Rising Cases of Cancer Globally to Drive the Market Growth
According to the Leukemia & Lymphoma Society, approximately one person in the United States is diagnosed with a form of blood cancer every 3 minutes. Moreover, it was estimated that a total of 176,200 people in the U.S. would be diagnosed with leukemia, myeloma or lymphoma in 2019. Further, leukemia, myeloma and lymphoma were predicted to account for 10% of the total new cancer cases in 2019. The growing cases of various types of cancer all across the globe are estimated to become the major factor responsible for the growth of CAR T cell therapy market. As a result of this, the demand for effective treatment methods for cancer, which are targeted, increases significantly.
Growing Demand for CAR T Cell Therapy as Opposed to Alternate Therapies to Boost the Market Growth
In 2017, the U.S. FDA approved Kymriah, a CAR T cell therapy for the treatment of large B cell lymphoma in adult patients. The therapy, developed by Novartis, can further be used for the treatment of adult patients with acute lymphoblastic leukemia, diffuse large B cell lymphoma (DLBCL) and DLBCL arising due to follicular lymphoma. The property of CAR T cell therapies to be used for various types of cancer and treat multiple forms of lymphoma is a major growth factor for the CAR T cell therapy market.
The CAR T-cell therapy market is anticipated to record a CAGR of around 35% over the forecast period, i.e., 2020-2028. The market is segmented by indication, by target antigen and by region. On the basis of indication, the market is further segmented into acute lymphoblastic leukemia (ALL), chronic lymphoblastic leukemia (CLL), multiple myeloma (MM), diffuse large B cell lymphoma (DLBCL) and others, out of which, the DLBCL segment is anticipated to hold the largest share in the CAR T-cell therapy market on account of growing cases of the condition which raise the demand for CAR T-cell therapy. The segment for multiple myeloma is another segment anticipated to observe significant growth in the market as a result of rising research and development in that area. Based on target antigen, the CAR T-cell therapy market is segmented into CD19, CD20, CD22, CD30, GD2 and others. Out of these, the segments for CD19 and CD20 target antigens are anticipated to hold the largest shares in the market. This can be attributed to the high approval rate of therapies containing these antigens.
Side Effects Associated with CAR T-Cell Therapy to Hamper the Market Growth
The various side effects associated with the CAR T cell therapy, such as cytokine release syndrome (CRS), pyrexia, reduced appetite, hypotension, headache, encephalopathy, nausea, bleeding and edema among several others are estimated to restrict the market growth. In addition to the harmful side effects, the high cost of obtaining this therapy is predicted to be another important factor hampering the market growth over the forecast period.
Our in-depth analysis of the CAR T-cell therapy market includes the following segments:
By Target Antigen
On the basis of regional analysis, the CAR T-cell therapy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market for CAR T cell therapy is predicted to hold the leading share in the North America region. This can be mainly attributed to the large share held by the market in the United States. The growing research and developments taking place in the field of CAR T cell therapy and cancer treatments in the region along with increasing number of treatments receiving approval by the U.S. Food and Drug Administration (FDA) are estimated to further boost the market growth. For instance, Kymriah is a CAR T cell therapy manufactured by Novartis and approved by the FDA in 2017. The therapy is for the treatment of acute lymphoblastic leukemia. The market in Europe is anticipated to hold the second largest share in the market as a result of growing approvals of CAR T cell therapies such as Kymriah and Yescarta by the European Medicines Agencies (EMA), which is further predicted to increase the market size over the coming years.
The CAR T-cell therapy market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: The increasing research resulting in development of effective targeted therapies such as CAR T-cell therapy and growing cases of cancer are factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of 35% over the forecast period, i.e. 2020-2028.
Ans: North America is anticipated to provide more business opportunities for growth on account of growing FDA approvals of therapies in the United States.
Ans: The major players in the market are Novartis International AG, Gilead Sciences, Inc., Pfizer Inc., Johnson & Johnson, Amgen Inc., Bellicum Pharmaceuticals, Inc., Immune Therapeutics, Sorrento Therapeutics, Celgene Corporation and Bluebird Bio.
Ans: Company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.