Biotech Trends to Watch in Primary Market Research: The biotech industry is constantly evolving and growing, with new advancements and breakthroughs happening every year. Several exciting trends in the biotech industry are worth watching more closely. Based on our research, primary market research, and pharma industry expert insights, we found the top 5 biotech trends to watch in primary market research.
Gene editing technologies, more specifically CRISPR technology, have experienced a growth of attention in recent years. Gene editing technologies make it possible to change an organism’s DNA, including that of humans. Primary market research companies are expecting to play a major role in elevating gene editing technologies, because of the expected rapid market growth.
CRISPR is a technology that acts like microscissors to cut DNA precisely. It allows scientists to modify DNA like editing a document, which can help repair genes that cause hereditary diseases. Every gene contains a blueprint for protein molecules, but a genetic fault can create a defective protein that can cause diseases. With CRISPR, researchers can locate defective gene sequences, cut them out, and insert healthy ones. CRISPR is a precise, cheap, easy-to-use, and versatile technology that can be used to edit the genomes of different organisms, from wheat to mosquitoes to humans, with thousands of potential applications.
The rise of CRISPR start-ups is not slowing down, hence this trend is expected to continue well into 2024 and beyond. Industry investors and experts predict that gene editing and CRISPR technology will be the most promising biotech trend in 2024. With the potential to cure diseases once thought to be incurable, such as sickle cell anemia and cystic fibrosis, some believe that this technology will account for a third of the full pharma industry market within the next decade.
Personalized medicine, is a common name in biotech. Personalized medicine, or precision medicine, uses an individual’s genetic profile to guide decisions made concerning the prevention, diagnosis, and treatment of disease. It has been gaining recognition for a while now and is often labeled as the future of healthcare. Personalized medicine will become even more important in the upcoming years, as its specified approach reduces major side effects of treatments, improves the effectiveness of medicines, and saves more lives.
Widespread implementation of personalized medicine seems far away though. High costs, limited data on e.g. diseases and genetic variations, regulatory and legal challenges, and ethical considerations are some of the barriers to making personalized medicine mainstream accessible healthcare. However, primary market research is expected to play a bigger role in assisting companies to better understand the needs and preferences of patients, healthcare providers, and other stakeholders in the personalized medicine field.
Biologics and biosimilars are both common and complex drugs that are derived from living organisms. A biosimilar is a biologic that is highly similar to another biologic that’s already FDA-approved. They have been used to treat a variety of conditions, including cancer, rheumatoid arthritis, and multiple sclerosis.
The global market of biosimilars is expected to grow rapidly and reach USD 44.7 billion by 2026 from USD 15.6 billion in 2021, at a compound annual growth rate (CAGR) of 23.5% during that period, as more and more drugs are approved for use by regulatory agencies. This trend will need the support of primary market research in the future.
Synthetic biology, a field of science involving the design and construction of new biological systems and organisms for certain purposes, is growing. Researchers continue to explore new ways to use synthetic biology and find cures for some of the world’s most rare diseases.
Synthetic biology needs primary market research in various stages of development and has the potential to lead to the development of e.g. new vaccines, bioplastics and biofuels. It shows an interesting growth pattern over the next years with a CAGR of 18.97% from 2023 to 2030.
Artificial Intelligence and Machine Learning
The popularity of Artificial Intelligence (AI) is soaring, with examples such as ChatGPT bringing it to the forefront of public awareness. However, AI has been transforming many industries, and the biotech sector is definitely one of them. With the high potential of decreasing the mortality rate of cancer, improving medical device performance, accelerating drug discovery and development, enhancing patient care, and streamlining clinical trials, AI is a huge game-changer.
It is projected that AI and machine learning will be one of the most promising trends in the future. It is even expected that the healthcare and pharma industry will experience a significant overhaul due to AI. Primary market research companies notice the impact of AI on Biotech trends and are gaining expertise within this field to support growth.
The biotech industry is growing, and primary market research is unquestionably going to play a critical role in supporting biotech trends. Gene editing technologies, especially CRISPR, are projected to experience explosive market growth. Additionally, personalized medicine, biosimilars, synthetic biology, and, above all, artificial intelligence (AI) are all expected to grow rapidly.
Overall, the future of biotech looks exciting, with many interesting innovations on the horizon.
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