Advanced Therapy Medicinal Products Market Trends

Growth Drivers

• Rising Problems of Genetic Diseases - An illness characterized by one or more anomalies in the genome is referred to as a genetic condition. Advanced therapy medicinal products are one of the most effective ways to treat genetic disorder. According to the World Health Organization, around 2%–5% of all live births are affected by genetic illnesses and congenital anomalies, which can also be responsible for up to 50% of infant fatalities and 30% of pediatric hospital admissions in developed nations.
• Increase in Neurological Disorders - Neurological disorder has become more prevalent among the people. People are getting affected by dementia, Alzheimer’s disease and others. As per the statistics of the United Nations, every year around 6.8 million people die of maladies, moreover, every 1 in 6^th person is suffering from a neurological disorder.
• Higher Demand for Gene Therapy - Gene therapy is used to replace the faulty gene and add the fit gene to the body. this procedure helps in fighting various diseases, such as cancer, AIDS, diabetes, and others. The number of people to be treated by gene therapy is estimated to be around 1 million from the year 2020 to 2034.
• Growing Investment in Advanced Therapy Medicinal Products - With the increase in investment in the market, the research and development of advanced therapy medicinal products are also rising. In 202o, around USD 360 million were invested in cell therapy alone, and by 2021 it grew to nearly USD 70 billion.
• Rise in the Development of New and Better Solutions - By the reports of the World Economic Forum, currently, there are more than 2000 advanced therapies in the development stage, and they are expected to treat larger pool of diseases.

Challenges

• Advanced therapy medicinal products are not cost-effective- Advanced therapy medicinal products are typically highly customized or catered to a certain group of patients. As a result, it is challenging to automate or conform to good manufacturing standards in their manufacturing to achieve commercialization at an affordable level. Therefore, the high cost of the products is to hamper the market growth.
• Restrictions for biopharmaceutical businesses to produce these treatments
• Improper reimbursement assessment in medical products for advanced therapy