The Middle East and Asia Pacific Cell and Gene Therapy Market is driven by Increased Investment in R
Author : Purvaja Jadhao | Published On : 23 Jan 2024
Cell and gene therapy aims to replace, manipulate or supplement the defective genes in the cells to cure diseases. It involves the modification or manipulation of genes or cells to treat or prevent diseases like cancer, diabetes, cardiovascular diseases and genetic disorders. The therapy uses replacing defective genes, inserting new genes, or repairing dysfunctional or mutant genes to modify cells or tissue functions. The products include viral and non-viral gene delivery systems, gene-modified cell immunotherapy products, tissue-engineering products and other enabling technologies.
The global Middle East and Asia Pacific Cell and Gene Therapy Market is estimated to be valued at US$ 4147.82 in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One key trend in the market is increased collaboration and partnerships between market players and academic research institutions. There has been rising investment in research and development activities for cell and gene therapy in countries of the Middle East and Asia Pacific region. Leading market players are collaborating with regional universities and research centers to advance cell and gene therapy research. For instance, Satorius collaborated with the University of Singapore to establish the Centre of Excellence for Engineering Cells and Gene Therapy Manufacturing. Such partnerships enhance technology transfer and help advance research towards clinical trials and commercialization of cell and gene therapies to address the increasing burden of diseases in the region.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate due to high capital requirements for R&D and manufacturing facilities.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many players providing similar services.
Bargaining power of suppliers: Suppliers have low bargaining power due to the availability of substitutes.
Threat of new substitutes: The threat of new substitutes is moderate as new innovative therapies can be a substitute.
Competitive rivalry: The competitive rivalry is high owing to many regional and global players providing similar offerings.
Key Takeaways
The Middle East And Asia Pacific Cell And Gene Therapy Market Demand is expected to witness high growth. The Middle East region dominates the market due to advanced healthcare infrastructure and high healthcare spending. Factors such as the rising prevalence of cancer & genetic disorders and increasing R&D investments are expected to drive the regional growth. The global Middle East and Asia Pacific Cell and Gene Therapy Market is estimated to be valued at US$ 4147.82 in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.
The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rising healthcare expenditure, increasing incidence of chronic diseases, rapidly developing healthcare infrastructure. Countries such as China, India, and Japan are expected to dominate the Asia Pacific market due to the large patient pool and favorable government policies supporting cell and gene therapy research.
Key players operating in the Middle East and Asia Pacific cell and gene therapy market are BASF SE, Croda Health Care, JRS Pharma, Lipoid GmbH, Azelis, U.K. Vet Chem, Gattefoss, Synergy API, Anzchem, Vantage. These players are focusing on new product launches and expansions to strengthen their market position. For instance, in 2023, BASF SE launched a new liposomal formulation to enhance the delivery of nucleic acid therapeutics.
For more insights, Read- https://www.insightprobing.com/the-middle-east-and-asia-pacific-cell-and-gene-therapy-market/
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