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%.
Data analysis, storage, and management provide 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 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.
The amount of data that needs to be analyzed will keep increasing as technology advances. For example, in genomic research, Next-generation Sequencing (NGS) instruments can output 1 TB of data per hour. 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.
Pharma and life sciences companies are endeavoring to deliver personalized healthcare by gaining access to millions of deep, broad, and loosely connected patient-years of data from various sources (EHR, Digital Data, Imaging, and Genomics) to derive meaningful insights. Imagining the scale of the data that needs to be analyzed, pharma and life sciences companies need to process and analyze data in the petabyte and zettabyte scale, and on-premises data centers are cost prohibitive as they are required to be built to peak capacity through large upfront investments. Moreover, the public cloud is a potential solution; but before any data can be migrated over, it needs to be made secure, data breach-proof, and compliant with continuous monitoring capabilities. This is estimated to restrain the market growth during the forecast period.
By melding rigorous medical and scientific knowledge, companies can do more to leverage this technology to transform processes and achieve a competitive edge. It has the potential to identify and validate genetic targets for drug development, design novel compounds, expedite drug development, make supply chains smarter and more responsive, and help launch and market products. Moreover, according to a survey conducted by Deloitte (UK), more than 60% of global life sciences companies spent over USD 20 million on AI initiatives in 2019, and more than half expect investments to increase in 2020. Coupled with an explosion in the availability of health care data, advances in cognitive computing, and machine learning techniques, the use of data analytics is positioned to expand across the biopharma value chain from molecule to market.Thus, the amount of data generated by the healthcare industry is anticipated to grow exponentially during the forecast period. This helps companies implement tools for the effective use of data to generate products and strategic decisions.
Global Data Analysis, Storage & Management Market in Life Sciences Revenue Share (%), by Product, 2019
Source: MRFR Analysis
Value Chain Analysis
Data analysis, storage, and management play an important role in the life science industry. The value chain analysis for the data analysis, storage & management in the life science industry comprises five major components, which start with data acquisition followed by data analysis, data curation, data storage, and data usage. The value chain analysis of the data analysis, storage & management industry is different from the normal industry. It does not need any manufacturing unit or specific raw materials for product manufacturing.
The global data analysis, storage & management market in life sciences has been divided based on product & service, application, and end user.
By Product &Service
On the basis of product & service, the market is bifurcated into data analysis software and workbenches, storage, management and cloud computing solution, data analysis services. The data analysis software and workbenches segment held the largest share of market at USD11,941.50 million in 2019. This large market share can be attributed to the increasing demand data analytics software toolsin life science industry.
Data analytics software tools enable businesses to analyze a vast amount of data for a great competitive advantage. The software can mine data that tracks a diverse array of business activities and processes based on the requirements.To meet the new data storage and analysis needs, the key players are anticipated to increasingly adopt novel data analytics software tools and workbenches.
Storage management software is a type of program that is particularly designed for managing storage solutions like storage networks. It provides important services like mirroring, replication, compression, traffic analysis, virtualization, security, and disaster recovery. The amount of data that needs to be analyzed will keep increasing as technology advances.
Data analysis services allow companies to get their raw data collected, processed, and presented in the form of actionable insights while avoiding investments in the development and administration of an analytics solution. A high number of players are providing data analysis services to businesses. These types of services are often outsourced to reduce the cost of operation of their business.
On the basis of application, the market is bifurcated into next-generation sequencing, microscopy, chromatography, flow cytometry, spectroscopy, and others. The next-generation sequencing segment is projected to reach USD 23,423.41 million by the end of 2027 at a CAGR of 12.9% from 2020 to 2027 due to the increasing adoption of NGS to reduce the cost of sequencing. Moreover, increasing inclination toward speeding up the time to market new treatments while reducing the cost of research and development and need for effective storage and processing further supports the growth of the market.
Next-generation sequencing can identify all those mutations, which cannot be identified using conventional sequencing technologies. This segment is expected to register the fastest growth rate during the study period. Its growth can be attributed to the increasing adoption of NGS to reduce the cost of sequencing.
Microscopy density maps of macromolecular complexes and subcellular structures are important for researchers to analyze the samples. More microscopy data is employed to understand normal and pathological processes at the cellular, subcellular, and molecular levels.
Chromatographic analysis constitutes a major portion of testing performed in analytical laboratories.Chromatographic analysis instruments require the use of a Chromatography Data System (CDS), which plays a pivotal role in instrument control, data processing, report generation, and data archiving.
Flow cytometry is a technology that rapidly analyzes single cells or particles as they flow past single or multiple lasers while suspended in a buffered salt-based solution.The rise in the adoption of flowcytometry techniques in research drives the growth of the market.
Spectrometers provide a broad range of analytical capabilities and are available in an extensive range of designs from numerous suppliers. Spectroscopy has two main categories: atomic and molecular. Both examine the interaction between electromagnetic radiation and the sample being analyzed.
By End User
On the basis of end user, the market is bifurcated into pharmaceutical and biotechnology companies, research centers, academic & government institutions, and hospitals & clinics. The pharmaceutical and biotechnology companies segment held the largest market share and was valued at USD 10,208.48 million in 2019.
The pharmaceutical and biotechnology companies segment held the largest market share owing to a high number of pharmaceutical and biotechnology companies focusing on drug development and generating huge amounts of data.
This segment is expected to hold a significant market share due to the increasing older population and the ability of data analysis, storage & management systems to store a large amount of data produced during research.
Academic & government institutions are anticipated to grow steadily over the forecast period. The collaborative approaches among companies and government institutes is anticipated to drive the market share of this segment.
Hospitals and clinics withthe latest genomic profiling technology help deliver results in a timeframe that helps optimize therapy selection and outcomes. Hospitals with in-house NGS provide a clear advantage over other institutions.
Global Data Analysis, Storage & Management Market in Life Sciences Revenue Share (%), by Region, 2019
Source: MRFR Analysis
The global data analysis, storage & management market in life sciences, based on region, has been divided into North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to command the largest market share of 32.0% owing to the rising population affected with chronic diseases and other cardiovascular disorders and the increasing big data in healthcare. There is a high demand to reduce the time spent by the hospital or healthcare staff in managing data.Furthermore, the US is a leading country to focus on drug development. For instance, according to a research article published by Harvard Business School, between 2001 and2010, the US accounted for about 57% of the total new chemical entities being produced.The global data analysis, storage & management market in life sciences is driven by these high investments in medical and health R&D.
Europe accounted for a substantial share in the global data analysis, storage & management market in life sciences.This can be attributed to the well-developed technology, high healthcare expenditure, the presence of the leading players, and rising adoption of big data analysis and cloud-based solutions. Moreover, increasing government initiatives aimed at securing the patient data, reducing the risk of identity theft and privacy breaches, and introducing a new way to share private information empowering their primary owners, the patients. For instance, in 2014, the European Union signed a contractual arrangement on setting up a Public-Private Partnership (PPP) in data with the Big Data Value Association (BDVA).
Asia-Pacific is expected to be the fastest-growing market in microbiology testing, mainly due to the rapidly changing healthcare sector and the presence of 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. This requires sufficient healthcare services to cater to the unmet medical needs, which is anticipated to drive the demand for data analysis, storage & management.
Rest of the World:
The rest of the world'sdata analysis, storage & management market in life sciences is segmented into three major regions: The Middle East, Africa, and Latin America. Latin America accounted for the largest market share in 2019. The data analysis, storage & management market in life sciencesin the rest of the world is growing owing to the significant improvement in the healthcare infrastructure in the region and the increasing need for better management software hasdriven the data analysis, storage & management market growthin the region.
The global data analysis, storage & management market in life sciences is characterized by the presence of many global, regional, and local vendors catering to the demand created by a large patient pool in need of diagnostic and therapeutic purposes along with increasing research needs. The availability of innovative products is increasing the lucrativeness of the global data analysis, storage & management market in life sciences. The key players have adopted the strategy of signing contracts and agreements for expanded reach and optimized operational costs. For instance, in June 2020, Boston Limited (UK) announced its commitment to add another Intel Select Solution to its portfolio - the Intel Select Solutions for Genomics Analytics. Intel Select Solution for Genomics Analytics is based on BIGstack 2.0 and used by Boston Limited to speed deployment of genomics analytics solutions. The market is highly competitive, with players competing and partnering to gain a substantial market share.
List of Key Companies Covered in this report:
The study covers the existing short-term and long-term market effect, helping decision-makers to draught short-term and long-term plans for businesses by region. The report covers major regions in the North America, Europe, Asia-Pacific, and Rest of the World. The report analyzes market drivers, restraints, opportunities, challenges, Porter's Five Forces, Value Chain, and impact of COVID-19 on the market.
Scope of the Report & Segmentation
Global Data Analysis, Storage & Management Market in Life Sciences, by Product
Global Data Analysis, Storage & Management Market in Life Sciences, by Application
Global Data Analysis, Storage & Management Market in Life Sciences, by End User
Global Data Analysis, Storage & Management Market in Life Sciences, by Region
|Market Size||43,895.69 million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product & Service, Application, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Dell Technologies Inc (US), Advanced Micro Devices (US), Cray, Inc (US), Cisco Systems (US), IBM Corporation (US), Intel Corporation (US), Lenovo Group Ltd. (China)|
|Key Market Opportunities||Increasing demand for data storage and management solutions due to the extensive amount of data generated in the life sciences sector.|
|Key Market Drivers||
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.