Chicago, Dec. 15, 2023 (GLOBE NEWSWIRE) -- The report "The Global Biotechnology Industry Outlook 2024", despite the economic uncertainties and post-COVID slump in recent times, biotech companies have demonstrated adaptability throughout 2023. Overall, the market within the biotech sector expanded by 10-15% during this period. Ongoing innovation, mergers, and acquisitions (M&A), approval, and marketing of new products and medications contribute to the sustained growth of the market.
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The Global Biotech Industry Outlook for 2024 aims to provide insights into the anticipated performance of the biotech and biopharma sectors, covering advancements in gene editing technologies and the development of innovative therapies. The report will assess the industry's performance in 2023 relative to 2022 and highlight the significant breakthroughs and notable transformations in the biotech landscape during 2023, with expectations of continued momentum into 2024.
Some of the key developments witnessed by the biotech industry in 2023:
- The approval of innovative therapies such as CRISPR-Cas9, allogeneic cell therapy, and microbiome-based drugs represents a groundbreaking era in medical science.
- The Modernization Act 2.0 marks a significant departure from the previous regulatory landscape by eliminating the federal mandate requiring experimental drugs to undergo testing on animals before advancing to human clinical trials.
- The trend of increasing collaboration with biotech companies signifies a strategic move towards therapeutic advancement in the healthcare industry. For instance, in October 2023, Antiverse and GlobalBio, Inc. extended collaboration to progress the development of antibody-based cancer therapeutics.
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Key Market Players
Among the Biotech R&D and manufacturing industry, prominent players are Thermo Fisher Scientific Inc. (US), Danaher (US), Becton, Dickinson and Company (US), GE HealthCare (US), Agilent Technologies, Inc. (US), Merck KGAA (Germany), Inc (US), Qiagen (Germany), Illumina (US). F. Hoffmann-La Roche Ltd (Switzerland), Pfizer Inc. (US), Novartis (Switzerland), Merck & Co. (US), Sanofi (France), Amgen (US), Gilead Sciences (US), Biogen (US), Bristol Myers Squibb (US) and GSK (UK) are the major players in the biotech-based therapies. In 2023, key company leaders strive to maintain their competitive leadership positions with product launches, technological advancements, regulatory approvals, and strategic deals. In 2024, key players will continue investments in research and development (R&D), multi-omics applications in biotech and biopharma settings, launch novel scientific discoveries, and focus on biotech industry-specific offerings.
Unleashing the Potential of Cell and Gene Therapy Market Growth
Groundbreaking advancements in cell and gene therapies (CGTs) are providing unprecedented curative potential for patients with limited therapeutic options, particularly in the treatment of rare and ultra-rare diseases. The primary focus areas for these therapies are cancer, musculoskeletal diseases, and eye diseases. With numerous approved products already launched in global markets, the landscape is witnessing a continuous expansion of clinical trials. In Europe, these therapies fall under the classification of Advanced Therapeutic Medicinal Products (ATMPs) and are propelled by a diverse range of scientific breakthroughs, including CAR-T, TCR-T, stem cells, siRNA, oligonucleotides, and gene editing technologies such as CRISPR, Zinc Fingers, TALENs, and viral transfection.
The global cell and gene therapy market is anticipated to experience a remarkable >20% increase from 2023 to 2024, reaching approximately USD 11 billion. This growth is underscored by the concurrent conduct of more than 1,000 clinical trials. The industry is poised for a substantial influx of approvals, with expectations of as many as 10 to 20 new advanced therapies annually, commencing in 2025. Furthermore, a significant portion of these clinical trials, constituting 33%, are being carried out in Europe. Projections indicate that in 2024 alone, up to 21 cell therapies and as many as 31 gene therapy launches are expected. Notably, this includes over 29 therapies utilizing adeno-associated virus (AAV) technology, highlighting the dynamic and rapidly evolving nature of the CGT field.
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Some of the other key trends that the biotech industry is likely to witness in 2024:
Artificial Intelligence (AI) is making significant contributions to various aspects of biotechnology, enhancing research, drug discovery, diagnostics, and personalized medicine. According to recent data, over half of the global healthcare organizations intend to deploy AI plans and widely utilize the technology by 2025. International pharmaceutical/biopharmaceutical and drug development companies will invest more in researching new medications for chronic and oncological diseases.
- Gene editing in biotechnology has emerged as a transformative tool, offering unparalleled precision in modifying the genetic code of organisms. Gene editing tools like CRISPR-Cas9 have revolutionized the precision and efficiency of genetic modifications, making it easier for scientists to target specific genes and make desired changes.
- The capacity to leverage big data in biotechnology is poised to emerge as a pivotal factor, impacting critical areas such as drug discovery, drug repurposing, drug safety, functional and structural genomics, proteomics, pharmacogenetics, and pharmacogenomics, among other domains. For example, MassMatrix, a US-based startup, integrates big data, sophisticated algorithms, and artificial intelligence to expedite the process of drug discovery and development.
The MarketsandMarkets Global Biotech Industry Outlook 2024 can help prepare biotech professionals and business leaders for the year ahead.
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