Life Science Analytics Market Predicted To Reach $25.9bn In 7 Yrs
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The life science analytics market keeps on growing, with experts predicting it will exceed $25.9 billion (£19 billion) in the next seven years.
Grand View Research Inc released a report on May 2nd that stated the entire sector will receive a boost from continual digitalisation, which will improve its value chain by 2025.
In addition to this, the increasing cost of healthcare across the globe is expected to drive the pharma and life science industry. The report revealed that a retired couple would typically spend $275,000 on their healthcare treatments throughout their lifetime. As the ageing population increases, so too does the amount of money spent on medical care, with 70 per cent of this group of people expected to need long-term care to keep them healthy.
The findings stated: “Growing healthcare cost is expected to boost demand for life science analytics to streamline third-party processes and optimise overall cost.”
There has been an emphasis on workplace wellbeing over the last few years, as well as a bigger focus on improved health standards for the older population, and research into non-communicable diseases and their symptoms. Therefore, more money is being ploughed into the industry to help patients who need medical treatment.
It is not just the increasing amount being spent by patients, but also from the government. While many have been concerned that Brexit could affect investment in Britain’s science research future, chairman of MedCity Dr Eliot Forster recently told the Daily Telegraph that previous investments will “begin to generate data”, which will lead to developments in the industry.
Analytics is helping the sector greatly by cutting down on fraudulent payments, and in 2011, predictive analytics saved $1.5 billion by doing this, according to CMS. If you are interested in finding out more about life science marketing, get in touch with us today.