Life Science Analytics market analysis and forecast till 2025 detailed in new research report:Radiant Insights, Inc
The global life science analytics market size is expected to reach USD 25.9 billion by 2025, according to a new report by Radiant Insights, 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.
To Request A Sample Copy Of This Report at: https://www.radiantinsights.com/research/life-science-analytics-market/request-sample
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.
Further key findings from the report suggest:
To Browse Full Research Report @:
https://www.radiantinsights.com/research/life-science-analytics-market
About Radiant Insights:
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
Media Contact:
Company Name: Radiant Insights, Inc
Contact Person: Michelle Thoras
Email: sales@radiantinsights.com
Phone: (415) 349-0054
Address: 201 Spear St #1100, Suite #3036
City: San Francisco
State: California
Country: United States
For more information, Visit: http://www.radiantinsights.com
To Request A Sample Copy Of This Report at: https://www.radiantinsights.com/research/life-science-analytics-market/request-sample
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.
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.
To Browse Full Research Report @:
https://www.radiantinsights.com/research/life-science-analytics-market
About Radiant Insights:
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
Media Contact:
Company Name: Radiant Insights, Inc
Contact Person: Michelle Thoras
Email: sales@radiantinsights.com
Phone: (415) 349-0054
Address: 201 Spear St #1100, Suite #3036
City: San Francisco
State: California
Country: United States
For more information, Visit: http://www.radiantinsights.com
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