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.