2023 Life Sciences Mid-Year State of the Market Report

2023 Life Sciences Mid-Year State of the Market Report

Download the 2023 Life Sciences State of the Market Report

In 2023, the life sciences sector will continue to thrive due to ongoing innovations, increased demand, and remarkable growth. The positive outlook is further augmented by a receptive insurance market, demonstrating a willingness to offer ample capacity to support the industry’s needs. Nevertheless, sustained growth requires vigilant monitoring of the shifting landscape to identify emerging opportunities and potential risks that influence both the life sciences domain and carrier capacity.

Recovery from the COVID-19-induced slowdown has led to a resurgence in elective medical procedures, thereby driving a surge in sales of products essential for these surgeries. This upward trajectory is expected to persist, contributing significantly to the industry’s expansion.

Even before the pandemic, decentralized clinical trials (DCTs) were gaining ground; however, their prominence escalated in response to COVID-19, and this trajectory appears poised for long-term continuation. DCTs involve patient participation at local sites for enhanced convenience, minimizing or eliminating the need for centralized testing facilities. Leveraging telemedicine, wearables, and local healthcare providers, these trials are conducted remotely rather than requiring patients to visit a specific clinical center. This approach offers multifaceted advantages, including improved patient accessibility, trial efficiency, and quicker trial completion. However, it is imperative for trial sponsors to mitigate the associated risks of DCTs by meticulously establishing protocols for data collection and security, maintaining investigator oversight, and prioritizing participant safety.

As we navigate these dynamic shifts in the industry landscape, staying attuned to these trends and challenges will be paramount for sustaining growth and advancing the life sciences sector.  Learn more about this emerging sector in our 2023 State of the Market Report.

 

Comments are closed.

Table of Contents

Recents Post
Renewable Energy SOTM (1)
2024 Renewable Energy State of the Market Update
Congratulations web Header - New '24 (1600 x 900 px) (3)
Samantha Money Promoted to Partner!
Congratulations web Header - New '24 (1600 x 900 px) (1)
Laura Noderer Promoted to Senior Advisor!

This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. The content of this document is made available on an “as is” basis, without warranty of any kind. Baldwin Risk Partners, LLC (“BRP”), its affiliates, and subsidiaries do not guarantee that this information is, or can be relied on for, compliance with any law or regulation, assurance against preventable losses, or freedom from legal liability. This publication is not intended to be legal, underwriting, or any other type of professional advice. BRP does not guarantee any particular outcome and makes no commitment to update any information herein or remove any items that are no longer accurate or complete. Furthermore, BRP does not assume any liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. Persons requiring advice should always consult an independent adviser.

Baldwin Risk Partners, LLC offers insurance services through one or more of its insurance licensed entities. Each of the entities may be known by one or more of the logos displayed; all insurance commerce is only conducted through BRP insurance licensed entities. This material is not an offer to sell insurance.

Get in contact with an advisor today to see how BKS can support you.