PUBLISHER: Grand View Research | PRODUCT CODE: 1405987
PUBLISHER: Grand View Research | PRODUCT CODE: 1405987
The global cell and gene therapy CDMO market size is expected to reach USD 27.45 billion by 2030 and is projected to grow at a CAGR of 27.9% from 2024 to 2030, according to a new report by Grand View Research, Inc.Growing research and development activities in cell and gene therapies, heightened focus on addressing rare diseases, the expanding pipeline of innovative products, a rising need for outsourced services in this field, and continuous technological advancements in the development processes are few of the factors collectively contribute to rising demand for the market.
Furthermore, increasing investments and funding from private and public sectors to develop novel cell and gene therapeutics is another significant factor supporting the market growth. A few of the notable examples of investments and funding in the cell and gene therapy market are mentioned below:
The initial phase of the COVID-19 pandemic adversely affected the market. The slowdown in overall clinical trial activity was a significant factor, primarily due to concerns about the safety of participants and staff, leading to delays and temporary suspensions. The disruption in supply chain management, particularly in transportation and logistics, posed challenges, and the uncertainty surrounding the pandemic created a general lack of demand forecast and feasibility planning. However, the market recovered through a combination of adapting to new norms, enhancing the resilience of supply chains, and implementing safety measures to navigate the challenges posed by the pandemic. Moreover, mergers and acquisition strategies adopted by the major companies have helped mitigate the negative impact of the pandemic by 2021.