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.
Browse full research report on Life Science Analytics Market: https://www.grandviewresearch.com/industry-analysis/life-science-analytics-market
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
request sample of this report by Grand View Research: https://www.grandviewresearch.com/industry-analysis/life-science-analytics-market/request/rs1
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
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia
Pacific
- Japan
- China
- Latin
America
- Brazil
- Mexico
- MEA
- South
Africa
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.
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