According to research report titled ‘Global Gene and Cell Therapy (GCT) Market - Analysis By Vector, Application, By Region, By Country (2021 Edition): Market Insights, Pipeline, Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global gene and cell therapy (GCT) market was worth USD 2504.2 million in the year 2020 and is slated to expand exponentially during 2021-2026.

Massive investments in gene and cell-based therapies, advancements in cancer drug development, and increase in healthcare expenditure are factors driving the progress of global gene and cell therapy (GCT) industry.

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Besides, surging occurrence of cancer & other chronic ailments backed by the increasing aging population, enhanced pharmaceutical R&D spending, and increase in public-private partnerships are expected to augment industry growth in the coming years.

Moreover, leading companies involved in creating innovative products through strategic collaborations are resulting in remunerative prospects for businesses in this domain.

Despite the positive outlook, skyrocketing healthcare costs, inadequate reimbursements, and low access to medical facilities due to limited number of treatment centers in various regions are likely to hinder the development of the marketplace during the review period.

In addition, interruptions caused by the coronavirus pandemic are impeding the expansion of worldwide gene and cell therapy (GCT) industry.

In terms of vectors, the business sphere is categorized into retrovirus & gamma retrovirus, lentivirus, AAV, and others. From application point of view, the market is classified into neurological disorders, oncology, cardiovascular diseases, and others. Herein, oncology segment is slated to generate modest revenues in the coming years, owing to collaborations among companies, partnerships with research institutes, and licensing deals for innovative products in the field.

Speaking of the regional landscape, the industry spans across Europe (Germany, U.K, France, Italy), North America (Canada, U.S.), Asia Pacific (India, Japan, South Korea, China), and Latin America & Middle East & Africa.

The prominent companies influencing the competitive sphere in global gene and cell therapy (GCT) market are Pfizer Inc., Voyager Therapeutics Inc., Novartis International AG, Sanofi S.A, Alnylam Pharmaceuticals Inc., F. Hoffman-La Roche Ltd., AnGes Inc., BlueBird Inc., Orchard Therapeutics plc, and Sarepta Therapeutics.