Life science analytics is a method of capitalizing on large data to improve global collaboration based on correct clinical research data. Life sciences analytics aids in the standardization and validation of clinical trial data. Life science analytics aids in the standardization and validation of Clinical trial data. Advanced analytics assists in the initial detection of potential risks as well as the proactive management of those risks.
The breakdown of coronavirus has led to a humongous influx of patients to healthcare facilities on a regular basis. This led to a significant shortage of various essential services such as basic medical pieces of equipment, healthcare workers, and hospital beds. The integration of EHR with other healthcare IT solutions like online prescribing facilities and telemedicine is assisting healthcare workers and providers in generating a strongly interconnected network ensuring the use of HCIT in order to diagnose and prescribe medications to those who require it. Rising covid cases, insufficient healthcare providers, and the dire need for more patient data management are expected to have a positive impact on the growth of life science analytics.
The market stood at USD 22.1 billion in 2020 and is expected to rise at a CAGR of 13.7%. It is forecast that it will reach 42.0 billion by 2025. Primary reasons pushing sector’s growth are technological upgradations, humongous data requirements in the science industry, increasing adoption of analytics solutions in clinical trials, rising adoption of analytics for sales and marketing applications, the requirement of improved data, rising prevalence of chronic diseases, continuous rising pressure oh healthcare system and the need for better healthcare services.
The market is highly competitive where multiple new startups are trying to make space for themselves while mid-tier making efforts to increase their market share and big players entering new markets and working on technological advancements. In March 2020, Infosys strategically partnered with IBM aiming to boost the digital transformation of multiple enterprises by implementation the public cloud by IBM. It is meant to transform the enterprise, modernize the technology and store public data on the cloud system.
In the past few years, pharmaceutical companies have been shifting towards digitalization and making active efforts as they believe it can potentially support changing variety of components of their value chain in order to become more productive and profitable. Latest technologies such as mobility and pervasive computing, big data, and analytics, companies can actively make up-gradation to their R&D productivity. Manufacturing capacities, sales, and marketing efficiency along with compliance management. Manufacturing departments use life science analytics to integrate and operate data in the most efficient manner.
Precision medicine is the use of an individual's genomic data to develop personalized medicine. Advanced analytics and predictive modeling applications can help organizations treat each patient individually in order to achieve the best possible results. Analytics has been increasingly used to develop personalized medicine, primarily for cancer and diabetes, over the years. Various organizations are receiving grants to develop personalized medicine based on big data solutions in order to develop analytics-based solutions for precision health.
By Delivery Model
On the basis of geography, the world can be divided into 4 different parts- North America, Europe, Asia Pacific, and the Rest of the world. As of 2019, North America accounted for the largest market share with Europe being in the second position. Unlike the past few years, Asia is forecasted to witness the highest CAGR during the forecasted period. Major reasons to support these statements are the rising cases of chronic diseases, the rise of the life science industry, increasing awareness of advanced technologies, and increasing attempts by top players to capture more market share. Asia is a perfect market as you get a large sample size to support all your life science analytics and with multiple emerging economies there is a big market to cater to.
The life science analytics sector has been witnessing slow but steady growth. Pandemic has given a required push to this sector needed. With rising chronic diseases, shortage of healthcare providers, and lack of hospital beds, a lot of private players and governments have been focusing on their planning process and thus the need for constant evaluation and latest data has arisen. This sector is sure to witness growth in the forecasted period with many new startups coming in and big players adopting new methods. Technological advancements have been a major pushing factor as they can provide the latest data efficiently and helps reading it the easy way. The healthcare sector has witnessed a lot of changes since the outbreak of coronavirus and thus it is important to have a constant check on future possibilities. North America had the highest market till 2019 but the picture is expected to change in the forecasted period with Pacific Asia leading the charge and helping in the growth of the sector.