Burlingame, Jan. 23, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global life sciences analytics market is estimated to be valued at US$ 9,324.2 million in 2022 and is expected to exhibit a CAGR of 8.1% during the forecast period (2022-2030).
Analyst’s Views on Global Life Sciences Analytics Market:
Increasing coordination among government bodies, sharing research, expertise, and other information related to health is expected to drive the growth of the global life sciences analytics market over the forecast period. For instance, on July 28, 2020, the U.S. federal government department such as the Department of Energy (DOE), Department of Health and Human Services (HHS), and Department of Veterans Affairs (VA), announced the creation of COVID-19 Insights Partnership, a collaboration to organize and share health information, research, and experience to help in the COVID-19 fight. With the help of the COVID-19 Insights Partnership, HHS and VA have a framework for utilizing DOE's high-performance computing (HPC) and artificial intelligence resources to undertake COVID-19 research and analyze health data that would not otherwise be possible
Key Trends and Analysis of the Global Life Sciences Analytics Market:
Need for improved data standardization is expected to drive growth of the global life sciences analytics market. For instance, in June 2020, Oracle Health Sciences introduced Clinical One Data Collection Cloud Service. This software can integrate data from multiple sources into a single platform, which in turn helps improve the speed and efficiency of clinical trial studies.
Driver -:
Increasing prevalence of non-communicable diseases across the globe augment the growth of market size
According to the factsheet published by World Health Organization, in 2022, Non-communicable diseases (NCD) kill 41 million people each year, equivalent to 71% of all deaths globally. Each year, more than 15 million people die from a NCD between the ages of 30 and 69 years. Cardiovascular diseases account for most Non-communicable diseases deaths, about 17.9 million people annually, followed by cancers (9.3 million), respiratory diseases (4.1 million), and diabetes (1.5 million). These four groups of diseases account for over 80% of all premature Non-communicable diseases deaths.
High cost of implementation to hinder the market growth
High cost of implementation is expected to hamper growth of the global life sciences analytics market. For instance, according to the Clinical Trial Management Software Pricing Guide and Cost Comparison by Capterra, CANTAB costs about US$ 30,000, MEDAS-HIMS costs about US$ 25,000, and TrialPoint Software costs about US$ 15,000. This further indicates the cost of data analytics products to be high.
Market Trends -:
Adoption of web-hosted and cloud-deployed analytical solutions by market players to increase the market size
Increasing adoption of web-hosted and cloud-deployed analytical solutions is expected to propel growth of the global life sciences analytics market. For instance, in March 2022, Snowflake Inc. a cloud computing–based data cloud company announced the launch of the Healthcare & Life Sciences Data Cloud to enable organizations to securely centralize, integrate, and exchange critical/sensitive data at scale. Snowflake ensures high levels of data security and governance, and its built-in capabilities and extended partner network allow companies to meet compliance requirements and satisfy industry regulations.
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Recent Developments:
September 27, 2022, Pfizer Inc. a biopharmaceutical company, had acquired University of Queensland startup ResApp Health Limited for $179 million. ResApp, has developed simple and inexpensive smartphone technology that can accurately identify respiratory diseases based on cough analysis. The technology uses artificial intelligence to diagnose and measure the severity of conditions using the sound of a patient’s cough.
In February 2022, Clinixir Company Limited selected Oracle’s innovative clinical research and pharmacovigilance solutions as its eClinical platform. Clinixir chose Oracle Health Sciences Clinical One Cloud Service for its comprehensive, end-to-end technology capabilities and breadth of applications.
In August 2021, Accenture Federal Services (AFS), a subsidiary of Accenture PLC, completed acquisition of Novetta, a McLean, Virginia-based advanced analytics company.
In July 2021, Philips & Cognizant teamed up to develop end-to-end digital health solutions that will enable healthcare organizations and life sciences companies to improve patient care and accelerate clinical trials.
In March 2021, Cleveland Clinic and IBM teamed up to establish the Discovery Accelerator, a joint Cleveland Clinic - IBM centre to fundamentally advancing the pace of the discovery in healthcare and life sciences through the use of artificial intelligence (AI), quantum computing technologies, and high-performance computing on the hybrid cloud.
Key Market Takeaways:
The global life sciences analytics market is expected to exhibit a CAGR of 8.1% during the forecast period, as researchers are using predictive analytics to forecast rare disease development. For instance, on October 26, 2022, a research team from the University of Florida Health and the University Of Pennsylvania Perelman School Of Medicine announced that they will develop a set of predictive analytics algorithms to forecast which patients are likely to develop certain rare diseases.
Among product type, the descriptive analytics segment is dominant due to the increased research activities for the development of mobile health applications. For instance, according to an article published on October 25, 2022, by Scientific Reports, multiple studies have focused on the development of new mHealth apps using descriptive analysis for the management of COVID-19 in Spain. By using this application, it is possible to better manage the time of healthcare workers and prevent hospital overpopulation. Moreover, among region Europe is estimated to hold dominant position in market due to increasing digital health investment in European state. For instance, according to data published in Jun 23, 2022 by Earlybird, a capital investor, in 2021, a venture capitalist invested roughly US$ 5 billion in Europe, US$ 5 billion in Switzerland, and US$ 4 billion in the UK for the development of Digital Health
On the basis of end user, the pharmaceutical and biotechnology companies segment is expected to hold a dominant position over the forecast period, due to the increasing use of predictive analysis in clinical trials for the development of new drugs. For instance, according to data published in October 2021, by Data Analytics, machine learning algorithms can be applied at various stages in the drug discovery process, from early molecule selection to simulation of clinical trials. In order to find predictive patterns and connections between clinical outcomes, patient demographics, medication response phenotypes, medical history, and genetic information, data scientists have started applying machine learning algorithms to clinical trial data. Moreover, for the pharmaceutical and biotechnology companies segment growth Europe is estimated to hold dominant position due to increasing investment by key market players. For instance, on March 23, 2022, AstraZeneca, a pharmaceutical company, has invested about US$ 33 million in Huma, a U.K.-based medical technology start-up, whose platform supports digital ‘hospitals at home’ and supports decentralized clinical trials. The platform combines predictive algorithms, digital biomarkers and real-world data to support ‘proactive, predictive care and research.
Competitive Landscape:
Key players operating in the global life sciences analytics market include Apollo Intelligence, SERMA Group, M3 (EU) Ltd., Dynata, Wipro Limited, SAS Institute Inc., IQVIA, Oracle Corporation, MaxisIT, IBM Corporation, Cognizant, Accenture, EXL Service (SCIOInspire Corp.), and TAKE Solutions Limited.
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Market Segmentation:
- Global Life Sciences Analytics Market By Product Type:
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Global Life Sciences Analytics Market By Application:
- Research and Development
- Supply Chain Analytics
- Sales and Marketing
- Other Applications
- Global Life Sciences Analytics Market By Component:
- Services
- Software
- Global Life Sciences Analytics Market By End User:
- Clinical Research Institutions
- Pharmaceutical and Biotechnology Companies
- Medical Device Companies
- Other End Users
- Global Life Sciences Analytics Market By Geography:
- North America
- By Country
- U.S.
- Canada
- By Country
- Latin America
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country
- Europe
- By Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
- Africa
- By Region/Country
- South Africa
- Central Africa
- North Africa
- By Region/Country
- North America
Related Market Intelligence Reports:
Healthcare Predictive Analytics Market, By Application (Clinical Data Analytics, Financial Data Analytics, Administrative Data Analytics, and Research Data Analytics), By Component (Software, Hardware, and Services), By Deployment (On Premise and Cloud Based), By End-User (Healthcare Providers, Industry, and Research Institutions), and By Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America) - Size, Share, Outlook, and Opportunity Analysis, 2022 – 2028
Healthcare IT Outsourcing Market, By Application (Payer Outsourcing (Hospital Information System, Laboratory Information System, Radiology Information System, Electronic Medical Records, and Other Types), and Providers Outsourcing (Revenue Cycle Management System and Healthcare Analytics)), By End User (Healthcare, Pharmaceutical & Biotechnology, and Others), and By Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America) - Size, Share, Outlook, and Opportunity Analysis, 2022 – 2028
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