PUBLISHER: Grand View Research | PRODUCT CODE: 1301123
PUBLISHER: Grand View Research | PRODUCT CODE: 1301123
The global CAR T-cell therapy market size is expected to reach USD 15.97 billion by 2030, expanding at 23.32% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. CAR T-cell therapy presents a paradigm shift in the treatment of blood cancers such as lymphoma, multiple myeloma, and leukemia by utilizing the patient's immune system to terminate cancer cells. The rising prevalence of cancer types such as multiple myeloma in developing countries is driving the market. Rampant regulatory support in the form of product approvals and an intensive product pipeline of drugs further strengthens the industry. For instance, as per the U.S. National Library of Medicine April 2023, around 310 studies pertinent to CAR T-cells are being conducted across early phase I, phase I, and phase II in various parts of the world.
Various players are entering into strategic partnerships along with geographic expansion to necessitate therapy coverage across the world. Thereby, companies are adopting strategies to increase the geographical footprint in countries without access to potential cures or treatments for blood cancers. For instance, on August 31, 2022, Kite, a medical company operating under Gilead announced the expansion of CAR T-cell therapy in regions of Saudi Arabia, Brazil, and Singapore. The company reported an occurrence of 1000 or higher cases of non-Hodgkin lymphoma (NHL) in Singapore, while around 1700 cases of the disease are diagnosed in Saudi Arabia. Similarly, in Brazil, around 12000 cases of NHL are found each year.
The COVID-19 pandemic has made it difficult to administer CAR T-cell therapy to patients, particularly in the early stages of the pandemic when many hospitals and clinics were overwhelmed with COVID-19 patients. Many hospitals had to postpone or cancel elective procedures, including CAR T-cell therapy, to free up resources for COVID-19 patients. In addition, CAR T-cell therapy has significant side effects, including cytokine release syndrome (CRS), which can cause fever, low blood pressure, and organ damage which mimics the symptoms of COVID-19, thereby, curating problems to treat for condition.
Moreover, hospitals and cancer care centers emerging in developing countries are progressing with the adoption of CAR T-cells. These centers thrive as cost and time-efficient cancer treatments allow the market to grow holistically. For instance, in August 2022, Immunotherapy Institute, a cancer treatment center in Mexico began operations to offer CAR T-cells for American and Canadian patients. Similarly, in Israel, the therapy can be expedited in about 10 days owing to the entire process being conducted in-house, with notable cost reductions.
The lack of skilled professionals in emerging nations coupled with the high cost associated with the therapy remain challenges to market growth. However, rising awareness and increasing approvals for technologically advanced CAR T-cell therapy are anticipated to mitigate these challenges and contribute to market growth over the forecast period. According to Cancer Treatment Centers of America, six CAR T-cell therapies were approved by U.S. FDA for the treatment of blood cancers as of 2023.