Portland, OR -- (SBWIRE) -- 05/18/2018 -- The global engineered T cells market was valued at $146 million in 2016, and is projected to reach $2,124 million by 2023, growing at a CAGR of 46.5% from 2017 to 2023, according to the new report published by Allied Market Research.

Engineered T cells are also known as specifically modified T cells, which are designed for the treatment of autoimmune diseases, primary immune deficiencies, and cancer. Upon delivery, engineered T cells enable reduction of toxicities and inhibit antigen escape (inability of immune system to respond to an infectious agent). The engineered T cells assist immune system to overcome the immunosuppressive tumor microenvironments and target cancer cells for effective treatment.

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Increase in global prevalence of cancer and surge in demand for innovative biopharmaceutical therapies is projected to drive the growth of the engineered T cells market. In addition, advantages offered by engineered T cells therapies such as targeted action and less side effects are expected to boost the demand for engineered T cells in future.

Chimeric antigen receptor (CAR) modified T cells segment is projected to dominate the market during the analysis period, due to surge in utilization of chimeric antigen receptor T cells in research facilities.

By application, lung cancer garnered the highest market share in 2016, and expected to dominate during the analysis period, owing to increase in incidence of lung cancer and high utilization of engineered T cells for the treatment of lung cancer.

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Hospitals have the extensive use of engineered T cells, hence, it held the highest market value in 2016, and is expected to lead the market during the analysis period.