The rising demand for life science analytical solutions is fueled by the need to lower costs of healthcare and enhance patient outcomes. Demand for customized treatment is increasing, as is the effect of technology like internet and social media on the healthcare sector. Moreover, in the near future, the global life science analytics market is likely to be driven by the increasing use of analytical solutions and the introduction of advanced analytics for use in the life science industry.
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In addition, the continuing Covid-19 epidemic is expected to increase demand for analytics in the life science sector as the pandemic has put immense strain on the healthcare sector. During the epidemic, technological developments are helping healthcare organizations to find ways to circumvent manpower as well as physical capital constraints. This allows opening up of new sources of growth and revenue. A case in point is the use of blockchain, cloud computing, and artificial intelligence (AI) by Moderna and IBM to enhance Covid-19 vaccination management.
Increasing Use of Analytics in Clinical Trials to Boost Demand in the Market
Due to the growing tendency of outsourcing these services, the services category accounted for the greatest revenue share by component in 2020. The resources and competencies needed to implement analytical software and services are lacking in the life science and healthcare industries. The services industry is projected to develop rapidly as a result of the multi-package services provided by these outsourced firms.
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Pharmaceutical firms make use of analytics in clinical research to evaluate data, compare current studies at multiple sites and demographics, prepare reports for presentation and submissions to regulatory authorities, and get clearances. In clinical trials, analytics is helpful in determining the trial’s outcome at each stage of the trial (Phase I, II, III, and IV). This becomes a deciding element in circumstances like choosing whether to continue with the study or terminate it, submitting the report of clinical data as soon as possible to regulatory authorities. This is also done to avoid regulatory approval delays. These factors are likely to foster growth of the global life science analytics market in the near future.