Innovation

Digital health technology is experiencing a period of unprecedented growth and innovation. The global digital health market is projected to expand from $309B in 2023 to $1,019B by 2032 with a Compound Annual Growth Rate (CAGR) of 12%. Europe is reportedly the largest market, while Asia Pacific is the fastest-growing region. Although many factors contribute to this significant market growth, advancements in robotics, artificial intelligence, and remote monitoring devices stand out as primary driving forces.

Life science companies seeking FDA approval must not only establish a new medicine’s efficacy but also comply with rigorous safety protocols and procedures. The process is time-consuming and costly: the financial burden associated with developing and securing market approval for a new compound is estimated at $2.5 billion and can take over a decade, with failure possible at any stage in the process. Seeking to reduce the staggering cost and accelerate the approval time frame, many researchers are exploring an exciting, new methodology as an alternative to traditional pre-clinical studies: "organ-on-a-chip"

It is no surprise that one of the most impactful health stories of 2023, as reported by Scientific American, is gene therapy, specifically the approval by the U.S. Food and Drug Administration (FDA) of a groundbreaking gene therapy treatment for sickle cell disease using a novel genome editing technology called CRISPR.

AI appeared to burst onto the scene in early 2023 and seems to be everywhere, all at once. In reality, AI technology has been integrated into our daily lives for a number of years, most visibly as experienced through the virtual assistants, Siri and Alexa, and its use in medical diagnostic software systems.