Cell, gene therapy to rule pharmaceutical sector in 2024: Report

Cell and gene therapy CGT will have the greatest impact on the pharmaceutical industry in 2024 according to a report on ThursdayThe report by GlobalData a data and analytics company is based on a survey of 115 healthcare industry professionalsIt revealed that 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 personalisedprecision medicine 16 per centCell and gene therapies are gradually becoming more important focus areas within the healthcare industry and their full potential is still unrealised While this is a relatively new area with the first autologous dendritic cell therapy Provenge approved in 2010 for prostate cancer these therapies promise lifechanging treatments for a broad spectrum of complex diseases ranging from genetic conditions to cancers said Urte Jakimaviciute Senior Director of Market Research at GlobalData in a statementAlthough 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 innovationsThe industry may try to offset the high development costs by outsourcing One of the recent examples is Bayerrsquos 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 RampD 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 overseasmade CGT Jakimaviciute saidThe report estimates that the global CGT market is projected to reach 80 billion by 2029Oncology 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 2029Even 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 Jakimaviciute saidThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever