Valued at an impressive $2.83 trillion in 2023, the global life sciences industry encompasses biotechnology, medical technology, and pharmaceuticals, and owes its existence to technology. It's only logical that new and emerging technological trends now wield significant influence over the future of health and well-being.
In this article, EPM Scientific delves into the impact of artificial intelligence (AI) on trends within the life sciences domain, encompassing advancements in biotechnology and genomics, data analytics and big data, the integration of IoT and wearable devices, and the ongoing challenges of cybersecurity.
The influence of AI on life sciences
In 2022, the worldwide market for AI in life sciences analytics was valued at $1.5 billion. Projections suggest this market will experience a compound annual growth rate (CAGR) of 11.1% from 2023 to 2030.
AI continues to revolutionize both research and diagnostics. AI-powered technology has the capability to analyze and cross-reference vast, intricate datasets, generating more accurate data at an accelerated pace. Companies are leveraging AI coupled with machine learning to expedite the development of treatments for cancers and diseases, and pharmaceutical firms are actively investing in AI tools to rapidly decipher large databases.
Advancements in biotechnology and genomics
The global biotechnology market crossed the $1 trillion threshold in 2022 and is poised to reach an astonishing $3.44 trillion by 2030. This impressive growth has spurred breakthroughs and innovations in biotechnology and genomics, sparking various trends. Notable recent developments include:
Ultima Genomics, based in the United States and Israel, cracking the $100 genome, marking a sixfold reduction in sequencing costs compared to 2022.
In December 2022, 10X Genomics introduced the Fixed RNA Profiling Kit, Nuclei Isolation Kit, and Xenium platform, enabling precise mapping of gene activity over time and space for more effective targeted disease treatments.
Abcam's introduction of over 9,000 new lab-designed and synthesized antibodies has expanded its product catalogue to over 29,000 items, double that of its largest competitor.
Data analytics and big data
The global life sciences analytics market is expected to witness an 11.83% CAGR, generating $15.95 billion in profits between 2021 and 2025, largely driven by the surge in data analytics and big data utilization within the industry.
Research indicates that life sciences enterprises are harnessing big data, data analytics, and AI for various crucial purposes, including enhancing existing products (28%), developing new products and services (27%), and optimizing processes (22%). Data analytics and big data are increasingly enhancing efficiency at every stage of the drug discovery process.
IoT and wearable devices in healthcare
IoT and wearable devices are exerting a growing influence on healthcare, particularly in patient care. The "Internet of Medical Things" (IoMT) market expanded to more than $158.1 billion in 2022, with IoMT-related technologies constituting 42% of research and development budgets in 2023.
This trend is enhancing the accuracy, depth, and speed of diagnosis and treatment. These devices enable real-time data collection from multiple sources, typically at the point of activity. Alongside greater personalization, IoT and wearable devices empower users to transition from passive care recipients to active participants in managing their own health.
Cybersecurity challenges in life sciences technology
In the first half of 2022, the world witnessed 2.8 billion malware attacks and over 236 million ransomware attacks. Among the targets were life sciences and healthcare providers, with many companies reporting a significant uptick in such attacks since 2020.
Persistent cybersecurity challenges have given rise to trends such as regular privacy and security risk assessments, policy evaluations, cybersecurity insurance coverage, comprehensive evaluation of personal information data collection and retention practices, ongoing cybersecurity training for all staff, and the revision of vendor contracts.
Staying ahead of the curve
To stay at the forefront of the ever-evolving landscape of technology trends within the life sciences industry, partner with EPM Scientific—a leading specialist recruiter in the life sciences industry. Whether you need to fill a vacancy or require a confidential discussion about your hiring needs, submit your vacancy or request a call back today.