What is Influencing the Digital Healthca...
Posted in Biotechnology by Adolf on Dec 2,2021 1423
What is Life Science? If we remember studying about the subject at the primary level in school, the most basic answer would be a field of science that refers to the study of all living organisms such plants, animals, humans and micro-organisms. We must have all have studied this one branch of science without actually understanding what it meant then.
Going forward, the definition of Life Science has evolved in different situations, from classrooms to research labs to natural habitations. It is a huge field of science that aims to learn everything about life and its forms, be it past and present. The field of life science is complex as there are millions of species to study, which have been divided in several branches such as ecology, botany, zoology, microbiology, physiology, palaeontology and marine biology among others.
Life Science is just not a study, but an enormous scientific field that aims to answer some of the most vital questions regarding the existence of life. It reveals the phenomenon and reason of every living thing that is directly or indirectly associated to us, thus helping us to understand and transform the world for a better living.
While we have understood what life science is about, we will now look into what the life science industry comprises of. Life science has incorporated with scientific technology to develop biotechnology, medical devices, pharmaceutical and healthcare products that are focused to treat and create a healthier world for all living organisms.
Analysing the Categories of Life Sciences
An area of biology, biotechnology involves the use of living organisms to develop or create different products. It is largely used in the agricultural industry, food industry and medical industry, wherein new technologies and products are regularly developed within these areas. In the bid to understand more about the uses of this technology in various fields, here are some examples.
In the agricultural industry, biotechnology helps in developing genetically modified plants to increase the yield of the crops. These crops are specially engineered to resist diseases and pests, thereby reducing the usage of synthetic pesticides. Besides plants, biotechnology has also produced animal vaccines through genetic manipulations for treating common animal diseases such as rabies.
Biotechnology is also implemented in the food industry to enhance the quality, yield, shelf life and nutritive values of the food. Fermenting is a one such example that makes use of yeast (living organism) to create a chosen product. Apart from traditional processes, there are modern forms that usually involve an advanced variation of the biological system.
Likewise, the field of medicine has also made advancements with biotechnology by using living cells and cell materials to research and develop improved pharmaceutical products. The technological growth in this fast paced industry has the potential to treat and prevent the spread of diseases, and help people.
Also a significant part of the life science industry, today the healthcare sector faces a dynamic environment, wherein the patient’s demand for personalised and refined services has lead the healthcare organization to grow and change accordingly. Healthcare industry is diverse and categorized under wellness programs, insurance and clinical guidelines, alternative medicine and public health, veterinary health, herbal and traditional medicines, and ambulance services.
Medical Devices play a vital role in developing new remedial technologies for improving the ability to analyse, treat or recover a disease or an injury. Depending on the nature of usage, medical devices can be both durable and disposable. There are different instruments and apparatuses that range from a simple medical thermometer to a complex machine required for clinical testing. These devices are created by the manufacturer to be used, alone or in combination for a medical purpose.
It is referred to as an important part of the global healthcare system, which aims to treat and prevent further health complications. The pharmaceutical industry is a vast sector that deals with the research, manufacturing and distribution of generic or brand medications and medical devices.
The global life science market research is driven by the increasing prevalence of chronic diseases, technological advancements and rising demand for improved data standardization. Moreover, the growing adoption of analytics for sales and marketing apps has further enhanced the market growth. The lack of qualified professionals and budget constraints, however, might hamper the growth of the industry in the coming years.
The global life science market size attained a value of US$ 23 billion in 2020, driven by the growing impact of digitalisation, increasing prevalence of chronic diseases, and improving data standardisation. Aided by growing adoption of cloud-based services in the healthcare sector and rapid technological advancements, the market is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 12.7%. The industry is projected to reach US$ 47 billion by 2026.
The major drivers of the industry, such as growing digitalisation, increasing prevalence of chronic diseases, and improved data standardisation to manage large amount of datasets, are expected to aid the market growth. The growing adoption of cloud-based services and connected devices in the healthcare sector and rapid technological advancements are the key market trends guiding the growth of the industry. The major end use segments of the product include clinical research institution, pharmaceuticals and biotechnology companies, and medical device companies, among others.
The life sciences market research report firstly introduced the Life Sciences basics: definitions, classifications, applications and market overview; product specifications; manufacturing processes; cost structures, raw materials and so on. Then it analysed the world’s main region market conditions, including the product price, profit, capacity, production, supply, demand and market growth rate and forecast etc. In the end, the report introduced new project SWOT analysis, investment feasibility analysis, and investment return analysis.
The major players include Johnson & Johnson, Pfizer, Merck & Co., Gilead Sciences, Amgen, Bristol-Myers Squibb, AbbVie, Eli Lilly & Co, Abbott Laboratories, Roche, Novartis, Sanofi, GlaxoSmithKline and Bayer.
Impact of COVID-19
The COVID-19 restrictions had effectively stopped economies around the world and the magnitude of the downturn depended on the length of the restrictions. The severity of the crisis has left long-term impact on the functioning of economies, supply chains and trade relations.
Due to the enforced lockdowns across the globe, medical labs and production facilities were temporarily shut down. The focus of the life science industry was shifted towards developing a cure for the deadly virus, which resulted in disrupting and reorganizing the structural activities of the industry. The companies associated with the life science industry, were bound to find ways to respond to the challenges, pressures and responsibilities arising due to the pandemic.
Overall, due to the new variants of Covid-19 found each year, it seems that the pandemic situation is likely to cause more ambiguity and obstacles ahead. However, after developing the medications and vaccines successfully, the life science industry continues to remain strong and focus on fighting the deadly disease.