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.
Full Research Report On Life Science Analytics Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/life-science-analytics-market
Life Science
Analytics Market Report Highlights
- 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.
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Life Science
Analytics Market Segmentation
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.
For more info visit @ https://www.grandviewresearch.com
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