Data Analysis, Storage and Management Market in Life Sciences Overview
The huge amount of data generated can be utilized to assess risks and effectiveness in clinical trials, develop personalized medicine, and improve R&D efficiencies. It also assists in price control, budgeting research, and profit forecasts. Furthermore, wearable, implantable, and remote health monitoring devices enable data to be transmitted from a patient’s live location directly to a hospital or a healthcare service provider. A rising number of implants and wearable devices is anticipated to increase the need for data analysis and storage in life sciences. Thus, the rising amount of data generation is anticipated to support the growth of the data analysis, storage & management market in life sciences during the forecast period.
The Data Analysis, Storage and Management Market Size in Life Sciences is expected to register a CAGR of 12.0% during the forecast period of 2020 to 2027. Data analysis, storage, and management provides operational benefits to an organization by enhancing the efficiency of electronic data storage. The data analysis, storage & management market in life sciences is growing due to the increasing government initiatives to increase the adoption of different data-based solutions and the growing demand for data storage and management solutions due to the extensive amount of data generated in the life science field. Additionally, the increasing growth strategies adopted by major players are also driving the market growth.
The global data analysis, storage & management market in life sciencesis expected to cross USD 43,895.69 million by 2027 at a CAGR of 12.0%. The global pandemic has caused devastating effects on the global economy that are more intense than the global financial crisis between 2008 and 2009. It is affecting the demand and supply chain, which will severely hurt global trade. Countries and various industries are trying to deal with the challenges thrown up by the novel coronavirus (COVID-19). There has been a significant increase in demand in healthcare data management owing to the high number of COVID-19 infections. A high amount of data is being processed to track the infection, recovery, and death rates. Therefore, a slight increase in the growth rate of the global data analysis, storage & management market in the life science market is expected during the forecast period.
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Data Analysis, Storage and Management Market Players
- Hewlett Packard Enterprise (US)
- Dell Technologies Inc.(US)
- Advanced Micro Devices Inc.(US)
- IBM Corporation (US)
- Intel Corporation (US)
- Cisco Systems Inc. (US)
- Hitachi Ltd. (Japan)
- Accenture PLC (Ireland)
- Lenovo (Hong Kong)
Data Analysis, Storage and Management Market in Life Sciences Segmentation
The global data analysis, storage & management market in life sciences has been divided based on product & service, application, and end user.The market, based on product& service, has been segregated into data analysis software and workbenches, storage, management and cloud computing solution, data analysis services.
Based on application,the medical testing market has been divided intobnext-generation sequencing, microscopy, chromatography, flow cytometry, spectroscopy, and others.On the basis of end user, the market is bifurcated into pharmaceutical and biotechnology companies, research centers, academic & government institutions, and hospitals & clinics.
Data Analysis, Storage and Management Market in Life Sciences Regional Analysis
based on region, has been divided into North America, Europe, Asia-Pacific, and the rest of the world. North Americais expected to dominate with the largest market share due to a well-developed healthcare sector, the rising population affected with chronic diseases and other cardiovascular disorders, the growing use of big data in healthcare, and the presence of leading players.Europe held a significant share in the global data analysis, storage & management market in life sciences. This can be attributed to the increasing support from the government, well-developed technology, high healthcare expenditure, the presence of the leading players, and rising adoption of big data analysis and cloud-based solutions.
Asia-Pacific is expected to be the fastest-growing market due to the rapidly changing healthcare sector and huge opportunities for the development of this market. Furthermore, the increase in per-capita healthcare expenditure, rise in diagnostic centers, and rapid urbanization in developing countries such as India are likely to witness an increase in the influx of the emigrant population. The data analysis, storage & management market in life sciences in the rest of the world is growing steadilydue to the significant improvement in the healthcare infrastructure in the region, and the increasing need for better management software drive the data analysis, storage & management market growthin the region
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