Market Dynamics:

The increasing cancer incidence and prevalence is one of the major factors driving the growth of the CAR T cell therapy market. According to the World Health Organization (WHO), cancer is a leading cause of death worldwide and accounted for nearly 10 million deaths in 2020. The increasing R&D investments for developing improved and advanced CAR T cell therapies is also fueling the market growth. Several pharmaceutical companies are focusing on conducting clinical trials to evaluate the safety and efficacy of CAR T cell therapies for the treatment of other cancer types. For instance, in October 2021, Bristol-Myers Squibb Company announced that the U.S. FDA had accepted its Biologics License Application (BLA) for lisocabtagene maraleucel (liso-cel), an investigational B-cell maturation antigen (BCMA)-directed chimeric antigen receptor (CAR) T cell therapy, for the treatment of adult patients with relapsed or refractory multiple myeloma.

KEY TAKEAWAYS

The Global CAR T Cell Therapy Market Size is expected to witness high growth over the forecast period of 2023-2030.The market was valued at US$ 2.26 Bn in 2023 and is projected to grow at a CAGR of 20.9%.

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