Market Trends of Global Advanced Therapy Medicinal Products (ATMPs) Industry
This section covers the major market trends shaping the Advanced Therapy Medicinal Products Market according to our research experts:
The Tissue-Engineered Product Segment is Expected to Hold a Major Market Share in the Advanced Therapy Medicinal Products (ATMPs) Market
The estimated large share of the tissue-engineered product is the presence of a relatively large number of commercially approved products under this segment. Furthermore, the increasing application of tissue-engineered products in treatment procedures that require functional restoration of any diseased or injured part of the body is driving the segment growth.
Furthermore, market players continue to undertake various market strategies to boost the adoption of their products. For instance, in January 2021, Vericel Corporation announced the expansion of the medical coverage policy for MACI by United Healthcare. The expansion includes coverage for patients with multiple cartilage defects in the knee and symptomatic full-thickness cartilage defects in the patella. Such initiatives by the company are driving the segment's growth to a great extent.
A research study was published in the journal Advanced Functional Materials in February 2021 that illustrated the development of hydrogel-based materials that can change shape in response to psychological stimuli. This exhibit great potential as the next generation of materials for bioengineering organs, tissues, and blood vessels or other tubular structures. A constant increase in research programs for the development of innovative tissue-engineered products also supports the segment growth.
North America is Expected to Account for a Major Market Share and Maintain its Dominance During the Forecast Period.
North America, with the United States at the forefront, is anticipated to account for the major share owing to the presence of strong regulatory framework and funding bodies in the region. For instance, in July 2021, Kriya Therapeutics announced an investment of USD 100 million in a Series B funding round. The objective of the funding is to advance its platform for designing and developing next-generation gene therapies.
Moreover, with the realization of revenue profit through this space in the foreseeable future, market players are making focused attempts including expansion of product and service portfolios to enhance their market presence. For instance, in December 2021, Novartis launched T-Charge as a next-generation CAR-T platform. The platform is designed to serve as the foundation for Novartis' new investigational CAR-T cell therapies. These developments are anticipated to boost the United States market to a great extent in the future market.
