As the commercial space industry evolves, few sectors will be untouched by its technological advances. Commercial space is moving quickly along its inevitable trajectory from sci-fi to business reality, as pioneering companies around the world pursue vast potential markets for space-enabled connectivity, space resource extraction, space tourism and more. Barely a week goes by without the mainstream media marking another step in the space tourism journey; sector cheerleaders speak of a ‘new industrial revolution’. While hype is inevitable and real obstacles remain, it is clear to most observers that commercial space has entered a new era — viability is finally catching up to ambition. With that in mind, the time is right for other sectors to pay attention.
As the new space economy continues to evolve, all businesses need to consider the growth opportunities it has to offer. Those organizations that seize such opportunities today will be best positioned to capitalize on the growth we expect in coming years. Life sciences and healthcare businesses have much to gain from unearthing the hidden value at the intersection of space, technology and their own ambitions, but actually doing so will be challenging. Management teams will need not only a dynamic awareness of the space sector’s evolving technological possibilities, but the vision to proactively identify those most relevant to their customers and stakeholders.
