The Life Sciences Sector covered the operational areas in the Research, Development & Manufacturing of Pharmaceuticals, Biotechnology – based Medicines, Medical Devices, Biomedical Technologies, Nutraceuticals, Cosmeceuticals and other areas that improve the lives of organisms.
Pharmaceutical companies develop and distribute medicines to cure, treat or prevent diseases and conditions. Pharmaceutical companies may produce generic or innovator medications.
In the year 2019, the global pharmaceutical industry made an estimated business worth $1.3tn. The top pharmaceutical companies had a significant share in the industry's growth with innovative new product launches.
Biotech firms use the natural processes of living organisms to manufacture products, food and medicinal products or solve challenges.
The global biotechnology market size was estimated to value at $449bn in the year 2019 and is expected to be worth $727.1bn by 2025.
Medical device companies develop and manufacture medical and surgical instruments that can be used to diagnose, prevent, monitor, and treat medical conditions. A medical device can be an instrument, machine, implant, apparatus, software or a combination of these all.
The complex unmet patient needs drive the growth of the medical device industry. In the year 2019, the global medical devices market was worth nearly $456.9bn, with top medical device companies are contributing mainly with the release of new technologies. The leading tech giants such as Google and Apple have started making big strides in this area. The tech giants are leveraging their core strengths to develop 'Software as a Medical Device'.
Contract research organizations (CROs) or contract manufacturing organizations (CMOs), sometimes called Contract Development and Manufacturing Organizations (CDMOs), play a critical role in supporting the pharmaceutical, biotech and medical devices industries. CROs and CMOs support clients’ efforts to research, test, refine, manufacture and market drugs, drug products and medical devices.
The contract research organizations (CRO) business value was estimated at $35.1bn in 2018 and is expected to reach $50.7bn by 2025. The top CRO companies are extending companies' capabilities and global reach through mergers and acquisitions, making the CRO marketplace increasingly competitive.