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(Health-NewsWire.Net, November 20, 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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Growth in this 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 market is segmented into descriptive analytics, predictive analytics, and prescriptive analytics. The descriptive analytics segment accounted for the largest share of the Pharmaceutical Analytics Software 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.
Opportunities: Use of analytics in precision and personalized medicine
Precision medicine involves the use of genomic data of an individual to develop personalized medicine. Advanced analytics and predictive modeling applications can enable organizations to treat each patient in a personalized way to produce the best possible outcomes. Over the years, analytics has increasingly been used to develop personalized medicine, primarily for cancer and diabetes. To develop analytics-based solutions for precision health, various organizations are receiving grants to develop personalized medicine based on big data solutions.
Challenges: Data privacy issues
The rising number of databases shared among research institutions, CROs, partners, and software companies have increased the risk of exposing sensitive patient information to undesired individuals. The Health Information Technology for Economic and Clinical Health Act (HITECH Act) in the US states that covered entities must protect individual health records and other identifiable health information by acquiring appropriate safeguards to protect privacy. The application of electronic tools for patient databases increases concerns regarding the safety and privacy of data. This creates a key challenge for pharmaceutical enterprises to comply with privacy policies while using analytics solutions.
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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The prominent players operating in the Pharmaceutical 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).
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