The CAR-T cell therapy industry has experienced unprecedented growth in recent years, with total funding reaching more than $141.2 billion through various financing mechanisms, according to a new report from ResearchAndMarkets.com. When accounting for undisclosed deals, industry experts estimate the total funding could reach a staggering $281.7 billion.
Global Development Landscape
Currently, more than 170 companies worldwide are actively developing CAR-T products, with a total of 1,944 therapies in various stages of development. These companies have entered into approximately 110 collaboration agreements to advance their CAR-T candidates. While only 38 of these deals have publicly disclosed their values, totaling $23.58 billion, the estimated value for all collaborations could reach approximately $67.9 billion.
The clinical success of CAR-T therapies has attracted significant interest from venture capitalists globally. Since 2014, 89 CAR-T companies have secured $7.7 billion in venture capital funding, enabling them to strengthen their foundations and advance their technologies. This funding has supported the development of applications for both hematological cancers and other types of cancer, including solid tumors.
Financing Trends and Patent Landscape
Initial Public Offerings (IPOs) within the CAR-T space slowed in 2024, with only Kyverna Therapeutics going public and raising $319 million to support its anti-CD19 CAR-T therapies. However, from 2014 to present, 42 CAR-T companies have gone public, collectively raising $6.4 billion to enhance their technology platforms, clinical trials, and corporate strategies.
The industry currently boasts 72,418 patent records and 452 granted patents, driving large pharmaceutical companies to enter the CAR-T market through licensing agreements. Over the past decade, 91 CAR-T licensing deals have been valued at $6.3 billion, a figure expected to grow significantly over the next ten years.
While 2023 saw a resurgence in dealmaking, the CAR-T industry experienced a slowdown in mergers and acquisitions (M&A) in 2024, with only two deals completed. Although major M&A activity may not return in 2025, further deals are anticipated as large pharmaceutical companies look to deploy their cash reserves. Over the past decade, M&A deals have accounted for the largest share of CAR-T industry financing, totaling an impressive $97.4 billion.
Approved Therapies and Clinical Progress
Since 2017, 13 CAR-T cell therapies have reached commercialization across multiple healthcare markets. Seven therapies have received approval from the U.S. FDA, followed by approvals in other major healthcare markets. Beyond the U.S., China's National Medical Products Administration (NMPA) has approved four CAR-T therapies: Relma-cel, Fucaso, Yuanruida, and Zever-cel. Additionally, two therapies, NexCAR19 and Qartemi, have received approval from India's Central Drugs Standard Control Organisation (CDSCO).
All 13 approved CAR-T cell therapies are currently used exclusively to treat blood cancers, which account for less than 5% of cancer patients worldwide. The remarkable 90% remission rate achieved by most approved CAR-T therapies has driven a surge in clinical trials, with approximately 1,944 ongoing trials focused on addressing both blood cancers and solid tumors. Of these, 244 trials are specifically targeting solid cancers, representing a significant expansion of the technology's potential applications.
Market Outlook and Future Directions
The CAR-T market continues to evolve rapidly, with companies from emerging startups to billion-dollar enterprises completing hundreds of billions of dollars in financial transactions in recent years. These companies are expanding across global healthcare markets, driven by the technology's proven efficacy and the potential to address a wider range of cancers.
Industry experts anticipate continued strong investment in the sector, particularly as companies work to overcome challenges related to manufacturing scalability, cost reduction, and expanding applications to solid tumors. The development of next-generation CAR-T technologies, including allogeneic (off-the-shelf) products and combination approaches, is expected to further drive investment and collaboration in the coming years.
For pharmaceutical companies and investors looking to enter or expand their presence in the CAR-T space, understanding the financial landscape and identifying well-capitalized companies for potential partnerships and alliances will be crucial for strategic positioning in this rapidly growing market.
Competitive Landscape
The competitive landscape includes a diverse range of companies, from well-established pharmaceutical giants to innovative startups. Key players include Novartis, Gilead/Kite, Bristol Myers Squibb, Legend Biotech, BioNTech, Caribou Biosciences, Arcellx, and Cellular Biomedicine Group, among many others.
As the CAR-T industry continues to mature, companies with strong intellectual property positions, innovative technologies, and robust clinical pipelines are likely to attract the most significant investments and partnership opportunities, further accelerating the development and commercialization of these potentially life-saving therapies.
