The advanced therapy medicinal products market may observe steady growth during the forecast period of 2019-2029. The vital factors serving as growth generators are the variety of health benefits offered by advanced therapy medicinal products. In addition, these products provide solutions for conditions with negligible therapeutic alternatives also. Therefore, this aspect may also be of great benefit to the advanced therapy medicinal products market. As of now, the advanced therapy medicinal products market is experiencing lucrative growth but new developments may help to accelerate the growth rate to a great extent. Advanced therapy medicinal products include tissue-engineered medicinal products, cell therapy medicinal products as well as gene therapy medicinal products.
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Advanced Therapy Medicinal Products for COVID-19 to Boost Growth
The COVID-19 outbreak has necessitated the need for an effective vaccine as early as possible to reduce the number of growing cases around the world. Key players in the advanced therapy medicinal products market are involved in the research and development activities for an effective COVID-19 cure. Therefore, the successful finding of a new cure may boost the growth of the advanced therapy medicinal products market greatly.
Gene therapy gaining considerable traction
Gene therapies are still in a nascent stage but they promise good growth for the advanced therapy medicinal products market. Gene therapy medicines consist of genes that result in a prophylactic, therapeutic, or diagnostic effect. Recombinant genes are inserted into the body for treating a plethora of diseases. New developments may prove to be growth multipliers for the advanced therapy medicinal products market.
Considerable Market Growth from Treatments Relating to Orphan Diseases
Orphan diseases are a group of rare disorders with a density ratio being 1:50000 in the global populace. Gaucher disease is a type of orphan disease that has been longing for a cure over a brief period. The advanced therapy medicinal products market gathered steam when Genzyme launched Cerezyme, a treatment for type 1 Gaucher disease. This treatment generated huge revenues and more advancements in orphan diseases can prove to be growth accelerators for the advanced therapy medicinal products market.
Quick approvals and authorizations from regulatory bodies are also responsible for propelling the growth rate of the advanced therapy medicinal products market. For greater clarity and harmonization in advanced therapy medicinal products regulation, EMA has created Priority Medicines (PRIME) and FDA has created Regenerative Medicine Advanced Therapy Designation to speed-up the process of authorization and approvals.
Bluebird bio was granted conditional marketing authorization in Europe based on the data from completed Phase I/II trials and ongoing phase III trials. Mustang Bio Inc., a biopharmaceutical company also recently received advanced therapy medicinal product classification from the European Medical Agency (EMA) for MB-107, a lentiviral gene therapy for the treatment of bubble boy disease. MB-107 has also received RMAT designation from the Food and Drug Administration (FDA). Therefore, speedy approvals lead to quick commercialization of drugs, eventually benefitting the advanced therapy medicinal products market.
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Growing interests of key players in the medical industry for advanced therapy medicinal products is prevalent from the frequent acquisition and mergers that take place in the market. Some of the major instances are the acquisition of AveXis by Novartis, Kite Pharma by Gilead Life Science, and Juno Therapeutics by Celgene. Key players are consistently involved in research and developmental activities for finding cutting-edge cures for various diseases and disorders.
Geographically, North America may dominate the advanced therapy medicinal products market owing to significant FDA approved advanced therapy medicinal products in the U.S. Europe may also record steady growth during the forecast period due to large scale research and development activities taking place in the region.