Market Research Report
Global Life Science Analytics Market - Segmented by Product Type, Application, End User and Geography - Growth, Trends, and Forecast (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||708576|
|Published||Content info||115 Pages
Delivery time: 2-3 business days
|Global Life Science Analytics Market - Segmented by Product Type, Application, End User and Geography - Growth, Trends, and Forecast (2018 - 2023)|
|Published: September 1, 2018||Content info: 115 Pages||
The global Life Science analytics market is expected to register a CAGR of nearly 12.5 % during the forecast period, 2018-2023. The application of analytics has emerged as a useful tool for numerous pharmaceutical, medical device and biotechnological enterprises, as these choices help to overcome challenges in data integration and enhance operational efficiency. The key applications of analytics in pharmaceutical and life sciences include regulatory compliance reporting, marketing and product or service enablement.
There is a rise in use of analytics in clinical trials as the clinical trials conduction has become a complex process where it involves many activities and generates high volumes of data from different systems. With changing regulatory protocol requirements for clinical trial conduction and challenge in data collection, analyzing and report preparation for quick submission to health authority, hence the use of analytics in clinical trials is rising.
Analytics will help in optimizing the drug discovery and improve the efficiency of clinical trials. With huge data generated from Research & Development process and clinical research, the pharma companies can identify potential drug candidates with high probability of successfully developing in to drugs. Most contract research organizations (CROs) with established systems for Data capture, advanced analytics are now incorporated across all systems such as drug discovery, clinical development and CRO's which is providing real time analysis and creating alerts to each divisions concerning safety or efficacy. Application of analytics in evaluating a potential drug candidate for clinical development may reduce the time and R&D expenditure. Eli Lilly's has developed Phenotypic Drug Discovery Platform, where researchers can screen their compounds without giving intellectual property. The importance of Real-time analysis has become more important to pharmaceutical companies as payers impose value-based pricing, health authorities offering incentives for health outcomes. Some companies are in creating networks to collect, analyze, share and respond to queries on health outcomes.
Other factors that drive this market include advancements in technology, and growing pressure to reduce healthcare spending.
Life science companies that include Pharma, contract research organization (CRO) and others face increasing pressure to allocate budget in establishing infrastructure for analytics division. Many companies in the past never had a clear understanding about the role of analytics in Pharma or clinical trials. Those companies that recognized the importance of analytics have established their own in house analytics department or outsourced to third party their requirement.
Costs increase sometimes if a company they have bought a subscription based analytical tool for their business and after a period of time realize that the selected analytical tool doesn't meet their business needs. All the costs associated with installation and implementation processes are lost investment for the company. Major companies like Pfizer with deep pockets to invest already have their own Real World Data and Analytics centers and applying those analytics-generated insights to deliver personalized care services. Mid-size and small companies pose high cost for partnering with established analytics companies to explore their strategy for business development opportunities. Hence, high implementation costs are restraining the growth of life science analytics market.
Other factor impeding this market include lack of skilled personnel.
The US accounts for the largest share in the North America region for the market studied. This can be primarily attributed to presence of more number of pharmaceutical companies and even more number of clinical trials are occurring in this region, which are expected to augment the growth of the market studied over the forecast period.
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