Cell and Gene Therapy 2023 Expansion

The Cell and Gene Therapy (CGT) industry has witnessed remarkable progress over the past decade. Record-breaking achievements in 2020 and 2021, coupled with a surge in first-time investments and numerous FDA approvals, especially in 2022, reflect this growth. However, while CGT continues to show promise, challenges remain.

Regulatory and Market Challenges

Despite its success, the CGT sector faces hurdles, such as regulatory approval rates and tough market conditions, both of which impact the frequency of life science deals and staffing expansion. Yet, industry leaders and investors remain optimistic about the future of CGT, seeing new companies as the future drivers of innovation in this space.

Rising Investments and Demand for Vendors

The attraction to CGT has grown immensely, with private equity and venture capital flowing into CGT and away from traditional pharma companies. This shift has also spurred the rise of new vendors aiming to meet the growing demand for CGT-specific services.

Rapid Development in the CGT Market

My experience in this market has allowed me to witness CGT’s rapid development, with the pandemic driving a surge in CGT and other therapeutic areas. Unlike some other areas that became overvalued, CGT has held relatively strong and continues to outperform. Though 2022 was tough across the board, investors are beginning to show renewed interest, and we’re already seeing significant funding and acquisitions. A noteworthy company to watch in 2023 is Krystal Biotech, whose approved gene therapy targets dermatology and respiratory diseases.

Supporting Growth and Encouraging Diversity in CGT Staffing

With the rapid growth in CGT, a question arises: How can we support high-level hiring needs for this niche skillset while promoting diversity in the talent pool? This is an area that will require careful attention as we move forward to ensure we meet both the industry’s expansion goals and its diversity objectives.

For a confidential discussion on staffing support in the Cell & Gene Therapy market, please reach out at 646 415 8221