OTTAWA, Feb. 11, 2021 (GLOBE NEWSWIRE) — The global life science analytics market size accounted at US$ 7.57 billion in 2019 and is expected to reach around US$ 18.12 Billion by 2030, expanding at a CAGR of 8.25% from forecast period 2021 to 2030.
Health care and life sciences analytics is a process of clinical data analysis that offers predictive tools for improved patient care. Analytics play a lead role in the development of various sectors like healthcare, microbiology, and others. The role of analytics in life-science is increasing day by day. The analytics assist the life science firms to transform the raw data into the meaningful insight of life sciences. The data is further utilized by the professionals for the benefit of the patients. Life science analytics helps in the development, discovery, and manufacturing of advanced therapies. Associated courses assist in the firm and government organizations. Life science analytics work on the study which is reported in the form of descriptive, predictive, reporting, and prescriptive based study. Major end-users of these services are medical devices, biotechnology, pharmaceuticals, and others.
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What are the Growth Factors?
The growth of the market is mainly associated with its application of advanced analytics. Recently, a high growth rate is seen in the healthcare and medical device sector which directly promotes the growth of the life science analytics market. The use of artificial intelligence and big data analytics is increasing day by day in the healthcare sector, which is also considered as one of the major driving factors which promote the growth of the market. Life science analytics sector is keen to focus on current risks and opportunities for industries.
Technology plays a leading role in current and future development. Rising demand from the end-user industry, especially from the pharmaceutical sector, create prime importance which helps in promoting the growth of the market. However, high cost of implementation followed by a lack of skilled workforce in the area of analytics considered as one of the major restraining factors which affect the growth of the market. Nonetheless, in-depth usage of precision medicine will bring huge growth opportunities within the forecast period.
- In 2020, descriptive analytics played a lead role in the area of life science analytics market. The same segment occupied the largest share of the revenue generated by global market
- Customers are looking for the best solution from the service providers. In order to obtain operational excellence in the field of healthcare service plays a lead role.
- Based on component type, services segment held the largest market stake in the year 2020.
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North America dominated the global life care analytics market. In the United States, life science analytics play a major role in managing the decision of the healthcare professionals. The firm specialized in the direct transformation program on the large scale. Continuous expansion of the healthcare system is one of the major driving factors for the growth of the U.S. market. The huge capacity of spending followed by increasing economic power in the region is also considered the prime factor for the adoption of the medical device companies. The rising entry of public and private partnerships in the domestic market is a key factor for the market. Countries like Germany, France, and the U.K. in Europe capture the major market share.
The rising penetration of IoT things followed with cloud computing services driving the European market. Increasing the data adaptability approach in Latin America is a key factor that promotes the growth of the market. Middle East countries are also showing keen interest in the area of technological adaption.
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Key Players & Strategies
From the past decade, it is observed that investors are keen to focus on development of the life science care analytics market. The healthcare sector putting forth print in the investment of analytics and other data related apps. With interviews, the top CEOs confirmed that they have trust in the accuracy of predictive analytics. Deloitte played a lead role in the area of analytics, by doing the survey on the regular basis. IBM Watson Health a multibillion-dollar firm provide cloud-based data analytical platform. IBM translates the data into meaningful insights. Per the research, it is observed that 84% of the market leaders considered analytics as a key tool to analyze the upcoming challenges in the healthcare sectors. Recently, the pandemic of the COVID 19, underpinned the importance of analyzing future with various upcoming risk perspectives. With a slow economic recovery, data plays a lead role in the fighting against upcoming challenges.
Some of the players of life sciences analytics market include Agilent Technologies, Inc., Thermo Fisher Scientific, Inc., Illumina, Inc., Philips Healthcare, GE Healthcare, Becton, Dickinson and Company, QIAGEN N.V., Roche Diagnostics, Abbott Laboratories, Inc., Siemens Healthcare, C.R. Bard, Inc. and Others.
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Diagnostic Analytics
- Discovery Analytics
By Component Type
By Delivery Model
- On-premise model
- On-demand model
By Application Type
- Research & Development
- Preclinical Trials
- Clinical Trials
- Sales & Marketing
- Regulatory Compliance
- Supply Chain Optimization
By End Users Type
- Pharmaceutical & Biotechnology Companies
- Medical Device Companies
- Research Centers
- Third-party Administrators
By Regional Outlook
- North America
- Asia Pacific
- Southeast Asia
- Middle East and Africa
- North Africa
- South Africa
- Rest of MEA
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