Life Science Analytics Market Trends and Insights By Type of Analytics (Predictive Analytics, Descriptive Analytics, Prescriptive Analytics), Application (Research & Development, Pharmacovigilance, Regulatory Compliance, Sales & Marketing, Supply Chain Optimization), Component (Software, Services, Hardware), Deployment Model (On-Premise, Cloud-Based) and End-User (Hospitals and Clinics, Others), Competitive Market Growth, Size, Share and Forecast to 2030
New York, USA, Nov. 16, 2022 (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 of Analytics, Application, Component, Deployment Model, and Region – Forecast till 2030”, the market is projected to reach USD 8,800 Million by 2030 at 8.75% CAGR during the forecast period 2022-2030.
Life Science Analytics Market Scope:
The standardization of clinical trials and the optimization of drug discovery are both made possible by life science analytics. In the years to come, rising demand for analytics in clinical trials increased pressure to reduce healthcare costs, and a wide range of sales & marketing applications will result in sizable revenues. Bright prospects for the global market are additionally guaranteed by the significant burden of numerous chronic conditions, the growing demand for better patient outcomes, and the development of big data within the life sciences sector.
Advanced analytics are being quickly adopted by life science organizations for use in a variety of functional areas, including supply chain, R&D projects, clinical trial design, regulatory compliance, sales and marketing, and pharmacovigilance. Big data analytics and advanced data mining techniques are being rapidly embraced by life science companies and other stakeholders in the healthcare sector in order to precisely study the population at high risk and develop market-driving strategies. Predictive analytics are being used by government and healthcare funding groups to monitor claims and avoid fraud, which is further fostering industry expansion.
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|Market Size in 2030||USD 8,800 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type of Analytics, Component, Deployment Model, Application and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Growing adoption of analytics solutions in clinical trials|
|Rising usage of large datasets in the life sciences sector|
Life Science Analytics Market Competitive Landscape:
Some of the major contenders in the worldwide market include
- 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 corporations are concentrating on expanding their global reach and introducing newer, more sophisticated solutions through a variety of techniques, including product launches, collaborations, and partnerships. Additionally, by utilizing these tactics, end users can provide healthcare that is value-based and address COVID-19, improving their position in the market.
One of the top third-party logistics (3PL) companies in North America, Kenco Group, has formally formed a Life Sciences Division, positioning the business as a significant supply chain logistics player for the healthcare industry. The present offerings from Kenco, which already include distribution, transportation, material handling, and supply chain solutions, are further expanded by this new business. In order to improve patient experiences, makers of medical devices, eyecare products, and pharmaceuticals will continue to get assistance from Kenco’s Life Sciences Division.
Life Science Analytics Market Dynamics:
The use of analytics, mostly for database construction, is quickly gaining traction in the life sciences sector. Solutions for prescriptive and predictive analytics are used to analyse future trends and results, and their rising demand is sure to boost the market’s growth potential in the years to come. The healthcare industry has seen a significant impact from social media and increased internet usage, which has boosted awareness and driven source data. This improves patient participation, and as people become more aware of these advantages, it is good for the worldwide market. Over the forecast period, the market for analytical solutions should benefit greatly from the healthcare sector’s constant pressure to reduce overall healthcare spending and enhance patient outcomes.
Life science organizations apply advanced analytics in a range of fields, including supply chain, legal compliance, R&D, clinical trials, sales and marketing, and pharmacovigilance. The market demand is further boosted by the growing usage of big data analytics and data mining techniques to identify high-risk target populations and develop the necessary strategies.
Small- and medium-sized biotech and pharmaceutical enterprises, as well as CROs with limited resources, make less use of analytics owing to high prices. This is a frequent occurrence, particularly in poor nations where funding for healthcare IT systems is constrained.
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COVID 19 Analysis
As the number of cases rises, the Covid-19 outbreak has placed a lot of burdens on the healthcare sector. In turn, this has increased the need for analytics in the life science industry. Following the pandemic, technological advancements have exploded, assisting the healthcare sector in developing cutting-edge solutions to deal with physical labour and financial constraints. For instance, IBM and Moderna are heavily utilising blockchain technologies, artificial intelligence, and cloud computing to simplify COVID-19 vaccine management.
Life Science Analytics Market Segmentation
Descriptive, prescriptive, and predictive analytics are various subtypes of life science analytics.
Pharmacovigilance, R&D, sales & marketing, supply chain optimization, and regulatory compliance are among the applications of life science analytics.
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Services, hardware, and software are the components that are covered in the report.
By Deployment Model
On-premise and cloud deployment models are both supported by the global market. On-premise software holds the top spot because it is regarded as being more user-friendly than its rival.
The end-users included include pharmaceutical, hospital and clinic chains, biotechnology and medical device firms, and more. In 2018, the hospitals and clinics segment took the largest proportion.
Life Science Analytics Market Regional Insights
The United States has established its dominance in the global market thanks to significant healthcare spending and the highly successful healthcare IT industry. The regional market is further strengthened by the escalating cases of non-communicable diseases, the increase in the senior population, and the rising use of advanced analytics. In addition, the American market gains from the nation’s strong economy and access to infrastructure and medical facilities that are state-of-the-art.
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Between 2022 and 2030, Asia Pacific is predicted to grow at the quickest rate, partly because of the rapidly increasing life sciences industry and the rising number of healthcare IT companies. The market for life science analytics may benefit from the high burden of chronic diseases, the growing usage of modern technology, and the increased focus on corporate expansion by players in emerging nations.
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