Report said- Cell, gene therapy will rule the pharma sector in 2024
New Delhi: Cell and gene therapy (CGT) will have the biggest impact on the pharmaceutical industry in 2024, according to a report on Thursday. The report from data and analytics company GlobalData is based on a survey of 115 healthcare industry professionals.
It revealed that 18 percent of industry professionals were confident that CGT will dominate as the most important trend in pharma over the next year. This was followed by personalized/precision medicine (16 percent).
“Cell and gene therapy are gradually becoming more important focus areas within the healthcare industry and their full potential is still unrealized. Although this is a relatively new field, with the first autologous dendritic cell therapy Provenge approved in 2010 for prostate cancer, these therapies hold promise as life-changing treatments for a broad spectrum of complex diseases ranging from genetic conditions to cancer, ”said senior Urte Jakimaviciute. GlobalData’s director of market research said in a statement.
Although GlobalData anticipates that cell and gene therapy will become an established treatment modality in the coming years, high development and production costs, the risk of clinical trial failures, and increasing pricing and reimbursement pressures will put further pressure on these innovations. Will stay.
Industry may attempt to offset higher development costs by outsourcing. One of the recent examples is Bayer’s announcement of a collaboration with Shanghai Pharmaceuticals China to establish its first Chinese laboratory for CGT and cancer drug development in November 2023. “With lower R&D development costs compared to advanced markets, countries like China are becoming attractive markets for the development of CGTs, and can therefore emerge as strong competitors to foreign-made CGTs,” Jakimaviciute said.
The report estimates that the global CGT market is expected to reach $80 billion by 2029.
Oncology is expected to continue its rise as a key growth indication and area for cell and gene therapy, accounting for 44 percent of the CGT market by 2029.
“Even though cell and gene therapy are primarily approved for use in the oncology field, the versatility of these therapies means they can be used in both acquired and inherited diseases. Other therapeutic areas that may benefit most from CGT include neurodegenerative, autoimmune and cardiovascular diseases,” Jakimaviciute said.
