Artificial Intelligence
Life Sciences Analytics Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)
New York, April 22, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Life Sciences Analytics Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www.reportlinker.com/p06271877/?utm_source=GNW
The recent outbreak of COVID – 19 has been contributing to the rise in demand for analytics, as there are several clinical trials that are to be expected for the upcoming vaccines for COVID – 19. In the rush to contain COVID-19, market players are rapidly developing artificial intelligence and data analytics in the life sciences sector, paving the way for the future of the technologies. Researchers have leveraged these tools to do everything from tracking hospital capacity to identifying high-risk patients, and many believe that these technologies are critical to preparing for similar situations in the future.
The COVID-19 Insights Partnership will leverage big data analytics tools to conduct research and find possible treatments for the virus. For instance, in July 2020, the Department of Energy (DOE), the Department of Health and Human Services (HHS), and the Department of Veterans Affairs had announced a new big data analytics initiative to coordinate and share COVID-19 information. Research and analysis conducted by the COVID-19 Insights Partnership will focus on the vaccine and therapeutic development and outcomes, virology, and other critical scientific topics to better understand COVID-19. Also, increasing funding to healthcare technology companies that developed mHealth apps, big data analytics, and the Internet of Things (IoT) offerings will boost global market size. For instance, in 2020, IBM and Oracle launched blockchain to integrate COVID-19 data from the World Health Organization and CDC. Technological advances facilitating information sharing and improved compliance to Health Insurance Portability and Accountability Act (HIPAA) are expected to accelerate the business growth.
Moreover, the major factors for the growth of the life sciences analytics market include the rising adoption of analytics solutions in pharmaceuticals and clinical trials, growing pressure to reduce healthcare spending, need for improved patient outcomes, and the emergence of advanced analytics methods in life science companies.
There is a rise in the use of analytics in clinical trials, as conducting clinical trials has become complex, because it involves many activities and generates high volumes of data from different systems. With the changing regulatory protocol requirements for clinical trial conduction and challenge in data collection, analyzing, and preparing a report quickly for submission to the health authority, the adoption of analytics of clinical trials is on the rise.
Analytics may help in optimizing drug discovery, improving the efficiency of clinical trials. With the huge data generated from the R&D process and clinical research, pharma companies can identify potential drug candidates with a high probability of successfully developing into drugs. Most contract research organizations (CROs) with established systems for data capture and advanced analytics are now incorporated across all systems, such as drug discovery and clinical development, which are providing real-time analysis and creating alerts to each divisions concerning safety or efficacy. The application of analytics in evaluating a potential drug candidate for clinical development may reduce the time and R&D expenditure. Several pharmaceutical companies are adopting analytics for their R&D. For instance, Eli Lilly developed a phenotypic drug discovery platform, where researchers can screen their compounds without giving intellectual property.
The real-time analysis has become more significant to pharmaceutical companies. As the payers impose value-based pricing, the health authorities are offering incentives for health outcomes. Some companies are also creating networks to collect, analyze, share, and respond to queries on health outcomes, which may lead to the rising adoption of analytics in the pharmaceutical industry. Therefore, all the above-mentioned factors may increase the application of analytics in life sciences and the related companies, and thereby, lead to the growth of the market studied.
Key Market Trends
Pharmaceutical and Biotechnology Companies is Expected to Witness the Fastest Growth over the Forecast Period
The COVID-19 pandemic has affected the market studied in a positive manner. As pharmaceutical and biotech companies are working on the development of new drugs or vaccines for this disease, they are also conducting trials for the same. Hence, as analytics is contributing to keep the track of trial results on a large scale thus creating high demand in COVID-19 pandemic. In April 2020, Henry Ford Health System incorporated a forte EDC (electronic data capture) system developed by Advarra for fast track COVID-19 clinical trial being conducted by it. It enables remote monitoring of electronic signatures and document management which is expected to accelerate the trials.?
Analytics in clinical research helps the pharmaceutical companies to analyze data, for the comparison of ongoing trials at different sites and populations, preparation of reports for submission to the regulatory authority, and for getting approvals.
The number of clinical trials has been increasing every year. For instance, as given by the National Institute of Health, in 2018, there were 293,322 clinical trial studies conducted, which increased to 325,845 in year 2019, and by the May 2020, the number of trails reached 338,568. The mentioned statistics indicates a rise in clinical trial studies and the requirement of tools to manage the data generated from these trials. Analytics in clinical trials is useful in understanding the outcome of the trial at each phase (Phase I, II, III, IV). This becomes a decisive factor in situations, such as whether to go forward with the trial or to stop the trial, submission of the clinical data report as required by regulatory authorities, at the earliest, and prevention of the delay of regulatory approval.
Moreover, in the current scenario, where there is a high competition from other major companies, analytics is found to be beneficial for the pharmaceutical and biotech industry. For instance, analytics has been helpful in accelerating the drug discovery process, optimization of the clinical trials, and to target the specific patient population more effectively.
In addition, analytics plays an important role in getting insights about the patient behavior to improve the drug delivery and effectiveness of healthcare. Hence all these above mentioned factors are contributing to the segment growth.
North America is Expected to Dominate the Life Sciences Analytics Market
The United States is the most COVID-affected country across the world. To cope with this disease, pharmaceutical companies are struggling to develop therapeutics, for which there have been several trials going on in the United States. Analytics is required to track those trails and manage the data that the companies have, which is useful in understanding the components required for new drug discovery or drug development.
The life sciences and pharmaceutical industries are facing challenges related to R&D and regulatory changes. The introduction of the Affordable Care Act (ACA) in the United States is changing the regulatory framework, increasing scrutiny, and reimbursing, based on the health outcomes. To tackle these challenges, most companies in the United States are implementing analytics on their own or are using third-party analytics services for support.
Analytics solutions are creating an impact that is providing simple reporting solutions to descriptive and predictive analytic solutions. The companies based in the United States are adopting new analytics solutions in their business, which include the analysis of clinical research data from the SAS database, helpful in early-stage drug development, analyzing adverse event incidence and reporting in clinical trials, and revenue forecasting and prediction of health outcomes. In June 2020, Oracle Health Sciences introduced Clinical One Data Collection Cloud Service. This software has the ability to integrate data from multiple source into a single platform which is further expected to improve the speed and efficiency of clinical trial studies. ?In addition in March 2020 the companies Pfizer and Saama announced a partnership to use Saama’s Life Science Analytics Cloud platform to streamline clinical trial data management, using artificial intelligence technology.
With the life sciences and pharmaceutical companies leveraging support from third-party solution providers in clinical development, trial planning, cohort building, market analytics, and patient analytics, the US life science analytics market is expected to witness high growth over the forecast period.
Competitive Landscape
The market studied is a fragmented one owing to the presence of various players. Some of the market players are Accenture, Cognizant, IBM Corporation, MaxisIT Inc., Oracle Corporation, IQVIA, SAS Institute Inc., SCIOInspire Corp., TAKE Solutions Limited, and Wipro Limited.
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Artificial Intelligence
Complyport’s new AI tool – ViCA.Chat – set to revolutionise compliance support services
LONDON, June 14, 2024 /PRNewswire/ — ViCA.Chat, the Virtual Compliance Assistant powered by AI technology, is set to transform regulatory compliance consulting. Developed by ComplyMAP Group’s AI engineers and Complyport’s compliance consulting teams, ViCA redefines compliance support services and propels governance, risk and compliance consulting into a new era of innovation.
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The key differentiator of ViCA is its specialised and purposely constructed unique databases that leverage Complyport’s 22 years of regulatory expertise, combined with tailored AI training tools, enabling ViCA to operate as an experienced compliance consultant. A dedicated human support team continuously improves and updates ViCA’s knowledge and responses through a feedback loop process and quality assurance sessions. This powerful symbiosis of AI and human expertise sets ViCA apart and ensures businesses have the latest regulatory information instantaneously and seamlessly.
As a result, ViCA’s specialised regulatory database goes beyond readily available online resources which feature into traditional AI tools. ViCA offers exclusive insights, proprietary regulatory interpretations, historical data, bespoke and purposely structured compliance documentation and templates. With advanced scraping capabilities, ViCA also extracts relevant data from selected websites and publicly available information, ensuring an up-to-date and comprehensive understanding of compliance requirements across industries.
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Artificial Intelligence
LoRa and LoRaWAN IoT Market worth $32.7 billion by 2029- Exclusive Report by MarketsandMarkets™
CHICAGO, June 14, 2024 /PRNewswire/ — The LoRa and LoRaWAN IoT Market is expected to reach USD 32.7 billion by 2029 from USD 8.0 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 32.4 % during 2024–2029, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on “LoRa and LoRaWAN IoT Market”
320 – Tables 58 – Figures294 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018-2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
Value (USD Billion)
Segments Covered
Offering, Network Deployment, Application, End User, and Region
Region covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
List of Companies in LoRa and LoRaWAN IoT
The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US).
The LoRaWAN ecosystem influences development of tools, software libraries, and cloud-based platforms that streamline the creation, deployment, and management of IoT solutions. Continuously evolving, this ecosystem boasts a burgeoning array of vendors providing LoRa-compliant devices, gateways, and network management solutions. This vibrant competition within the ecosystem propels innovation while driving down costs for end-users. Moreover, the development of interoperable solutions fosters seamless integration and deployment of LoRaWAN networks, simplifying the implementation process for businesses and organizations. As the ecosystem continues to expand and mature, it empowers developers, system integrators, and IoT enthusiasts to unleash their creativity, accelerate time-to-market, and unlock the full potential of LoRaWAN technology in diverse applications and industries.
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Based on network deployment, the public network segment to hold the largest market size during the forecast period.
The robust security features integrated into public LoRaWAN networks play a significant role in driving the growth and adoption of LoRaWAN technology in the market. End-to-end encryption ensures that data transmitted between devices and gateways is protected from unauthorized access or interception, safeguarding sensitive information such as sensor readings, location data, and command messages. Message integrity checks verify the integrity of data packets, detecting any tampering or alteration during transmission and ensuring data authenticity and reliability. Additionally, mutual authentication mechanisms establish trust between devices and gateways, verifying the identity of both parties before allowing communication to occur. These security measures provide organizations and end-users with confidence in the integrity and confidentiality of their data, mitigating concerns related to data privacy, cybersecurity threats, and regulatory compliance. As a result, implementing robust security features in public LoRaWAN networks enhances trust and credibility in the technology, driving increased adoption and market growth as organizations seek reliable and secure connectivity solutions for their IoT deployments.
By offering, the services segment is expected to hold a higher growth rate during the forecast period.
IoT service providers are pivotal in driving adoption by developing vertical-specific solutions finely tuned to the distinct needs of industries like agriculture, healthcare, logistics, and smart cities. In agriculture, for instance, IoT services offer solutions for precision farming, crop monitoring, and livestock management, enabling farmers to optimize irrigation, monitor soil health, and enhance yields. Similarly, IoT services facilitate remote patient monitoring, asset tracking, and inventory management in healthcare, improving patient care, reducing costs, and ensuring compliance with regulatory standards such as HIPAA. In logistics, IoT services provide real-time tracking of shipments, fleet management, and predictive maintenance, enhancing supply chain visibility, efficiency, and reliability. For smart cities, IoT services offer solutions for traffic management, waste management, energy optimization, and public safety, transforming urban infrastructure and enhancing the quality of life for residents. By addressing industry-specific challenges, compliance requirements, and use cases, vertical-specific IoT solutions deliver tangible business value, driving adoption and fueling the growth of the IoT services market across diverse sectors.
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Asia Pacific is expected to hold a higher growth rate during the forecast period.
In the Asia Pacific region, where agriculture serves as a cornerstone of many economies, adopting IoT technologies, particularly LoRa and LoRaWAN, is revolutionizing traditional farming practices. LoRaWAN’s long-range connectivity and low-power consumption make it well-suited for deployment in rural agricultural settings, where access to reliable connectivity may be limited. Through LoRa-based IoT solutions, farmers can implement precision agriculture techniques to address pressing challenges such as water scarcity, soil degradation, and unpredictable weather patterns. LoRa-enabled sensors facilitate real-time monitoring of soil moisture levels, temperature, and humidity, allowing farmers to optimize irrigation schedules and conserve water resources. Remote sensing technologies powered by LoRaWAN enable farmers to gather actionable insights on crop health, pest infestations, and nutrient deficiencies, facilitating timely interventions and improving overall crop management practices. Furthermore, LoRa-based crop analytics platforms provide farmers with data-driven decision support tools, helping them optimize planting strategies, improve yield forecasting, and mitigate the impact of climate change on agricultural productivity. By harnessing the power of LoRa and LoRaWAN IoT solutions, farmers in the Asia Pacific region can increase yields, conserve resources, and enhance resilience to environmental challenges, driving the adoption and growth of the LoRaWAN IoT market in the agricultural sector.
Top Key Companies in LoRa and LoRaWAN IoT Market:
The major vendors covered in the LoRa and LoRaWAN IoT Market are The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the LoRa and LoRaWAN IoT Market.
Browse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting
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Artificial Intelligence
Scoring a Seat at UEFA EURO 2024™ with Top-Performing AI-Powered TOSHIBA TV Lineup
HONG KONG, June 14, 2024 /PRNewswire/ — Football fans are in for a treat as they gear up for UEFA EURO 2024™ with Toshiba TV’s top-performing Gaming TV Z670. As the OFFICIAL TV OF UEFA EURO 2024™, Toshiba TVs present immersive viewing of the football game by their AI-powered TV lineup. To celebrate the brilliant moments it can bring, Toshiba TV are gifting USD100 Amazon Gift Card via their social platform! By simply like, follow and comment on @ToshibaTVGlobal, fans can boost their chances of scoring this prize.
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