Photo by Nwato
One of the driving factors is the rising prevalence of chronic diseases such as cancer and diabetes.
BCC Research said that increased R&D investment is accelerating the discovery and improvement of cell and gene therapies, and the global market is expected to reach US$1.67 billion by 2029, with a compound annual growth rate of 10.8%.
Reports show that rising prevalence of chronic diseases such as cancer and diabetes is driving demand for these treatments.
The industry is further fueled by strategic collaborations and acquisitions between biotech, pharmaceutical companies and research institutions, pooling resources and expertise to enhance innovation.
The company is also expanding its manufacturing capabilities to meet growing demand and ensure efficient, large-scale production.
Cell and gene therapies have the potential to treat a variety of diseases, including cancer, autoimmune diseases, spinal cord injury, type 1 diabetes, Parkinson's disease and Alzheimer's disease.
The immunoassay segment is expected to dominate the market by 2029.
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