Cell and gene therapy to have greatest impact on pharmaceutical industry in 2024: GlobalData – ET HealthWorld | Pharma

London: Healthcare industry professionals scored cell and gene therapy (CGT) as the industry trend to have the greatest impact on the pharmaceutical industry in 2024, in a recent survey launched by GlobalData,

The survey data presented in ‘The State of the Biopharmaceutical Industry 2024’ report reveals that N=21 (18 per cent) of industry professionals were convinced that CGT will dominate as the most important trend in pharma next year. This was followed by personalized/precision medicine (N=18 respondents; 16 per cent).

age JakimaviciuteSenior Director, Market Research, GlobalData, commented, “Cell and gene therapies are gradually becoming more important focus areas within the healthcare industry and their full potential is still unrealized. While this is a relatively new area, with the first autologous dendritic cell therapy Provence Approved in 2010 for prostate cancer, these therapies promise life-changing treatments for a broad spectrum of complex diseases ranging from genetic conditions to cancers.”

Although GlobalData anticipates cell and gene therapies to become an established treatment modality in the years to come, higher development and production costs, the risk of clinical trial failures, and intensifying pricing and reimbursement pressures will continue to place further stress on these innovations.

Jakimaviciute added, “The industry may try to offset the high development costs by outsourcing. One of the recent examples is Bayer’s announcement of a cooperation with Shanghai Pharmaceuticals China in November 2023 to set up its first Chinese lab for CGT and cancer drug development. With lower R&D development costs than in advanced markets, countries like China are becoming attractive markets for the development of CGT, and therefore may emerge as strong competitors of overseas-made CGT.”

According to GlobalData estimates, the global CGT market is projected to reach $80 billion by 2029. Oncology is expected to continue its lead as the indication and area of ​​major development for cell and gene therapies, accounting for 44 per cent of the CGT market by 2029. .

Jakimaviciute concluded, “Even though cell and gene therapies are mainly approved for the use in the oncology space, the versatility of these therapies means that they can be used in both acquired and inherited diseases. Other therapeutic areas that can benefit the most from CGT include neurodegenerative, autoimmune, and cardiovascular diseases.”

  • Published On Dec 28, 2023 at 11:41 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETHealthworld App

  • Get realtime updates
  • Save your favorite articles

Scan to download App

Leave a Comment