July 6, 2018 PR-M07-18-NI-020
SANTA CLARA, Calif., July 5, 2018 /PRNewswire/ -- Frost & Sullivan's recent analysis, Global Life Sciences Industry Outlook, 2018, finds that healthcare digitization and consumerization, the explosion of patient data, and the emergence of value-based reimbursement models, are propelling the life sciences industry towards the $1.5 trillion milestone. The convergence of biopharmaceuticals, drug delivery devices, and companion diagnostics —enabled by digital connectivity— is driving regulatory and commercial changes in many exciting ways for the industry.
"The scope for synergies among disciplines is attracting big tech companies such as Google, Amazon, Facebook, Apple(GAFA) to the life sciences industry," said Unmesh Lal, Program Manager, Transformational Health. "The adoption of artificial intelligence (AI) and cloud-based solutions for drug discovery and clinical trial workflow is improving the overall efficiency of production. Additionally, pathology and research laboratories are increasingly adopting health analytics solutions to track the test utilization and efficiently tackle reimbursement issues."
In 2018, innovations and new business models spun around data monetization as a result of value-based medicine; a connected ecosystem will be the most talked about areas. Incorporation of advanced technologies will drive the delivery of precision healthcare, raising the following growth opportunities:
"While the cell and gene therapy segments have shown potential, pharmaceutical and biotechnology companies continue to invest in the promising segments of oncology, cardiovascular, diabetes, and immunology. These segments not only have high unmet needs but also have high acceptability across regions," noted Lal. "Overall personalization, decentralization, collaboration, and prevention are amplifying precision health, thereby shaping the future business models and the workforce of life sciences companies."
Global Life Sciences Industry Outlook, 2018 is part of Frost & Sullivan's global Life Sciences Growth Partnership Service program.
Contact:
Mariana Fernandez
Corporate Communications
T: +1 210 348 10 12
T: +54 11 4778 3540
E: Mariana.Fernandez@frost.com
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