New York, US, June 29, 2021 (GLOBE NEWSWIRE) — Life Science Analytics Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Life Science Analytics Market Information by Type, Product, Application, End-user, and Region – Forecast till 2025” the market shall procure a decent CAGR of 11.91% by 2025.
Market Scope:
Life science analytics facilitate optimization of drug discovery as well as standardization of the clinical trials. Mounting use of analytics in clinical trials, growing pressure to bring down healthcare spending and the extensive sales & marketing applications will translate into significant revenues over the years ahead. The heavy burden of various chronic disorders, surging need for better patient outcomes, and the growth of big data within the life sciences industry will also ensure bright prospects for the global market.
Market USP exclusively encompassed:
Top Drivers:
Analytics are rapidly penetrating the life science industry, used majorly for building databases. Prescriptive and predictive analysis solutions are used to analyse the future trends as well as outcomes, and their accelerated demand is bound to bolster the market’s growth potential in the coming years. Strong impact of social media and rising internet usage in the healthcare industry has driven the awareness level along with source data. This helps elevate patient engagement and the growing awareness about these benefits, has been favorable for the global market. Rampant demand in the healthcare industry to improve patient outcomes and also cut down total healthcare spending should work wonders for the analytical solutions market over the given period.
Advanced analytics are used by life science companies in a variety of specialties including supply chain, regulatory compliance, R&D activities, clinical trials, sales and marketing as well as pharmacovigilance. Soaring use of big data analytics as well as data mining techniques to detect high-risk target mass and come up the required strategies also foster the market demand.
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Market Restraints:
High costs weaken the demand for analytics among small- and medium biotech and pharma companies as well as CROs with low budgets. This is a common case especially in developing countries, where budgets allocated for healthcare IT solutions are limited.
Life Science Analytics Market Competitive Landscape:
Some of the top contenders in the global market are
- Allscripts Healthcare, LLC (US)
- Cerner Corporation (US)
- CitiusTech Inc. (US)
- Health Catalyst (US)
- Inovalon (US)
- McKesson Corporation (US)
- Saama Technologies, Inc. (US)
- Optum, Inc. (US)
- SCIOInspire, Corp. (US)
- SAS Institute Inc. (US)
- IBM (US)
- Oracle (US)
- IQVIA (US)
Major companies are focused on widening their geographical reach and launch newer, more advanced solutions via numerous strategies, such as product launches, collaborations, and partnerships. These strategies also help end users offer value-based healthcare and deal with COVID-19, thereby raising their market rankings. To illustrate, in April 2021, IQVIA introduced Connected Intelligence, which enables life science clients to explore newer insights, reach data-driven decisions, and elevate the treatment experience. This solution is an integration of the company’s healthcare analytics as well as the next-generation technologies.
Browse In-depth Market Research Report (90 Pages) on Life Science Analytics: https://www.marketresearchfuture.com/reports/life-science-analytics-market-8570
COVID 19 Analysis
The Covid-19 outbreak has posed a number of challenges on the healthcare industry, burdening it as the number of cases escalate. This in turn, has raised the demand for analytics within the life science sector. Technological innovations post-pandemic have surged and have helped the healthcare industry come up with advanced solutions to address physical limitations of labor and capital. For instance, IBM and Moderna are making extensive use of cloud computing, blockchain solutions and artificial intelligence to facilitate COVID-19 vaccine management.
Market Segmentation
Life Science Analytics industry has been divided into analytics, application, component, deployment model, and end-user.
Different life science analytics types are descriptive analytics, prescriptive analytics, and predictive analytics.
The applications of life science analytics are pharmacovigilance, research & development, sales & marketing, supply chain optimization and regulatory compliance.
The component discussed in the report are services, hardware, and software.
With respect to deployment model, the global market caters to on-premise as well as cloud. The leading position belongs to the on-premise segment as it is considered more user-friendly than its counterpart.
The end-users listed are biotechnology & medical device companies, pharmaceutical, hospitals & clinics, and others. Hospitals & clinics segment seized the biggest share in 2018.
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Regional Analysis:
Large-scale healthcare expenditure and the emergence of the healthcare IT sector have sealed Americas’ lead in the global market. Surging use of advanced analytics, booming geriatric populace and the rising cases of non-communicable diseases also add to the market strength in the region. Besides, the American market also benefits from the high economic status, and the availability of highly developed medical facilities and infrastructure.
Asia Pacific is set to race ahead at the fastest pace between 2020 and 2027, largely owing to the fast-expanding life sciences sector and the soaring number of healthcare IT firms. Heavy burden of chronic diseases, escalating use of modern technologies, and the rising emphasis on expanding businesses by the players in emerging countries can favor the life science analytics market in the future as well.
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