The global cell and gene therapy (CGT) supply chain and logistics industry is predicted to reach $3.12 billion by 2031, based on a market report.
This equates to a very promising compound annual growth rate (CAGR) of 11.2% between 2023 and 2031. The growing demand for cell and gene therapies, increased medical trials, and advances in real-time supply chain operations are expected to improve the quality of cell and gene therapy supply chain management services throughout the forecast period.
More customizable facilities, improved efficacy of CGT supply chain services, and advancements in supply services that are innovative, for instance, are projected to boost market expansion, according to the report.
Furthermore, an issue anticipated to trouble the market growth across the projected period happens to be the steep funding cost that is required for CGT supply chain services, as well as a lack of benchmark therapy protocols. Other barriers in this market happen to be the provision when it comes to personalised treatments as well as smart packaging, according to the research.
In January 2023, a contract research organization (CRO) and a supply chain solutions provider established a new strategic collaboration. The agreement will be the company’s first completely integrated biopharmaceutical and supply chain solution. It will assist in accelerating treatment and enhancing outcomes by increasing access to these therapies.
According to the report, prominent manufacturers are concentrating on providing clients with customizable services. Partnerships, mergers, and acquisitions, and collaborations within the area are also assisting in business growth.
According to the report, North America is the leading revenue holder in the market. Increased government spending on cell therapy R&D to treat various diseases, as well as a high demand for novel medicines, are both drivers.
In line with the report, North America, followed by Europe, has the largest market share because of increased CGT supply chain service efficiency and rapid adoption of modern technologies.
The Asia-Pacific market is also predicted to grow quicker. It is attributable to growing cell therapy manufacturing verticals and the improved efficiency of CGT supply chain services.