San Francisco, 23 January, Life Science
Analytics Market Size, Share And Trends Analysis Report By Component, By Type
(Reporting, Descriptive, Predictive, Prescriptive), By Application, By Delivery
(On-demand, On-premise), And Segment Forecasts, 2018 – 2025.
The global life science analytics market size is expected to reach USD 25.9
billion by 2025, according to a new report by Grand View Research, Inc.,
registering a CAGR of 12.9% during the forecast period. Increasing
digitalization in pharma and life sciences industry to improve its value chain is
one of the key factors anticipated to boost the market over the forecast
period. In addition, reducing R&D productivity and increasing regulatory
oversights are some of the factors expected to drive this market.
Rising healthcare cost is one
of the crucial factors anticipated to positively impact the life science
analytics market. Developing as well as developed regions are facing many
challenges in providing cost-effective and qualitative care. According to
various reports, approximately 70.0% of the geriatric population is expected to
use some kind of long-term care during their lifetime. Based on the
abovementioned scenario in 2017, on an average, a retired couple is anticipated
to spend over USD 275,000 in healthcare throughout their lifetime. Moreover,
political instability, economic stress, and lack of proactive initiatives may
result in low healthcare funding.
Some of the key factors
anticipated to boost global healthcare cost are growing number of claims
pertaining to non-communicable diseases, priority for wellness at workplaces,
and growing focus on wellness among adult and geriatric population. Growing
healthcare cost is expected to boost demand for life science analytics to
streamline third-party processes and optimize overall cost.
Adoption of big data analytics
in the life sciences industry allows government and healthcare providers to
identify high-risk population for preventive care measures and compare
effective treatment procedures to evaluate relative cost of care, thereby
reducing overall cost and improving quality of care. For instance, in 2011, the
Arkansas Healthcare Payment Improvement Initiative (AHCPII) saved nearly USD
720 million while expanding its coverage to uninsured individuals in U.S.
Advanced methods such as
predictive analytics are widely used in healthcare financing systems primarily
to avoid frauds in payments. For instance, in 2011, CMS reported that under its
Fraud Prevention System (FPS), predictive analytics helped save USD 1.5 billion
by preventing frauds and improper payments. Moreover, CMS is developing
next-generation predictive analytics, which is expected to boost its usage
across applications.
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Report On Life Science Analytics Market Analysis:
Further key findings from the report suggest:
·
As of 2016, reporting was most
widely used type and thus held nearly 30.0% share in the global market
·
In 2016, sales and marketing
support held the largest share in the global market owing to higher adoption of
analytics in the life sciences industry for sales activities
·
Some of the key players
operating in this market are Accenture; Cognizant; IBM Corporation; Oracle; SAS
Institute, Inc.; Wipro Limited; IQVIA; and TAKE Solutions Limited.
Browse More Reports Of This Category By
Grand View Research At: www.grandviewresearch.com/industry/healthcare-it
Grand View Research has segmented the
global life science analytics market report on the basis of type, component,
application, delivery, and region:
Type Outlook (Revenue, USD
Million, 2014 - 2025)
·
Reporting
·
Descriptive
·
Predictive
·
Prescriptive
Component Outlook (Revenue, USD
Million, 2014 - 2025)
·
Software
·
Services
Application Outlook (Revenue,
USD Million, 2014 - 2025)
·
Research and Development
·
Sales and Marketing
·
Regulatory Compliance
·
Supply Chain Analytics
·
Pharmacovigilance
Delivery Outlook (Revenue, USD
Million, 2014 - 2025)
·
On-demand
·
On-premises
Regional Outlook (Revenue, USD
Million, 2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
Germany
o
U.K.
·
Asia Pacific
o
Japan
o
China
·
Latin America
o
Brazil
o
Mexico
·
MEA
o
South Africa
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more information: www.grandviewresearch.com/
