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(Health-NewsWire.Net, April 06, 2021 ) According to the new market research report Life Science Analytics Market is expected to reach 42.0 billion by 2025 from USD 22.1 billion in 2020, at a CAGR of 13.7% during the forecast period of 2020 to 2025.
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The current COVID-19 pandemic has resulted in a massive number of patients visiting healthcare facilities daily. According to WHO data, there were 21.5 million confirmed COVID-19 cases and 766,663 deaths globally, as of August 16, 2020. Owing to this, there is a major shortage of hospital beds, healthcare providers, and basic medical equipment. Due to the COVID-19 outbreak, the number of teleconsultations has increased. The integration of EHR with other healthcare IT solutions such as telemedicine and e-prescribing functionalities aid healthcare providers in creating an interconnected network that ensures the use of HCIT to diagnose and prescribe medicines for patients. Thus, the growing number of COVID-19 cases, the shortage of healthcare providers, and the need for better patient data management are expected to increase the demand for Life Science Analytics is expected in the coming five years.
The prominent players operating in the Life Science Analytics Market are Oracle Corporation (US), Accenture (Ireland), SAS Institute Inc. (US), IBM Corporation (US), Wipro (India), Cognizant (US), SCIO Health Analytics (US), Allscripts Healthcare Solutions (US), Cerner Corporation (US), IQVIA (US), Microsoft (US), Infosys Limited (US), MaxisIT (US), Optum (US), and Cotiviti (US).
Growth in this life science analytics software market is mainly driven by technological advancements, big data in the life science industry, growing adoption of analytics solutions in clinical trials, increasing adoption of analytics for sales & marketing applications, need for improved data standardization, increasing prevalence of chronic diseases, growing pressure to curb healthcare spending, and the need for improved patient outcomes. On the other hand, high implementation costs are expected to restrain the growth of this market to a certain extent.
Based on type, the pharmaceutical life science analytics market is segmented into descriptive analytics, predictive analytics, and prescriptive analytics. The descriptive analytics segment accounted for the largest share of the Life Science Analytics Market in 2019. The large share of this segment is attributed to the significant usage of descriptive analytics by stakeholders to gain a better understanding of the past trends and events occurring in real-time.
Based on the delivery mode, the Life Science Analytics Market is segmented into the on-demand model and the on-premise model. The on-demand model segment is expected to grow at the highest CAGR during the forecast period, owing to advantages such as increasing demand for self-driven analytics, lack of upfront capital investments for hardware, extreme capacity flexibility, and pay-as-you-go pricing of this model.
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In 2019, North America accounted for the largest market share, followed by Europe. The large share of this market can primarily be attributed to the strong economies in the US and Canada, which have allowed for significant investments in technology in this region. Growth in the North American market is supported by the growing adoption of IT in the life science industry, rising pressure to reduce healthcare costs, stringent regulations for the pharma-biotech and medical device industries, and the greater product and service availability in this region.
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