The use of descriptive analysis and reporting to develop databases, as well as prescriptive and predictive analysis to forecast future outcomes and trends, is projected to fuel growth of the global life science analytics market in the years to come. The expanding influence of the internet and social media on healthcare business is laudable, as it is being utilized to raise awareness and gather data. This improves involvement of patients and is projected to boost the demand for analytical solutions. Furthermore, the increased need for analytical solutions to improve patient outcomes while lowering healthcare costs is projected to boost global life science analytics market over the projection period from 2020 to 2030.
Personalized medicine, which caters to various permutations of the human genome utilising data-enriched technologies like as eHealth, mHealth, and electronic medical records (EMRs) to better patient care is expected to drive growth of the global life science analytics market. In addition to that, a mixture of human and artificial intelligence data analytics utilized to mine health data and adapt treatment techniques is further likely to augur well for the market.
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The “global life science analytics market” research makes an inclusion of main market segments such as type, application, delivery, end user, and regional markets. It also examines the global Life Science Analytics market’s present competitiveness over the projected period of 2020 to 2030.
Global Life Science Analytics Market: Key Trends
The use of advanced analytics in areas like as sales and marketing, pharmacovigilance, research and development activities, clinical trials, supply chain, and regulatory compliance is likely to boost the market growth. In addition, growing use of data mining techniques and big data analytics to identify high-risk target populations and establish relevant plans and solution is further likely to augur well for the market. The global life science analytics market is also being driven by predictive analytical solutions utilized by healthcare financing institutes and government organizations to successfully avoid payment fraud.
The current COVID-19 epidemic is boosting the demand for life science analytics even further, since healthcare infrastructures are already under strain. The pandemic will likely increase demand for analytics in resource management, such as drugs, vaccinations, and other critical medical supplies. For example, leveraging hybrid computing and sophisticated analytical tools, IBM and Moderna are partnering on a vaccination management programme. Furthermore, the expanding senior populace, rising desire for enhanced patient experience, and rising increasing prevalence of non-communicable illness are expected to drive revenue in near future. Revenue cycle management programmes and population health management can both benefit from analytical solutions.
Global Life Science Analytics Market: Notable Development
Collaborative agreements, collaborations, and mergers and acquisitions are just a few of the important actions being made by prominent competitors, all of which are projected to drive the market for life science analytics forward.
- In November 2020, SAS Institute, Inc. aided in the modernisation of the COVID-19 vaccination clinical trial using its SAS Life Science Analytics Framework. This framework is able to convert data into real-time information and gives insights that are driven by data.
Some of the well-known players in the global life science analytics market are listed below:
- SAS Institute, Inc.
- Accenture plc.
- IQVIA
- Allscripts Healthcare Solutions, Inc.
- SCIO Health Analytics
- Cerner Corporation
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Global Life Science Analytics Market: Regional Assessment
Because of factors like developed and evolving healthcare infrastructure, increasing incidences of non-communicable diseases, expanding geriatric population, technological advancements, and widespread adoption of analytics is estimated to drive the market in North America dominated. Furthermore, innovative analytical solutions are being more widely adopted and implemented in a variety of life science companies.
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