Stringent regulatory guidelines pertaining to cell and gene therapies has made it mandatory for developer companies to conduct extensive preclinical and clinical research to generate the necessary body of evidence, validating the safety, efficacy and benefits of their proprietary products. As a consequence, capital investments required in R&D have increased substantially. It is worth highlighting that even the well-established players in the industry are gradually opting to outsource certain aspects of their early-stage product development operations, such as preclinical research, clinical development, assessment of regulatory compliance and certain parts of the commercialization process, to contract service providers. In fact, as mentioned earlier in the report, there are a number of companies offering a wide range of R&D-related services, specifically for cell and gene therapies. Primarily driven by the need for technical and operational expertise, which are available with contract service providers, the cell and gene therapy bioassay services market is poised to witness substantial growth in the coming years.
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During our research, we estimated the market under conservative, base and optimistic scenarios. As per the base case forecast scenario, the global cell and gene therapy bioassay services market is likely to be growing at a CAGR of 30.1%, during the given time period.
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