Global Engineered T-Cells Market Expected to Reach $2,124 Million, by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, January 31, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Engineered T-Cells Market by Type, Application and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global engineered T cells market was valued at $146 million in 2016, and is projected to reach $2,124 million by 2023, growing at a CAGR of 46.5% from 2017 to 2023.
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Engineered T cells are also known as specifically modified T cells, which are designed for the treatment of autoimmune diseases, primary immune deficiencies, and cancer. Upon delivery, engineered T cells enable reduction of toxicities and inhibit antigen escape (inability of immune system to respond to an infectious agent). The engineered T cells assist immune system to overcome the immunosuppressive tumor microenvironments and target cancer cells for effective treatment.
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Increase in global prevalence of cancer and surge in demand for innovative biopharmaceutical therapies is projected to drive the growth of the engineered T cells market. In addition, advantages offered by engineered T cells therapies such as targeted action and less side effects are expected to boost the demand for engineered T cells in future.
Chimeric antigen receptor (CAR) modified T cells segment is projected to dominate the market during the analysis period, due to surge in utilization of chimeric antigen receptor T cells in research facilities.
By application, lung cancer garnered the highest market share in 2016, and expected to dominate during the analysis period, owing to increase in incidence of lung cancer and high utilization of engineered T cells for the treatment of lung cancer.
Hospitals have the extensive use of engineered T cells, hence, it held the highest market value in 2016, and is expected to lead the market during the analysis period.
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KEY FINDINGS OF THE STUDY
- Chimeric antigen receptor modified T Cells segment accounted for more than five-ninths share of the global engineered T cells market in 2016.
- T cells receptor (TCR) segment is expected to grow at a highest CAGR.
- Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by Europe.
- China and India are the major market shareholders in Asia-Pacific.
Geographically, North America dominated the market, accounting for approximately half of the overall market in 2016. This can be attributed to various factors such as presence of leading biotech companies and modern research facilities in the region. Furthermore, Asia-Pacific is projected to register the highest growth due to surge in number of biopharmaceutical companies and increase in acceptance of modern cancer treatments.
The major players profiled operating in the global engineered T cells market are Autolus Limited, Bellicum Pharmaceuticals, Inc., Cells Medica, Elli Lilly and Company, Gilead Sciences, Inc., Juno Therapeutics, Novartis AG, Oxford Biomedica, Pfizer Inc., and Precision Bioscience.
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SOURCE Allied Market Research
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