Global Data Analysis, Storage & Management Market in life sciences accounted for USD 32,543.32 Million in 2019 at a 17.2% CAGR.
Data analysis, storage, and management provides operational benefits to an organization by enhancing the efficiency of electronic data storage. It is used to track and monitor the storing performance efficiency, which enables proactive management and device optimization. This, in turn, helps organizations identify their unused capacity and utilize the space for future use. The market for 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.
However, the high cost of implementation and regulatory scenario is expected to limit market growth to a certain extent.
Increasing government initiatives to increase the adoption of different data-based solutions and rising big data in healthcare drives the global data analysis, storage & management market in life sciences.
- Increasing demand for data storage and management solutions due to the extensive amount of data generated in the life sciences sector
- Healthcare organizations have witnessed a health data growth rate of 878 percent since 2016, according to statistics by Dell EMC. This rapid increase in data volume can be attributed to advancements in big data analytics tools and medical imaging and the increasing availability of real-time data to help with clinical decision-making. Additionally, Dell EMC stated that healthcare data would experience a compound annual growth rate (CAGR) of 36 percent through 2025.
- Growth strategies by market players
- In 2017, Advanced Micro Devices, Inc. (AMD) collaborated with Microsoft (US) for incorporating cloud features of AMD's next-generation ‘Naples’ processor with Microsoft's Project Olympus (Microsoft's next-generation hyper-scale cloud hardware design). This new solution aims to offer enhanced scalability, performance, efficiency, increased memory, and high-speed input/output channels on a single chip. This is likely to help the company drive its presence in the data center and server market.
- Cisco Systems, Inc. acquired Viptela, a company based in the US that delivers cloud, software, and networking solutions in 2017.
- Big data in healthcare
- High cost of implementation
By Product & Service
- Data Analysis Software and Workbenches: In 2019, the data analysis software and workbenches segment accounted for the largest share of the global data analysis, storage & management market in life sciences due to the rising adoption of healthcare IT in the life sciences sector and growing demand for data storage facilities. Furthermore, the requirement of a high focus on analysis in the extensive amount of ongoing research in the life sciences industry.
- Storage, Management and Cloud Computing Solution: This segment accounts for the second-largest share as data is accumulated in real-time and at a rapid pace, which presents new challenges. Fortunately, advances in data management, particularly cloud computing, have helped develop platforms for more effective capture, storage, and management of vast volumes of data.
- Data Analysis Services: In 2019, the data analysis services segment accounted for a significant share due to the rising need for rapid digitization of large amounts of data.
- Next-Generation Sequencing: The next-generation sequencing segment is expected to register the fastest growth rate over the study period. Its growth can be attributed to the increasing adoption of NGS due to reducing the cost of sequencing.
- Microscopy: This segment holds the second-largest share as microscopy is required in various fields in life sciences such as for diagnosis and pharmaceutical and biotechnology companies.
- Chromatography: Chromatography data system is important for compliant, efficient, and reliable handling of chromatography and mass spectrometry data. It ensures data quality and manages all the analytical processes from instrument control and raw data storage and processing to generating the final results.
- Flow Cytometry: Flow cytometry (FCM) is a technique that is used to detect and measure the physical and chemical characteristics of a population of cells or particles. In this process, a large amount of data is provided, which requires effective handling.
- Spectroscopy: This is a noninvasive optical technique that can be used as an aid in diagnosing certain diseases and also as an alternative to more invasive diagnostic techniques such as the biopsy. Spectroscopy to diagnose invisible pre-cancer in patients undergoing endoscopy and similar medical procedures.
- Others: The others segment includes crystallography, PCR, and diagnostic equipment.
- Pharmaceutical and Biotechnology Companies: In 2019, the pharmaceutical and biotechnology companies segment accounted for the largest market share and is projected to register the highest growth rate during the forecast period. The large growth rate is due to the large number of pharmaceutical and biotechnology companies focusing on drug development and generating huge amounts of data.
- Research Centers, Academic & Government Institutions: This segment is expected to hold a significant market share due to the increasing older population and the ability of data analysis, storage & management market in life sciences in the diagnosis of effective storage of a large number of data produced during research.
- Hospitals and Clinics: The growing adoption of effective storage solutions and the increasing focus of companies in improving hospital operations are the major factors driving the growth of this end-user segment.
- Americas: The Americas dominated the data analysis, storage & management market in life sciences in 2019 due to the rising population affected with chronic diseases and other cardiovascular disorders and the increasing applications of data analysis, storage & management in storage facilities. This reduces the time spent by the hospital or healthcare staff in managing data.
- Europe: Europe is projected to account for the second-largest market share in 2019. The growth in the country can be attributed to the rising adoption of big data analysis and cloud-based solutions.
- Asia-Pacific: Asia-Pacific is anticipated to witness a significant growth rate over the forecast period owing to the increase in per-capita healthcare expenditure, rise in diagnostic centers, and rapid urbanization in developing countries such as in India is likely to witness an increase in the influx of emigrant population. This requires sufficient healthcare services to cater to the unmet medical needs, which is anticipated to drive the demand for data analysis, storage & management.
- Middle East & Africa: The developing healthcare infrastructure and growing innovative product options for the ageing population boost the market growth in this region.
- Dell Technologies Inc (US)
- Advanced Micro Devices (US)
- Cray, Inc (US)
- Cisco Systems (US)
- IBM Corporation (US)
- Intel Corporation (US)
- Lenovo Group Ltd. (China)
Frequently Asked Questions (FAQ) :
The global data analysis, storage & management system market 2020 is projected to register a moderate 17.2% CAGR in the forecast period.
The increasing government initiatives to increase the adoption of different data-based solutions are driving the global market growth over the prognosis period.
The data analysis services segment is expected to observe substantial demand over the review period.
The microscopy segment is slated to expand as the fastest-growing segment.
A few eminent market players operating in the global data analysis, storage & management market are Cisco Systems (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), among others.
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.