Healthcare and life science industry overview
Healthcare and life sciences, when combined, can satisfy unexpected requests, and that downright promptly. The most striking example – the remarkably quickly released coronavirus vaccines.
In the following overview, we discuss life sciences and their tight connection with today’s healthcare industry.
Life sciences: getting acquainted
Life sciences are branches that study living organisms, which includes human beings, animals, plants, and more. These comprise various disciplines – biotechnology, pharmaceuticals, digital health, medical devices, and other complex segments that have societal importance.
Life sciences are focused around studying living organisms and how they interact with everything around them. The purpose they follow – to understand the structure, key functions, and behavior of those biological entities.
Life science’ key fields
Biotechnology
Biotechnology is without doubt the most important field among those we’ll mention in this detailed overview. Biotech companies are involved in handling healthcare emergencies, climate change, world hunger, and energy by applying cellular and molecular processes.
Biotechnology research is mainly focused around:
| Medical, “red” | Mainly focusing on designing healthcare products for efficient disease management and prevention. | – Drug discovery – Gene therapy – Diagnostic tools – Cell research |
| Industrial, “white” | Is using biological processes to design eco-friendly industrial products. | – Bioplastics – Biofuels – Enzyme production – Waste reduction |
| Agricultural, “green” | Mainly focusing on addressing: – food security – field yields | – Modified crops – Pest-resistant plants – Biofertilizers – Pesticides |
| Marine, “blue” | Is using marine for applications across industries. | – Marine-derived drugs – Bioactive compounds – Bioprospecting – Aquaculture |
There are many ways to classify biotech research, but the color method is the most popular among scientists.
Pharmaceuticals
Pharmaceuticals are also among important fields worth mentioning, currently occupying a large market share. Pharma companies are involved in discovering, designing, producing, and distributing new drugs and vaccines.
Pharmaceutical research is divided into the following subfields:
- Drug discovery
- Drug manufacturing
- Generic drugs
- Biologically-derived drugs
- Pharmacovigilance
- Pharmacogenomics
- Formulation science
- Pharmaceutical marketing and sales
and many other disciplines.
Medical devices
Medical devices, equally important, are making up another large domain lying within life science and health. This segment is focusing on designing and producing medical software, machines, implants, and instruments for monitoring and managing health conditions.
Medical devices are classified by their application purpose:
| Diagnostics | Medical devices and procedures that help detect diseases and abnormalities. | – MRI machines – X-ray systems – Ultrasound machines – CT scanners |
| Therapeutics | Medical devices and treatments that help detect, diagnose, treat, and prevent diseases and chronic medical conditions. | – Pacemakers – Defibrillators – Cochlear implants – Dialysis machines |
| Surgical instruments | Specialized devices and tools being utilized during procedures to perform an operation, manipulate tissues, and more. | – Robotic systems – Laparoscopic instruments – Surgical lasers – Electrosurgical units |
| Monitoring devices | Medical devices being utilized to continuously or periodically track important health indicators such as heart rate, blood pressure, and others. | – Heart rate monitors – Blood pressure monitors – Blood glucose monitors – Wearable health trackers |
On a side note, a whole new trend is unraveling around integrating monitoring devices.
Environmental science
Environmental science, last but not least, is another prominent domain found within health and life science. The segment is focused around applying biological principles to understand and preserve natural environments and ecosystems.
Environmental science is dealing with the following matters:
- Climate change
- Pollution control
- Biodiversity loss
- Species extinction
- Soil degradation
- Ocean acidification
- Ecosystem preservation
- Renewable energy
and many other issues of great environmental importance.
Healthcare and life sciences industries interconnection
Healthcare and life sciences, if combined, can drive immense changes, and that with quite a multitude.
In the following section, we’ll discuss interesting subfields that emerged from such powerful intersection:
- Molecular diagnostics
- Microbiome-based treatment
- Cell therapy
- Gene therapy
Molecular diagnostics
Molecular diagnostics is a medical field that focuses on identifying specific markers in molecules for diagnosis. This approach involves analyzing genetic material or proteins to detect gene variants, genetic predispositions, mutations, infections, cancer markers, tumor-specific alterations, and other molecular changes.
Microbiome-based treatment
Microbiome-based treatment is a medical therapy that focuses on manipulating microorganism communities. This approach involves modifying health balance by using microbiome-modulating drugs, dietary interventions, probiotics, prebiotics, and other microbiome methods.
Cell therapy
Cell therapy is a medical treatment that includes cell administration to target damaged tissues and diseases. Cancer treatment, autoimmune diseases, regenerative treatment, cardiovascular and neurological disorders – call therapy is used across domains.
Gene therapy
Gene therapy is a medical treatment that includes gene modification to manage or prevent genetic disorders. Cystic fibrosis, Huntington’s disease, cell anemia, metachromatic leukodystrophy, and other genetic diseases – gene therapy has reshaped conventional treatment.
Healthcare and life sciences industry trends
Healthcare and life sciences are quite change-averse industries, but nonetheless, still affected by trends.
In the next section, we’ll discuss the most apparent trends already shaping the sectors:
- Digital transformation
- Artificial intelligence
- Patient-centric design
- Prioritizing sustainability
Digital transformation
A blending of events has jump-started digital transformation across industries and introduced new initiatives. Life sciences were also heavily affected by the COVID-19 pandemic, economic uncertainty, rising competition, and other external factors.
- Digital transformation & cooperation have played critical roles in bringing COVID-19 vaccines to market
- New procedures that have been applied to expedite coronavirus vaccines are actively being introduced to other pharmaceutical products
Artificial intelligence
Artificial intelligence is reshaping business strategy & operation – the revolution is unraveling in front of you. Life sciences are part of the big trend.
As found by Grand View Research:
- Artificial intelligence in the life science industry market was valued $1.9 billion in 2024
- The market is expected to reach $3.6 billion by 2030
One field in which artificial intelligence (machine learning) is eliminating existing limitations – drug discovery. Compound screening, interaction and toxicity prediction, ADME analysis, molecular docking and simulations – advanced algorithms sensibly expedite drug research.
Another field, equally valuable, in which artificial intelligence is resolving everyday challenges – clinical trials. Trial design, patient selection, site selection, feasibility analysis, data collection, data analysis and reporting – smart algorithms extend beyond the laboratory and optimize clinical studies.
Patient-centric design
Business leaders are recognizing the benefits of integrating patient perspective into everyday decision making. Research shows that organizations should prepare to participate in an emerging ecosystem where regulators, foundations, competitors, and other healthcare stakeholders are connected so that the patient is at the center.
The trends to reflect this shift might include:
- Personalized approaches by means of implementing artificial intelligence
- Connected ecosystems to foster better communication and collaboration between stakeholders
- Telehealth expansion to improve healthcare accessibility and outcomes
- Wearable devices to enhance patient self-management and engagement
Prioritizing sustainability
Business leaders across segments are preparing to comply with changing environment-related requirements. Regular consumers, employees, investors, and authorities now demand more transparency and accountability, which makes climate matters more material to preserving business resilience.
The trends to watch in the coming years:
- More focus on compliance with sustainability-related industry regulations
- Greater investment in talent with expertise in sustainability reporting frameworks
- Increased adoption of carbon footprint measurement and monitoring
- Reduced reliance on non-renewable energy sources in operations
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FAQ
The definition of the life sciences industry helps us understand its purpose.
The modern life science industry explores living organisms and how they might change everything around us. The disciplines worth mentioning – biotechnology, pharmaceuticals, digital health, medical devices, and other important segments.
We listed the most prominent fields, but remember, there are many more.
The modern-day life science industry encompasses:
- Biology – the study of organisms and processes these organisms are implicated
- Genetics – the study of genes in organisms, their heredity, and variation
- Biotechnology – the use of organisms and technology to develop on-demand products
- Pharmaceuticals – the use of organisms to discover and manufacture pharmaceutical drugs
- Medicine – the study and practice of diagnosing and treating health issues
- Ecology – the study and preservation of ecosystems
Not the main topic of our detailed global life sciences industry overview, but definitely worth mentioning.
Data analytics are shaping life sciences by using large volumes of information (biological, clinical, and more). And that’s to drive insight-backed decision-making, research, development, and manufacturing.
The core focus area of the life sciences industry is centered around thoroughly understanding living organisms. That means the ability to facilitate healthcare practices, agriculture, environment, and more.
And, naturally, there are ethical concerns worth considering:
- Data security and privacy
- Informed consent
- Genetic manipulation and editing
- End-of-life decisions and bioethics
- Clinical trials
- Environmental impact
The global life science software market:
- Was valued $14.70 billion in 2023
- And is now projected to grow from over $16.11 billion to reach $36.25 billion by 2032
The global life science software market is driven by factors that include:
- A quickly aging population and rising chronic diseases
- A greater R&D investment, both public and private
- Global challenges, in particular the recent COVID-19 outburst
- Regulatory support through initiatives, fast-track approvals, and funding