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Life Science Analytics Market Report 2021: North America Accounted Largest Revenue Share of 51.7%

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Life Science Analytics Market Report By Type, By Component, By Application, By Delivery – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030.

The global Life Science Analytics market size is expected to be worth around US$ 23.2 billion by 2030, according to a new report by Vision Research Reports.

The global Life Science Analytics market size was valued at US$ 10.2 billion in 2020 and is anticipated to grow at a CAGR of 9.9% during forecast period 2021 to 2030.

In this study, the years considered to estimate the market size of Life Science Analytics are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

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Growth Factors

Rising applications of advanced analytics in life science applications and increasing demand from the pharmaceutical and medical device industry are the major parameters driving the market. Analytics are used widely used in the life science analytics industry to assess risk, assessment of the effectiveness of clinical trials, provide personalized medicine, develop faster and more productive research and development pipeline, forecasting profits, budgeting, controlling product price, and predict virus evolution.

The rising adoption of big data and artificial intelligence in the healthcare sector is estimated to drive the market during the forecast period. A survey conducted by Applied Clinical Trials in 2016 depicted that 58.0% of the clinical trials industry professionals consider big data in clinical trials as extremely important while 32.0% considered it moderately important. Furthermore, the growing impact of social media on the healthcare sector is fueling the growth of the market. As of 2016, the CDC has 18 Facebook profiles with a reach of 370,000 populations; a YouTube channel with over 8.8 million public views; 13 blogs; LinkedIn accounts; mobile apps, and many other reaches through social networking. The concept of social media is enabling the organizations to facilitate the integration of multiple information in a platform, rationalize the cost, & better target the providers and consumers (or patients).

mHealth, Electronic Health Records (EHR), eHealth, and mobile applications along with artificial and human intelligence data analytics are offering opportunities for customization of medical approaches, which in turn is increasing demand for data analytic tools in the life science industry over the forecast period. According to the Personalized Medicine Coalition, the number of drugs manufactured by personal medicine approaches has grown by 62% since 2012. Moreover, strategies adopted by key players such as partnerships, product launches, collaborations, mergers & acquisitions, and government initiatives are further boosting the market. For instance, in April 2016, IBM acquired Truven Health Analytics, a leading provider of cloud-based healthcare data and analytics, to strengthen its Watson Health portfolio. This was expected to give the company access to over 8,500 clients of Truven Health Analytics.

Report Highlights

the services segment accounted for the largest revenue share of 56.3% in the market. Owing to the increasing penetration of analytics services, such as social media analytics, preventive maintenance, manufacturing process, predictive life science analytics for medical devices, and benchmarking services, the services segment held the majority market share. The services market is anticipated to grow at a lucrative rate, as there is a prevailing trend of outsourcing these services. As healthcare companies lack in resources and skill set required for the deployment of analytics, these services are outsourced. The outsourcing can be a short-term project-based, or it can be a long-term contract.

The software in the life science analytic system can perform critical functions including data capture, interpretation, storage, and analysis. Periodic up-gradation of this software is necessary to be in sync with the latest analytics methods. IBM, Oracle, and SAS are the key software vendors in the industry. This software is generally made specific to a particular industry and thus, they require a large amount of capital investment initially in order to implement the usage of the software across the entire network system.

In 2019, the sales and marketing support segment accounted for the largest revenue share of 34.4% in the market. This is due to the high penetration of life science analytics in various marketing and sales applications such as tracking market spending, measuring marketing ROI, and forecasting sales based on historical sales data. By adopting life science analytics, pharmaceutical companies can understand new markets for their products, identify effective distribution channels, understand the performance of sales representatives, identity patient trends, and identify emerging markets to develop effective marketing strategies.

Through analytics, life science companies are effectively planning promotional activities, understanding niche customer segments, and understanding the return on investment of their marketing activities. Analytics helps in producing the right communication messages to target patients and supports sales efficiency. According to the Content Marketing Institute survey released in 2012, 23.0% of the marketing budget is spent on content marketing activities. Multiple applications of life science analytics in the sales and marketing sector are one of the key attributes for the growth of this segment.

However, the R&D segment is anticipated to grow at the fastest rate over the forecast period. Increasing R&D cost, decrease in innovations, and the impact of digitalization in research and development are amongst the few factors expected to boost the usage of life science analytics in research and development activities to improve its productivity. Moreover, deterioration of patient health outcomes and the falling number of FDA approvals are some of the factors that are anticipated to grow the investment by the private players in R&D applications.

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The on-premises segment accounted for the highest revenue share of 50.8% in the life science analytics market. This is due to the advantages offered such as reduced costs, power consumption, and maintenance along with the high penetration of on-premises deployment systems. However, the on-demand segment is expected to be the fastest-growing segment owing to the growing need for on-demand deployment to reduce the overall cost incurred in the server and also to get customized services according to the business requirements.

According to a report published by INAP, a cloud solutions provider, 9 out of 10 organizations are expected to move workloads to off-premises by 2022. Furthermore, according to a survey conducted by Healthcare Information and Management Systems Society analytics, 83% of the pharmaceutical companies are using cloud computing technologies. This, in turn, is estimated to drive the growth of the on-demand segment in near future.

In 2019, the pharmaceutical segment dominated the market and accounted for the largest revenue share of 47.9%. This is attributed to the rising applications of life science analytics in the pharmaceutical sector such as drug discovery, reduction in clinical trials, sales and marketing, and risk management. According to the International Federation of Pharmaceutical Manufacturers and Associations, the cost of development of new pharmaceutical products has increased to USD 2.6 billion from USD 179.0 million in 1970.

The rising cost of research and development and low return on investment in pharmaceutical research and development is negatively impacting pharma R&D. Analytics can aid in decreasing the time and cost of new drug discovery. This in turn will drive the pharmaceutical segment in the market. The growing need for cloud-based mobility services and solutions in pharmaceutical companies owing to rationalized internal cost, regulatory compliance, R&D processes, customer services, and marketing/sales activities is one of the factors anticipated to boost the market during the forecast period.

descriptive life science analytics was the most widely used analytical tool and thus, held the largest revenue share of 36.0%. Descriptive life science analytics technology is inclined towards the conversion of raw data into interpretable information. Descriptive life science analytics creates conclusions on what has happened in the market in the past, and this helps in understanding past behavior of consumers and factors that influence market dynamics, which in turn help in building critical queries. This process usually involves data mining and aggregation and has become a fundamental offering of all analytics companies.

The descriptive life science analytics segment is expected to witness rapid growth in the market, owing to the large customer pool that is interested in understanding the current market scenario. Moreover, the cost associated with purchasing descriptive data or reports is comparatively lower than that of predictive or prescriptive life science analytics, owing to which these reports can be purchased by stakeholders across the market spectrum.

the predictive life science analytics segment is expected to grow rapidly during the forecast period. This is attributed to the rising applications of predictive analytics in life science, such as forecasting pharmacovigilance workload, budget estimation, forecasting adverse events, EHR, and health outcome analysis. According to a survey conducted by the Society of Actuaries (SOA), 60.0% of payers and providers increased their spending on predictive life science analytics in 2019. Also, 42.0% of the executives who adopted predictive life science analytics have reported improved customer satisfaction, according to the same survey. This, in turn, will drive the predictive life science analytics segment in the life science analytics industry.

North America dominated the market and accounted for the largest revenue share of 51.7%. Some of the major factors contributing to the growth of the market in the region are the presence of supportive government policies for deployment of telehealth, availability of sound IT infrastructure, and high digital literacy. For instance, in Canada, The Centre For The Future Of Health (CFH) promotes “Digital Health” with an aim to integrate information technology, including electronic communication tools, into healthcare networks to facilitate the delivery of high-quality care. This is likely to enhance data aggregation and life science analytics. In addition, the pressure to curb the rising healthcare expenditure in this region has resulted in increased adoption of life science analytics.

the U.S. held a market revenue share of 86.5%. Various initiatives being undertaken by government and non-government organizations have led to increasing penetration of life science analytics in the U.S. For instance, the National Health Information Technology (HIT) initiative in the U.S. promotes the adoption of healthcare IT that includes interoperability, privacy & security, and collaborative governance. In addition, the stage-3 of the ‘Meaningful Use’ EHR incentive program commenced in 2015 and is aimed at promoting advanced use of EHR systems and HIT in healthcare to facilitate the delivery of value-based care. Such measures promote data collection, and data sharing & interoperability. This, in turn, is expected to positively impact the market.

Key Players

  • Accenture
  • Cognizant
  • IBM
  • Oracle
  • SAS Institute, Inc.
  • Wipro Limited
  • IQVIA
  • TAKE Solutions Limited

Market Segmentation

  • Type Outlook
    • Reporting
    • Descriptive
    • Predictive
    • Prescriptive
  • Component Outlook
    • Software
    • Services
  • Application Outlook
    • Research and Development
    • Sales and Marketing
    • Regulatory Compliance
    • Supply Chain Analytics
    • Pharmacovigilance
  • Delivery Outlook
    • On-demand
    • On-premises
  • End-user Outlook
    • Medical Devices
    • Pharmaceutical
    • Biotechnology
    • Others
  • Regional Outlook
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Italy
      • Spain
    • Asia Pacific
      • Japan
      • China
      • India
      • South Korea
    • Latin America
      • Mexico
      • Brazil
    • Middle East & Africa
      • South Africa
      • Saudi Arabia
      • UAE

Reasons to Purchase this Report:

– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market

Buy this premium research report (USD 3500), click here@ https://www.visionresearchreports.com/report/cart/37737 or call: +1 9197 992 333

Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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