PUBLISHER: Grand View Research | PRODUCT CODE: 1404583
PUBLISHER: Grand View Research | PRODUCT CODE: 1404583
The U.S. cell and gene therapy clinical trial services market is expected to reach USD 28.58 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 22.9% from 2024 to 2030. Cell and gene therapies (CGTs) hold great potential in treating a wide range of diseases, including cancer, genetic disorders, and certain infectious diseases. Therefore, a number of pharmaceutical companies are investing in CGT to create a strong position in the market. Increased R&D funding and investments from both private and public sectors for discovering and developing innovative CGTs drive market growth.
Besides, significant progress is being made toward a digitalized scenario as the traditional clinical trial has increased the cost of running trials and the commercial risk of failure. Thereby, clinical studies are driven by the rising adoption of advanced technologies that rapidly accelerate the digital transformation of their processes. In addition, increasing mergers & acquisitions in the cell and gene therapy industry fuels market growth. For instance, in August 2022, Marken acquired Cedra Express's medical courier business. This acquisition expanded the company as a clinical trial and logistics provider services for cells & gene therapies.
Globally, oncology (cancers) remain the leading cause of death, which has gained the increased attention of biotechnology and pharmaceutical companies to develop new cell and gene therapy. This led to the rise in the innovation of cell and gene therapy, creating immense demand for clinical trial services. Moreover, an increase in favorable government initiatives and innovations in the field of oncology is driving the market for oncology cells and gene therapy clinical trials. Likewise, growing R&D activities for oncology, an increase in favorable government initiatives, and innovations in the field of oncology are driving the market for oncology cell and gene therapy clinical trials. In addition, a growing pipeline of drug candidates for cancer is expected to fuel the segment growth over the forecast period.
The COVID-19 pandemic has impacted the clinical trial supply and logistics market due to a slowdown of overall clinical trial activity in the early stages of the pandemic. The pandemic has led to massive disruption in supply chain management, which became the primary factor restraining the market growth. However, with the adoption of virtual technologies, the CGT clinical trial industry was able to revamp its revenues post-2020.
Furthermore, the key participants are engaged in strategies such as collaboration, partnership, acquisition, agreements, collaborations, and launches, among others, to expand their global footprints and product portfolio. These players offer quality logistics services to strengthen manufacturing, storage, & distribution workflows. For instance, in May 2023, CSafe and Modality Solutions partnered to provide cold chain solutions for cell & gene therapies. The integrated solution will include Modality Solution's cold chain engineering capabilities and CSafe's shipping solutions to offer quality, predictability, and regulatory compliance to the CGT supply chain.