Top 10 Life Science Market in Q4 2024 | SkyQuest Technology
Robust investments in life science research and development have allowed the life science industry to flourish impressively in recent years. Growing spending on healthcare and rising demand for novel life science technologies are also contributing to the bright outlook of all markets involved in the life science sector. Use of advanced digital technologies such as artificial intelligence and advancements in genomics are paving the way for a better tomorrow. Let’s have a look at the top 10 markets to watch out for in the life sciences space going forward.
Advanced Wound Care Market:
Use of advanced dressings, smart sensors, and bioengineered tissues is projected to be a major trend for the advanced wound care industry in the long run. Rising surgical procedure volumes are also expected to bolster the demand for advanced wound care at a modest 5.4% CAGR from 2024 to 2031. Hospitals are expected to spearhead the global advanced wound care demand outlook going forward.
Telemedicine Market:
Use of artificial intelligence-powered technologies is estimated to redefine the future of telemedicine as AI-powered clinics become commonplace in the future. Rising demand for remote patient monitoring and care coupled with rapid digitization of the healthcare industry are slated to bolster telemedicine market growth going forward. Demand for telemedicine is expected to rise at an impressive 17.95% CAGR through 2031.
Digital Therapeutics Market:
Integration of digital therapeutic offerings with electronic health records (EHRs) to enhance medical delivery will be a crucial trend for digital therapeutics providers. Surging use of smart medical devices and smartphones is also expected to be a key catalyst for digital therapeutics demand around the world. The digital therapeutics market is estimated to attain a USD 13.72 billion valuation in 2031.
Digital Pathology Market:
Development and launch of cloud-based digital pathology platforms will be a crucial trend as demand for scalable and affordable healthcare solutions rises. Increasing emphasis on improving workflows in the digital pathology space and growing use of artificial intelligence are expected to boost the adoption of digital pathology going forward. Demand for digital pathology around the world is predicted to rise at a high 7.8% CAGR through 2031.
Dietary Supplements Market:
Providing dietary supplements in better delivery formats and expansion of sales via e-commerce platforms will be key trends for dietary supplement companies in the long run. High health consciousness and efforts to improve lifestyles around the world are boosting sales of dietary supplements. The dietary supplements industry is estimated to attain an impressive valuation of USD 283 billion in 2031.
Medical Devices Market:
Development of wearable medical devices and telemedicine-enabled medical devices are expected to be prominent trends for the future. Advancements in medical devices and electronics technologies are shaping the medical device demand outlook. Sales of medical devices around the world are projected to amass a worth of USD 898.91 billion in 2031.
Molecular Diagnostics Market:
Growing demand for rapid diagnosis is promoting the need for point-of-care testing thereby boosting the demand for portable molecular diagnostics devices. High incidence of genetic disorders and surging prevalence of chronic disorders are driving up the adoption of molecular diagnostics. The molecular diagnostics market is estimated to expand at a stellar 11.4% CAGR from 2024 to 2031.
Biomaterials Market:
Emphasis on reducing toxic medical waste is expected to boost the adoption and demand for biodegradable biomaterials in the long run. The global biomaterials industry is forecasted to evolve at an astronomical CAGR of 15.4% from 2024 to 2031. Rising use of implants and growing use of biomaterials in plastic surgery and wound healing applications are driving market growth.
Sports Medicine Market:
Use of regenerative medicine to promote better recovery and regeneration for sports injuries is estimated t be a popular trend for sports medicine companies going forward. Sales of sports medicine are estimated to bring in a revenue of USD 12.04 billion in 2031. Rising participation in sports and the increase in sports injuries are slated to bolster the demand for sports medicine over the coming years.
Medical Tourism Market:
The medical tourism market is forecasted to expand at a phenomenal 19.2% CAGR across the study period (2024 - 2031). Rapid globalization and surging demand for better quality healthcare among patients around the world is uplifting the demand for medical tourism. Integration of digital health technologies and collaborations between travel agencies and healthcare establishments are expected to be prominent trends defining the future of medical tourism.
The world of life sciences and healthcare is witnessing some major changes, and this is what makes all the markets highly opportune in the last quarter of 2024. Organizations looking to make a mark in the life sciences industry should target these markets and make the most of the last quarter of 2024 and set themselves up for a stellar start to 2025. Find more details of these markets and gain a deeper understanding of the life sciences industry from reports at Skyquest.
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