Life Science Product Development: Looking Back, Moving Forward
Life science tools encompassing diverse equipment and technologies used in biology, chemistry, and medicine are pivotal in advancing drug development, diagnostic tests, and therapies.
Amidst increased competition, regulatory shifts, and rising healthcare demands, life science companies have continued to innovate, resulting in more accurate and efficient results and products. These advancements significantly contribute to the industry's revenue growth, valued at USD 137.96 billion in 2022, capturing a dominant share of the healthcare segment at over 30.07% in 2021 (Source: Vision Research Reports).
Over the past few years, we've leveraged technological advancements to drive development, explored new frontiers, and crafted successful product designs within the life sciences industry. Below is an outline of those projects and experiences.
Notable Trends in Life Science Product Development
Success in the life science industry lies in precision and efficiency. Notable trends over the past few years include:
Optimizing Supply Chain Strategy (See #2)
Leveraging Data in Development (Scott Thielman interviewed in MassDevice)
“There’s a lot of depth to life sciences, and we’re just scratching the surface. Mother nature has a lot more to offer us. What comes to mind as over the horizon is the merging of life sciences and data science — how we’re analyzing the data now is beyond what was possible before. We’re getting away from human bias. We can really get some cool new insights into the general mechanisms of biology and disease.”
-Nick Geiss from Curi Bio on the future of life science tools
New Frontiers in the Life Sciences Industry
Emerging trends shift towards collaborative breakthroughs, patient-centric design, and a commitment to expanding innovation to underserved communities.
Another great piece on Life Science Ecosystems from Ernst & Young Global
Life Science Tools and UX Design: 4 Opportunities and Challenges in 2024
Expansion of innovation in rural and underserved communities
“As an industry, what’s been interesting to me is that I see and feel greater collaboration between companies… everyone jumping in to solve problems due to a focus on human health . . . Regular people are now talking about biology, which makes our industry compelling in a way it’s never been before. Today, not just one person has to win… the spaces are so big, and the problems are so complex. We can collaborate, focusing on our specific part of the workflow and the biological answer.”
-Melissa Sherman from MOBILion Systems on the future of life science tools
A Snapshot: Life Science Product Development Expertise
Curi Bio’s Lab Instrument - Life Science User Experience Design
DeviceConnect: Next Gen Life Science Tools (a panel of PNW life science entrepreneurs and experts)
The life sciences industry is geared towards ongoing innovation and efficiency in product development. As we look ahead, this commitment goes beyond technical advancements to include ongoing collaboration, user-friendly design, and an emphasis on improving patient experiences.