An increasing focus on biologics, genomics, and multi-omics; the adoption of digital technologies; and a shift to patient-centric models are transforming the life sciences industry. At the same time, the emergence of value-based models, R&D activities to treat complex diseases, and healthcare consumerism provide an impetus to precision medicine. With the onset of the COVID-19 pandemic, the rate of industry transformation has only accelerated.

In addition, the COVID-19 pandemic has underscored the need for equanimity in access to diagnostics and renewed focus on direct-to-patient, decentralized diagnostics products as well as digital continuity, all of which center the patient. Another aspect changing the diagnostics industry is linking automation to digital technologies for improved efficiency and productivity.

As we approach 2023, a shift towards contract research, development, and manufacturing organization (CRDMO) business models is driving growth in pharma contract services. Also, the impact of geopolitical chaos and competitive intensity is creating growth opportunities in drug discovery and pre-clinical services, bio-processing, and agile partnership models.

Frost & Sullivan research addresses the internal challenges and industry convergence happening in the life sciences industry and enabled by digital therapeutics, novel diagnostics technologies, real-world evidence solutions, clinical trials data management services, and AI-driven platforms to enhance workflow and accuracy. In this Outlook, Frost & Sullivan identifies the 10 top growth opportunities for the global life sciences industry in 2023.