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Global Life Sciences Industry to Reach $1.5 T by 2022, Driven by Innovative Google, Amazon, Facebook, Apple (GAFA) Partnerships and R&D IT Investments
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The global life sciences industry is onto a rocking start with the surge in CEO confidence from US tax reforms, rollicking equity markets and strengthening the global economy. Healthcare digitization, democratization creating explosion in patient data, emergence of value-based reimbursement models, and healthcare consumerism shifting the risk from payers to providers have provided a strong impetus to the growth of the life sciences industry. The convergence of biopharmaceuticals, drug delivery devices, and companion diagnostics enabled by the digital connectivity is driving regulatory and commercial changes in many exciting ways for the industry. With the synergistic effect of advanced technologies, such as Artificial Intelligence, Big Data analytics, and cloud computing on the traditional life sciences industry, growth could be even faster in 2018. The paradox of the new growth rate is that its taking place even as the industry is grappling with the larger question – when will precision healthcare become a reality?In this research deliverable, Frost & Sullivan’s senior analyst team provides bold perspectives and predictions for the global life sciences industry in 2018. The markets covered include pharmaceuticals and biotechnology, in vitro diagnostics, and research tools. The analysis captures the sectoral and regional trends and predictions that are expected to transpire over the upcoming year as organizations shift to prepare for the future. The key objective of this research service is to enable clients to identify growth opportunities and devise potential growth strategies in the transformational life sciences ecosystem. The report also provides a futuristic perspective on the competitive landscape, market, and technology trends. Frost & Sullivan’s life sciences experts envisage:• Payers rapidly moving toward outcome-based assessment models and trials. Drug companies will witness a shift from quantity-based, fee-for- service model to value and outcome-based contracts.• Preventive healthcare driven by predictive analytics to determine the likelihood of disease progression. Several oncology focused-startup companies will take the lead in Big Data.• Lab test payments significantly cut by PAMA regulations. Revision of the EU-IVDR triggers delays in the new product launch. Reimbursement for digital therapeutics will become critical.• X-as-a-Service Model (XaaS) will open new revenue streams and impact top line revenues of genomic services providers.• Small and mid-sized companies attracting Big Pharma. Favorable tax reforms and competition for new assets could, in turn, lead to higher valuations and product deal amounts.
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