivers and challenges
To get information on the Cell and Gene Therapy CRO market size value (US$ Mn) forecast till 2031
Major Investments, Mergers & Acquisition in global Cell and Gene Therapy CRO industry
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Insight Ace Analytics
Diana D’souza
+917972967118
diana.dsouza@insightaceanalytics.com
Source: EmailWire.Com 
Source: EmailWire.com
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