The 2024 Key Trends Shaping Life Sciences
The life sciences landscape is undergoing revolutionary changes. Despite a changing regulatory environment and evolving social concerns, artificial intelligence and machine learning play a substantial role in shifting from traditional to innovation-driven approaches.
In this article, we’ll take a look at the most influential trends shaping life sciences in 2024, setting the scene for what we, as early technology adopters, may expect in the coming months.
Trend #1. The increasing role of AI and ML in drug discovery
Artificial intelligence and machine learning are transforming modern drug discovery. With AI algorithms already used in a wide range of drug development processes, from target identification to clinical trials, their integration has only deepened by 2024.
AI-based platforms assist in the selection of potentially successful drug candidates and increase the efficiency of candidate selection.
Additionally, AI’s predictive capabilities aid scientists in identifying unexplored treatments and creating individualized treatment regimens for each patient.
In one of our past articles, we observed the impact of AI on drug development, while presenting important statistics, like the anticipated global AI in drug discovery market to be valued at $4.71 billion by 2028.
These numbers are being proven by the primary areas where the most significant progress occurred, namely: drug discovery, clinical trial design and monitoring, pharmaceutical product development, manufacturing and product management, quality control and quality assurance.
Trend #2. Digital health and telemedicine shape the future of healthcare
In the last ten years, we have witnessed exponential growth in the use of digital technologies and telemedicine solutions in healthcare.
Telehealth, or telemedicine, opens multiple opportunities for the future development of the digital health industry including:
- Increased opportunity for care
- Reduced mental illness stigma
- Reduction in total health care cost
- Greater continuity of care
Moreover, with several options already integrated into our lives, telemedicine compensates for the lack of traditional face-to-face interaction with:
- Online doctor visits and therapy appointments
- Online medicine and healthcare-related purchases
- Virtual chat bots
Additionally, adoption of widespread wearables and smartphone applications allow people to take preventive steps in managing their chronic illnesses.
Trend #3. Therapeutic innovation enabled by personalized medicine
2024 has already brought significant advancements to personalized medicine, particularly in terms of the development of focused therapy interventions guided by the genetic characteristics of a patient. CRISPR-Cas9 gene editing and mRNA-based therapies enable precise interventions directed at the disease mechanism.
Revolutionary therapies such as Casgevy and Lyfgenia represent the first cell-based gene therapies to treat sickle cell disease in patients 12 years and older, potentially saving patients’ lives and requiring special regulatory approval.
Casgevy is the first FDA-approved treatment to use an innovative genome editing technology.
Trend #4. The pace of development for obesity and metabolic drugs is increasing
The cardiovascular benefits offered by new obesity treatments like Novo Nordisk’s Wegovy and Eli Lilly’s Mounjaro have sparked a rush within the industry, with over 143 new molecules in development and eight major pharmaceutical companies working on their own versions of GLP-1 and GIP receptors. These receptors help with weight loss by reducing appetite and regulating energy levels.
Interest in obesity research is growing, with some suggesting it could soon rival oncology as a primary focus for pharmaceutical companies. Currently, there are at least six large-scale clinical trials on obesity drugs set to report results in the next year.
Trend #5. Advancements in fighting cancer
In the world of pharmaceuticals, cancer treatment stands out as a major focus, with many researchers striving to find better ways to tackle this disease. Over the years, there has been progress – cancer deaths have decreased by 33% since 1991. But things are changing. Instead of hoping for one cure, patients are now receiving treatments tailored to their specific needs.
In 2023, we saw the FDA approve 45 new cancer treatments, including 17 brand-new drugs. There have also been improvements in immunotherapy, which uses the body’s immune system to fight cancer, and targeted therapies that attack specific cancer cells. Additionally, there has been growing interest in personalized cancer vaccines, which can prompt the immune system to target cancer cells directly.
Looking ahead, experts predict more developments in cancer vaccines that could be distributed to a greater number of people more quickly. They also expect to see more research into combining vaccines with other treatments and larger clinical trials to test new treatments.
Trend #6. Partnerships support innovation
Furthermore, international collaboration and biotech startups collaborating with large pharmaceutical companies are also on the rise. Cross-border meetings and conferences have become possible after the COVID-19 pandemic, facilitating collaboration and innovation. Additionally, the use of drug repurposing for multiple interventions emphasizes the importance of global collaboration for challenges such as COVID-19.
Trend #7. The significance of the social and regulatory environments
Life sciences are extremely dependent on external factors.
Regulatory bodies play a vital role in determining scientists’ ability to bring new and advanced therapies to market. The political environment, such as a presidential election in the United States, may also impact long-term investment strategies and market dynamics, as seen in the above trends.
Final thoughts
As we navigate through the complexities of 2024, the future of the life sciences industry is characterized by change, innovation, collaboration, and a pursuit of improved global health.
Whether it be AI-powered drug discovery or the democratization of healthcare via telemedicine, the industry-defining trends reflect a collaborative response to current patient and social needs across generations.
By embracing these trends and harnessing new technologies, the various players within the ecosystem of life sciences will change and influence both current and future generations of innovators.
Our mission at Kanda is to assist both digital health pioneers and established healthcare organizations in creating top-tier healthcare products tailored to the requirements of patients and providers alike.
Connect with our team of experts today to explore how we can support your healthcare project goals.