Amazon, Google, Apple to drive life sciences market to $1.5T by 2022, report says

Partnerships between healthcare organizations and technology giants will propel the global life sciences market to $1.5 trillion by 2022, according to a Frost & Sullivan report.

Advancements in healthcare digitization, healthcare consumerism, big data analytics and value-based care reimbursement models will help push the industry toward the $1.5 trillion milestone, according to the market research company.

Many of these trends sit at the intersection of healthcare and technology, with pharmaceutical researchers deploying artificial intelligence and cloud technologies, pathology labs adopting health analytics, and research labs increasing their spending on "smart" genomics.

"The scope for synergies among disciplines is attracting big tech companies such as Google, Amazon, Facebook, Apple to the life sciences industry," Unmesh Lal, program manager for transformational health at Frost & Sullivan, said in the market research company's July 5 statement.

To access Frost & Sullivan's Global Life Sciences Industry Outlook report, click here.

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