As of 2019, the total revenue of the Life Sciences industry presents USD 1.8 trillion.
And it is poised to grow through 2024.
While the actual market for language services within Life Sciences is but a fraction of this figure, this is an appealing industry localization services providers (LSPs) should seriously contemplate getting into.
Here is a breakdown of the different subsegments of the Life Sciences market and how much they represent.
Life Sciences market size today and in 2024
Why is the Life Sciences market growing?
- Globalization: Access to medicines across the world is increasing as a result of changing pricing policies.
- New machines and drugs: New treatments addressing previously unmet health needs are seeing the light of day, spurring further innovation in technology and development of new drugs.
- Big Data & technology go viral: Analytics, artificial intelligence (AI) and blockchain are being exploited more and more. Tech giants such as Amazon, Apple, and Uber are moving into healthcare and Life Sciences, disrupting the playing field and creating new opportunities in their wake.
- Patient centricity: A shift to personalized healthcare is happening, and there is a need for platforms delivering it to patients (literally) on their doorstep.
- Populations are aging: There is no shortage of need for medical services as the world population keeps growing older.
Until someone finds a cure against old age and all the medical conditions ailing us, look for Life Sciences to remain an appetizing pie for bold LSPs that have developed pointed technical know-how.
The full report on Life Sciences is available to Nimdzi Partners.
Nimdzi Finger Food is the bite-sized insight you need to fuel your decision-making today.
30 October 2019
Tags: Biotechnology, CROs, Life Sciences, Life Sciences segments, Medical devices, Pharmaceuticals
