Top 10 Life Science Trends Transforming The Healthcare Industry
The life sciences business has experienced tremendous change and volatility over the last two years as the globe collectively navigates to the “new normal.” While problems abound, this transition period is an opportunity for life sciences leaders to rethink outdated practices and leverage emerging technology Life Science Trends and digital transformation to create a better future for their sector and businesses.
By embracing this strategy, life sciences leaders can empower their organizations with new superpowers to deal with unpredictability and issues before they arise. Blockchain and other distributed ledger technologies (DLTs), for example, will radically alter the nature of doing business across organizational borders. At the same time, cloud-enabled data, ecosystems, and services may propel R&D, commercial functions, and patient involvement to new heights.
According to research stated by Deloitte, 70% of European healthcare and life sciences organizations have joined or want to join a digitally enabled industry ecosystem for precisely these reasons. 2022 will be about establishing and consolidating Life Science Trends. Let’s know in detail!
Life Sciences Industry Statistics and Growth For 2022
- The total amount spent on drugs is $428 billion.
- Artificial intelligence in healthcare was valued at $10.4 billion in 2021 and is predicted to grow at a CAGR of 38.4 percent from 2022 to 2030.
- The incorporation of Life Science Trends in the last two years boosted life science growth by $70 billion in private equity capital. Governmental National Institutes of Health (NIH) funding poured into life sciences-related enterprises in North America.
- According to recent research, immune cells receive most of their features from their mitochondria. These technologies’ effects remind us that the life sciences industry is essential to our civilization.
1). Trends Dominating the Healthcare Industry To Peak
a). Data sharing has simplified efficiency
Organizations are beginning to use an application programming interface (API)-the first approach to communicate noncompetitive, Health Insurance Portability and Accountability Act (HIPAA)-compliant data without privacy issues, both within and outside their walls. This technique anticipates data-sharing across apps by design and enables standardized, programmatic application integration. The result? Organizations gain a secure basis for interoperable data-sharing internally and with partners, payers, patients, and providers when collaboration opportunities arise.
b). Drug research is progressing
Another major Life Science Trends is the advancement of pharmaceutical research. Innovative technology has the potential to improve the assessment and management of patients who are taking medicine.
Integration of assessment devices such as MRI scans, laboratory equipment, in-patient monitors, and management tools are some of the mechanisms that will improve. Doctors can integrate the data required to prescribe the most appropriate medication for the patient. The assessment tools give accuracy and fidelity to the objective information supplier rather than subjective reports.
c). Increased digitization of patient assessment, diagnosis, and therapy
Businesses have been undergoing a digital transformation for many years. This has cleared the way for increased consumer access and company marketing techniques. In 2022, there will be a rise in digitalization in the life sciences business due to online patient assessment, diagnosis, and treatment.
Many doctors and healthcare professionals are now certified to practice electronically. Some general practitioners can write drug prescriptions online using a database system like LiveHealth Online or Teladoc. Telepractice is becoming more popular in the field of life sciences.
d). Product pricing based on value
This trend is excellent news for consumers, as more legislation is being implemented to reduce product pricing, particularly in the pharmaceutical and nutraceutical industries.
More corporations are investing in drug effectiveness demos so that consumers can see the product’s true worth. This can help reduce drug costs while also giving evidence-based information to critical stakeholders.
e). Increased emphasis on immune cell activity
One fascinating feature of the life sciences is immunity. It can potentially prevent the spread of dangerous diseases, which could lead to a deadly epidemic, particularly in underdeveloped countries.
There is now a greater emphasis on immune cell function. Researchers are interested in the mechanisms that allow cells to be resistant to specific viruses and bacteria. These findings will have far-reaching ramifications in the realm of immunotherapy.
f). Scaling Cloud Platforms and Data Security
The rise in data exchange via interoperability paved the way for the next life science trends: quickly scaled secure cloud platforms to connect global cloud ecosystems. Organizations that rely on cloud platforms with basic data sharing capabilities, for example, grew their cloud solutions to support broader cloud computing from more data sources. According to Mahmood, enterprises who had been resisting scaling their cloud platforms had no choice but to join on board to obtain the essential data required to comprehend and survive the pandemic.
To reduce the risk of data breach or theft, organizations should ensure that best practices, such as encryption and limited access points, are followed, and they should continue to explore ways to secure their data.
g). Improving Supply Chain Operations
Shortages of personal protective equipment (PPE) and medical gadgets (e.g., ventilators) early in the pandemic highlighted healthcare’s reliance on trade and manufacturing distribution elsewhere. To reduce these foreign dependencies, corporations brought production back to the United States and discovered creative methods to think outside the box.
Supply chain operations have evolved since the epidemic to include technology, data, and innovation. Decision-makers, for example, increasingly employ data and automated technology to track real-time inventory for PPE and vaccination delivery. Innovative, better methods enable suppliers to match projected demand, detect supply bottlenecks, and locate supplementary sources to alleviate shortages.
h). Applied Artificial Intelligence
Applied artificial intelligence (AI) has a plethora of options that have the potential to transform the pharmaceutical and medical device sectors’ paradigms. Pharmaceutical corporations use AI technologies to expedite drug discovery, speed drug research, and development, provide more economical pharmaceuticals and therapies, and, most importantly, cut costs.
Furthermore, AI can assist pharmaceutical companies in increasing output, improving efficiency, and producing life-saving pharmaceuticals more quickly. Biotech firms have integrated AI technologies with applications in drug research & development and diagnostics, such as biomarker identification technologies. In addition, diagnostic gadgets include AI algorithms for picture classification, which aids clinicians in diagnosing diseases such as cancer. Phenotype screening and microbiome analysis are two further applications of AI in biotech.
Medical innovations, such as diagnostics and robotic-assisted surgery, substantially contribute to growth.
i). Telehealth and telemedicine
Following the outbreak, the travel accelerated. Most people avoid seeing a doctor if their condition is not life-threatening. This is especially true for the elderly and persons suffering from acute or chronic ailments, requiring more regular doctor visits. As a result, telemedicine allows us to consult with physicians without risking contamination. Through remote patient monitoring, the physician can use sensors to track vital signs, health records, and other personal information and diagnose their patients (RPM). Patients can track their vitals online from home using linked or manual equipment, and the data is saved in a central database (i.e., the EMR).
Hybrid approaches provide more consumer-facing options, such as in-person treatment and telemedicine. Finding the ideal method to employ telemedicine is difficult, but more virtual choices are expected to emerge. Because telemedicine, virtual healthcare, and devices might hold personal health data, keep cybersecurity risks and standards in mind while developing and selling such technologies. Furthermore, because this material is sensitive, it can only be viewed by specific, educated individuals.
j). Treatment incorporating genetics
In addition, there will be an increase in the use of genetic information in the diagnosis and treatment of illnesses. This is another next-gen life science trends dominating the market. Furthermore, gene technology will allow researchers to find genome sequences that predict human and animal diseases.
There are currently experiments in gene editing that could potentially prevent illnesses and other disorders that can be passed down from mother to kid. These investigations will become increasingly common as more genetic diseases are found.
Business requirements drive these best life science trends. We have observed quicker development cycles and improved integration and interoperability across different ecosystems by not wasting time recreating the digital wheel.
The life science trends industry continues to create new prospects as the digital industry advances and leads the way in innovation. Today’s creations will have a significant impact on future medicine. The pandemic drove rapid transformation in the biosciences business, and that pace is anticipated to be sustained in 2022.
Companies who embrace innovation and transition to digital for their products and operations (from discovery to clinical trials to treatment techniques) will be able to thrive in such a competitive environment. Hope now you get started with these trends to the peak.