According to WHO, “Life science is the field of science in which the study of living organisms such as human beings, microorganisms, plants and animals is involved. Life science consist of biology, biotechnology, genomics, proteomics, bioinformatics, pharmaceutical and biomedical research”. The life science market deals with drug discovery, clinical trials, pharmaceutical manufacturing, and diagnosis. Innovative product development, and favorable reimbursement from government would hold key growth opportunities in life science market. Another point of opportunity is the growing awareness regarding the health care needs which would eventually increase the demand of life science products. Major trends in life science market are novel product launch, advancement in technology, and changing regulatory policies.
The key drivers in life science market are increasing aging population, rising incidence of chronic diseases, and technological advancements. Moreover, increase in research and development activities, and economic development are enhancing the growth of life science market. However, stringent regulatory policies, presence of patents and exclusivity rights, and stagnant industry growth rate are impeding the growth of life science market. In order to overcome the restrains, companies are now focusing upon launching new products and techniques in life science sector.
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