According to FutureWise analysis the market for advanced therapy medicinal products is expected to register a CAGR of 13.40% from 2023-2031.
Advanced therapy medicinal products (ATMPs) are human therapies based on genes, tissues, or cells. Advanced therapy medicinal products represent a new class of biological medicines. The European regulation has categorized ATMPs into three types: gene therapy medicinal products, somatic cell therapy medicinal products, and tissue-engineered medicinal products. These therapies are expected to benefit health and substantially impact the pharmaceutical budget. Advanced therapy medicinal products (ATMPs) are a fast-growing field of innovative therapies. If one of these types incorporates a medical device, the therapy is defined as a combined advanced therapy medicinal product. The specificity and intricacy of these innovative drugs required a total reorganization of hospital and pharmaceutical processes, from patient eligibility to drug administration. Indeed, increased interaction and collaboration between healthcare professionals are essential to guarantee these innovative medicines' quality and safety.
The first advanced therapy medicinal product (ATMP) was approved in the European Union in 2009 by the authorization of ChondroCelect, a tissue-engineered product designed for the treatment of cartilage defects. In the United States, the first approved ATMP came out one year later with PROVENGE, a somatic cell therapy for the treatment of prostate cancer. The first authorized gene therapy was launched in 2012 when Glybera achieved marketing authorization in the E.U. (European Medicines Agency, 2012).
FutureWise Market Research has published a report that provides an insightful analysis advanced therapy medicinal products market trends that are affecting the overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes stature of key manufacturers operational in this industry. According to the analysis conducted by FutureWise research analysts, advanced therapy medicinal products market is estimated to register a considerable growth rate over the forecast period. This report lists the market segments and potential prospects available across this industry, in addition providing crucial information on the total valuation currently held by the industry. Moreover, this report will assist key management individuals in an organisation to enhance their decisions pertaining to business expansion as well as strategic changes for increasing customer base.