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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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.
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)
Component Outlook (Revenue, USD Million, 2014 - 2025)
Application Outlook (Revenue, USD Million, 2014 - 2025)
Research and Development
Sales and Marketing
Supply Chain Analytics
Delivery Outlook (Revenue, USD Million, 2014 - 2025)
Regional Outlook (Revenue, USD Million, 2014 - 2025)
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