The advanced therapy medicinal products market may observe growth across the forecast period of 2019-2029 on the back of the advancements in the biotechnology sector on a large scale.
The advanced therapy medicinal products market may observe growth across the forecast period of 2019-2029 on the back of the advancements in the biotechnology sector on a large scale. The rapid growth of biological therapies is proving to be a great growth generator for the advanced therapy medicinal products market.
Cutting-edge opportunities for the treatment of a specific disease or injury are the most beneficial traits of the advanced therapy medicinal products and this aspect will bring good growth opportunities for the market during the forecast period.
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However, the trials of these products are complex and have to undergo a lot of research and development activities. For this, funding is an essential component. The government of various countries and prominent stakeholders in the healthcare sector provide the necessary funding and accelerate the growth of the advanced therapy medicinal products market greatly.
Accessibility at a lower cost is one of the most prominent highlights that will help the advanced therapy medicinal products market to expand its growth.
On the other hand, companies operating in the market are adopting various strategies to accelerate the product manufacturing rate. While most of the companies are relying on in-house production of therapies, few players such as Contract Manufacturing Organizations (CMOs) are opting for third-party service providers.
Upsurge in demand for gene therapy has resulted in widening of drug development landscape and rise in the number of new entrants. However, there is lack of production capabilities.
Also, several companies are strengthening their foothold in the global market by strategic alliances and acquiring small CAR T-cell therapy developers.
Use of Closed Systems Proving to be Helpful for Growth
The use of closed systems as a feasible alternative to the classic open cleanroom solution for the production of advanced therapy medicinal products market may prove to be a game-changer for the advanced therapy medicinal products market. The advantages associated with this mechanism may serve as a great growth generator for the advanced therapy medicinal products market. Such mechanisms may bring good growth for the advanced therapy medicinal products market across the forecast period.
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North America and Europe to Bring Prominent Growth
The availability of massive FDA-approved medicinal products in the U.S. may serve as a positive growth factor for the advanced therapy medicinal products market. Europe may also prove to be a significant growth contributor for the advanced therapy medicinal products market due to the extensive research in early-stage cell therapy across the forecast period.
Regional Analysis:
Availability of significant number of FDA approved advanced therapy medicinal products in the U.S. has accounted for the prominent share of North America region, in terms of revenue. Recently, approval of products such as Yescarta, Zolgensma, and Kymriah has led to prominent investment in the U.S. advanced therapy medicinal products market.
Europe hold second-largest pharmaceutical market space across the globe. In coming years, cell therapy developers are anticipated to hold prominent share in the Europe’s drug revenue. Moreover, several academic institutes in Europe are conducting extensive research in early-stage cell therapy. This factor is likely to fuel the regional revenue contribution.
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