Life Sciences Analytics Market - Growth, Trends, and Forecast (2020 - 2025)
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 realtime 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. Therefore all the abovementioned 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
Clinical Research Institutions is Expected to Witness the Fastest Growth over the Forecast Period
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. 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.
There is also increasing funding for research and development by healthcare companies. The global pharmaceutical industry investment in research and development has increased over the years, from USD 108.1 billion in 2006 to USD 156.7 billion in 2016, as per a 2017 report by the Association of the British Pharmaceutical Industry. Hence, with the increasing expenditure in R&D, this market in the pharmaceutical industry is expected to attain good growth over the forecast period.
North America is Expected to Dominate the Life Sciences Analytics Market
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 thirdparty 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 earlystage drug development, analyzing adverse event incidence and reporting in clinical trials, and revenue forecasting and prediction of health outcomes.
With the life sciences and pharmaceutical companies leveraging support from thirdparty 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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