The global life science analytics market was valued at USD 8,739. 99 million in 2021, and it is projected to be worth USD 13,871. 66 million by 2027 while registering a CAGR of 7. 91% during 2022-2027.
New York, April 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Life Sciences Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06271877/?utm_source=GNW
The recent outbreak of COVID – 19 has been contributing to the rise in demand for analytics, as there are several clinical trials that are to be expected for the upcoming vaccines for COVID – 19. In the rush to contain COVID-19, market players are rapidly developing artificial intelligence and data analytics in the life sciences sector, paving the way for the future of the technologies. Researchers have leveraged these tools to do everything from tracking hospital capacity to identifying high-risk patients, and many believe that these technologies are critical to preparing for similar situations in the future.
The COVID-19 Insights Partnership will leverage big data analytics tools to conduct research and find possible treatments for the virus. For instance, in July 2020, the Department of Energy (DOE), the Department of Health and Human Services (HHS), and the Department of Veterans Affairs had announced a new big data analytics initiative to coordinate and share COVID-19 information. Research and analysis conducted by the COVID-19 Insights Partnership will focus on the vaccine and therapeutic development and outcomes, virology, and other critical scientific topics to better understand COVID-19. Also, increasing funding to healthcare technology companies that developed mHealth apps, big data analytics, and the Internet of Things (IoT) offerings will boost global market size. For instance, in 2020, IBM and Oracle launched blockchain to integrate COVID-19 data from the World Health Organization and CDC. Technological advances facilitating information sharing and improved compliance to Health Insurance Portability and Accountability Act (HIPAA) are expected to accelerate the business growth.
Moreover, the major factors for the growth of the life sciences analytics market include the rising adoption of analytics solutions in pharmaceuticals and clinical trials, growing pressure to reduce healthcare spending, need for improved patient outcomes, and the emergence of advanced analytics methods in life science companies.
There is a rise in the use of analytics in clinical trials, as conducting clinical trials has become complex, because it involves many activities and generates high volumes of data from different systems. With the changing regulatory protocol requirements for clinical trial conduction and challenge in data collection, analyzing, and preparing a report quickly for submission to the health authority, the adoption of analytics of clinical trials is on the rise.
Analytics may help in optimizing drug discovery, improving the efficiency of clinical trials. With the huge data generated from the R&D process and clinical research, pharma companies can identify potential drug candidates with a high probability of successfully developing into drugs. Most contract research organizations (CROs) with established systems for data capture and advanced analytics are now incorporated across all systems, such as drug discovery and clinical development, which are providing real-time analysis and creating alerts to each divisions concerning safety or efficacy. The application of analytics in evaluating a potential drug candidate for clinical development may reduce the time and R&D expenditure. Several pharmaceutical companies are adopting analytics for their R&D. For instance, Eli Lilly developed a phenotypic drug discovery platform, where researchers can screen their compounds without giving intellectual property.
The real-time analysis has become more significant to pharmaceutical companies. As the payers impose value-based pricing, the health authorities are offering incentives for health outcomes. Some companies are also creating networks to collect, analyze, share, and respond to queries on health outcomes, which may lead to the rising adoption of analytics in the pharmaceutical industry. Therefore, all the above-mentioned factors may increase the application of analytics in life sciences and the related companies, and thereby, lead to the growth of the market studied.
Key Market Trends
Pharmaceutical and Biotechnology Companies is Expected to Witness the Fastest Growth over the Forecast Period
The COVID-19 pandemic has affected the market studied in a positive manner. As pharmaceutical and biotech companies are working on the development of new drugs or vaccines for this disease, they are also conducting trials for the same. Hence, as analytics is contributing to keep the track of trial results on a large scale thus creating high demand in COVID-19 pandemic. In April 2020, Henry Ford Health System incorporated a forte EDC (electronic data capture) system developed by Advarra for fast track COVID-19 clinical trial being conducted by it. It enables remote monitoring of electronic signatures and document management which is expected to accelerate the trials.?
Analytics in clinical research helps the pharmaceutical companies to analyze data, for the comparison of ongoing trials at different sites and populations, preparation of reports for submission to the regulatory authority, and for getting approvals.
The number of clinical trials has been increasing every year. For instance, as given by the National Institute of Health, in 2018, there were 293,322 clinical trial studies conducted, which increased to 325,845 in year 2019, and by the May 2020, the number of trails reached 338,568. The mentioned statistics indicates a rise in clinical trial studies and the requirement of tools to manage the data generated from these trials. Analytics in clinical trials is useful in understanding the outcome of the trial at each phase (Phase I, II, III, IV). This becomes a decisive factor in situations, such as whether to go forward with the trial or to stop the trial, submission of the clinical data report as required by regulatory authorities, at the earliest, and prevention of the delay of regulatory approval.
Moreover, in the current scenario, where there is a high competition from other major companies, analytics is found to be beneficial for the pharmaceutical and biotech industry. For instance, analytics has been helpful in accelerating the drug discovery process, optimization of the clinical trials, and to target the specific patient population more effectively.
In addition, analytics plays an important role in getting insights about the patient behavior to improve the drug delivery and effectiveness of healthcare. Hence all these above mentioned factors are contributing to the segment growth.
North America is Expected to Dominate the Life Sciences Analytics Market
The United States is the most COVID-affected country across the world. To cope with this disease, pharmaceutical companies are struggling to develop therapeutics, for which there have been several trials going on in the United States. Analytics is required to track those trails and manage the data that the companies have, which is useful in understanding the components required for new drug discovery or drug development.
The life sciences and pharmaceutical industries are facing challenges related to R&D and regulatory changes. The introduction of the Affordable Care Act (ACA) in the United States is changing the regulatory framework, increasing scrutiny, and reimbursing, based on the health outcomes. To tackle these challenges, most companies in the United States are implementing analytics on their own or are using third-party analytics services for support.
Analytics solutions are creating an impact that is providing simple reporting solutions to descriptive and predictive analytic solutions. The companies based in the United States are adopting new analytics solutions in their business, which include the analysis of clinical research data from the SAS database, helpful in early-stage drug development, analyzing adverse event incidence and reporting in clinical trials, and revenue forecasting and prediction of health outcomes. In June 2020, Oracle Health Sciences introduced Clinical One Data Collection Cloud Service. This software has the ability to integrate data from multiple source into a single platform which is further expected to improve the speed and efficiency of clinical trial studies. ?In addition in March 2020 the companies Pfizer and Saama announced a partnership to use Saama’s Life Science Analytics Cloud platform to streamline clinical trial data management, using artificial intelligence technology.
With the life sciences and pharmaceutical companies leveraging support from third-party solution providers in clinical development, trial planning, cohort building, market analytics, and patient analytics, the US life science analytics market is expected to witness high growth over the forecast period.
The market studied is a fragmented one owing to the presence of various players. Some of the market players are Accenture, Cognizant, IBM Corporation, MaxisIT Inc., Oracle Corporation, IQVIA, SAS Institute Inc., SCIOInspire Corp., TAKE Solutions Limited, and Wipro Limited.
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