INSIGHT. What trends will dominate in life science and digital health in 2024? Here are some insights from us at Sciety.
1. Synthetic biology and artificial cells
Synthetic biology is a field of research where it’s chemically feasible to construct entirely new organisms and modify existing ones, giving them new or improved properties. For instance, it’s possible to engineer molecular components that enable cells to perform specific functions. In 2024, we are expected to see further development of artificial cells for therapeutic purposes. We will also see the development of new tools for synthetic biology that can facilitate the construction of new biological systems. A significant example is CRISPR, a powerful tool within synthetic biology that allows scientists to explore gene functions and create new gene combinations that can instil desired properties or behaviours in organisms. CRISPR technology has evolved significantly in recent years, and is now more precise and efficient than ever. However, the cost of using CRISPR remains high, and its advances have sparked ethical and regulatory debates globally about the implications of gene editing in humans, crops, and ecosystems.
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2. Personalised medicine and precision treatments
In personalised medicine, also known as precision medicine, medical treatments are tailored to each individual’s unique genetic and molecular profiles. Thanks to advances in diagnostic testing, DNA sequencing, and the increased use of AI, this approach is expected to evolve further in 2024. Personalised medicine extends beyond the laboratory, empowering both healthcare providers and patients. By predicting individual responses to medications and guiding treatment selections, personalised medicine promotes a proactive health management approach. However, personalised medicine poses several challenges, including issues related to data protection, consent, and ethical considerations.
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3. Healthy ageing and longevity
The demand for products and services that support healthy ageing and longevity is on the rise. This trend is driven by a growing focus on preventive medicine, technological advancements in digital health, and research into products promoting healthy ageing. A McKinsey study revealed that over 60% of surveyed consumers place high importance on purchasing products or services that support healthy ageing and longevity. By 2030, one in six people worldwide will be aged 60 or older, making the topic of healthy ageing increasingly important.
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4. Femtech and women’s health
Femtech and women’s health, historically underfunded and underserved areas, have seen significant growth in recent years in terms of the number of startups and investor interest. Coined in 2016 by entrepreneur Ida Tin, the term femtech refers to technology and innovations addressing health issues primarily or exclusively affecting women. In recent years, innovative femtech solutions have emerged in fields such as fertility, pregnancy, menstruation, and menopause, ranging from medical diagnostics to daily wellness advice. The global femtech market is expected to grow from USD 6.7 billion in 2023 to approximately USD 20.6 billion by 2030, reflecting the increasing interest in new femtech solutions.
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5. Generative AI
Discussing the future without mentioning AI is unimaginable. Within life science, AI is used for various purposes, from customising individual treatments and predicting the most promising drugs in clinical trials to identifying the most effective drug combinations.
According to a Deloitte survey of life science sector leaders, 70% of biopharma executives prioritise the use of generative AI for research and development. Another Deloitte survey found that over 80% of medtech leaders consider their largest digital investments to be in AI.
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6. Digital health and digital therapeutics
Digital therapeutics represent a category of medical treatments powered by technology, aimed at preventing, managing, or treating a disease or specific medical condition. Today, we are used to monitoring our health through various apps and wearable devices. However, digital therapeutics extend beyond just tracking; they emphasise preventive measures such as genetic testing, vaccines, and treatments designed to enhance vitality and immune defence. With a focus on early detection and preventive care, digital therapeutics can improve patient outcomes and potentially reduce healthcare costs over time. In the life science sector, we are likely to see an integration of digital therapeutics into existing product offerings, enhancing efficiency, improving patient engagement, and driving growth.
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