Healthcare & Life Sciences

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Medical Devices

Medical Devices That Feels Human 2024 – Bridging the gap between tech and well-being

The medical device sector is also paying greater attention to patient-centric design principles, sustainability practices and navigating an increasingly complex regulatory environment focused on safety, efficacy and ethical product development. Companies able to balance these dynamics through agile innovation, prudent financial management and sound regulatory strategies are best primed for market leadership.
The global pharmaceutical and biotechnology (pharma & biotech) industry showed remarkable resilience in 2023, recovering strongly from the temporary slowdown caused by the COVID-19 pandemic.
The adoption of new treatments remains a key driver of growth in the pharmaceutical market. However, the industry faces challenges such as patent lifecycles and increasing competition from generic and biosimilar drugs. These factors will continue to influence medicine spending and overall market growth.
Pharma Industry
Increased investments, the growth of technology startups, the expiration of several key patents, as well as increased inter-organizational collaborations and a favourable regulatory environment, are all driving innovation in the pharmaceutical industry.
The pharma industry, along with the healthcare sector globally, has been impacted in an unseen way due to the outbreak of the COVID-19 pandemic.
Increasing digitization in the healthcare industry and demand for value based care and rising cost of provision of healthcare services coupled with the increasing number of healthcare facilities will likely to accelerate the growth of the healthcare IT market.