Car-T cell therapy is an immunotherapy treatment that involves genetically modifying a patient's own T cells to target and destroy cancer cells. This treatment has shown promising results in treating hematological malignancies and some solid tumors. The South Korea car-T cell therapy market is still in a nascent stage but expected to grow significantly owing to increasing investments in cell therapy research and growing adoption of novel cell therapies.
The global South Korea car-T cell therapy market is estimated to be valued at US$ 7.88 Mn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024-2031.
Key Takeaways
Key players: Key players operating in the South Korea car-T cell therapy are Novartis AG, Pfizer, Inc., Bristol Myers Squibb, CARsgen Therapeutics Co., Ltd., Fate Therapeutics, Inc., Poseida Therapeutics, Inc., Eureka Therapeutics, Inc., Johnson & Johnson, Cellular Biomedicine Group, and Gilead Sciences, Inc.
Novartis AG is a leading player in car-T cell therapy with its approved therapy Kymriah. Other key players like Pfizer, Bristol Myers Squibb, and J&J are investing heavily in cell therapy research and development.
Growing demand: Increasing incidence of hematologic malignancies and some solid tumors is fueling the demand for innovative therapies like car-T cell therapy in South Korea. Growing cancer awareness is further augmenting the market growth.
Technological advancements: Ongoing research aims to reduce side effects, enhance efficacy, and expand applications of car-T cell therapy. Advances like next-gen CAR designs, combination therapies, and allogeneic therapies are expected to spur the market opportunities.
Market Trends
Personalized medicine is a key trend where car-T cell therapy offers targeted treatment based on individual tumor characteristics. Combination therapies using car-T cells with checkpoint inhibitors is another trend gaining popularity to boost response rates.
Market Opportunities
Solid tumor applications: Once limited to hematological cancers, car-T cells now show promise in solid tumors like lymphoma, NSCLC. This vast underserved segment offers significant opportunities.
Allogeneic CAR-T therapy: Off-the-shelf allogeneic CAR-T products eliminate need for patient specific product manufacturing. This makes therapy more affordable and accessible.
Impact Of COVID-19 On South Korea Car-T Cell Therapy Market
The COVID-19 pandemic has significantly impacted the growth of the South Korea Car-T Cell Therapy market. With the outbreak, there was a decrease in cell collections for therapy. In addition, many patients deferred treatments due to the risks associated with visiting healthcare facilities during the pandemic. Hospitals and clinics also had to rearrange treatment schedules and prioritize critical cases to ensure proper management of COVID-19 patients. Furthermore, supply chain disruptions affected the availability of raw materials required for therapy manufacturing. Pre-COVID, the market was growing rapidly owing to increasing research activities and clinical trials. However, in 2020 and 2021, the market experienced a slight decline in growth. Now with vaccination drives and easing of restrictions, the market is recovering gradually as patient treatments and new research projects resume. However, it may take some time before the market regains its pre-pandemic growth trajectory. In the future, more focus needs to be given on digitization of healthcare services, ensuring stable supply chains and making treatments accessible for patients.
Geographical Regions With Highest Value Concentration In South Korea Car-T Cell Therapy Market
The South Korea Car-T Cell Therapy market in terms of value is highly concentrated in Seoul and Gyeonggi regions. This is due to the presence of advanced healthcare infrastructure and major hospitals & research institutes in these areas. Seoul houses many prominent cancer treatment facilities like National Cancer Center and Asan Medical Center which are at the forefront of conducting clinical studies related to car-T cell therapies. In addition, pharmaceutical companies and biotech firms involved in cell therapy manufacturing have their headquarters in Seoul and surrounding Gyeonggi province. This availability of expert medical resources coupled with strategic investments by industry players has enabled these regions to dominate the market in South Korea.
Fastest Growing Region In South Korea Car-T Cell Therapy Market
Busan metropolitan city has emerged as the fastest growing region in the South Korea Car-T Cell Therapy market. This is attributed to the establishment of specialized cancer hospitals like Pusan National University Hospital which is approved to administer car-T treatments for blood cancer patients. Additionally, research collaborations between regional universities and global biotech companies are helping accelerate clinical trials of novel car-T therapies. Support from the Busan city government in the form of funding to healthcare infrastructure expansion is also supporting the increased adoption of advanced cell therapies. With more treatments getting approved and investments flowing in to boost local research ecosystem, Busan is expected to witness consistent high growth over the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Get more insights on this topic: https://www.pressreleasebulletin.com/south-korea-car-t-cell-therapy-market-poised-to-garner-high-revenues-through-advancements-in-gene-editing-technologies/
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
What Are The Key Data Covered In This South Korea Car-T Cell Therapy Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the South Korea Car-T Cell Therapy's growth between 2024 and 2031.
:- Accurate calculation of the size of the South Korea Car-T Cell Therapy and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- South Korea Car-T Cell Therapy Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of South Korea Car-T Cell Therapy vendors
FAQ’s
Q.1 What are the main factors influencing the South Korea Car-T Cell Therapy?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top South Korea Car-T Cell Therapy companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the South Korea Car-T Cell Therapy’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
