Latin America Life Science Analytics Market

Latin America Life Science Analytics Market Size (2023 to 2028)

The life science analytics market size in the Latin American region is forecasted to grow at a CAGR of 5.9% from 2023 to 2028.

The significant growth of the life sciences industry, coupled with the growing need for analytical expertise for clinical trials, is one of the key factors creating a positive outlook for the Latin American life science analytics market. In addition, the widespread adoption of life science analytics solutions for data standardization for chronic disease management is also driving market growth.

Additionally, biomedical and pharmaceutical companies have realized the real benefits of this evolving data ecosystem by using cloud storage platforms and distributed computing power. Using these tools, stakeholders and drug manufacturers in the life sciences industry achieve better overall outcomes, provide better quality care at affordable costs, and develop informative diagnostics and treatments.

Furthermore, these tools have greatly facilitated the integration of genomic and clinical data, which can help drug manufacturers develop advanced, high-quality drugs. Increasingly complex and rapidly changing regulatory needs have become a major risk for the life sciences industry. Analytics helps businesses report specific regulations. The increasing volume of data being generated in the life science industry and the need to extract value from the data drive the growth of the life science analytics market. Other factors such as improvements to existing healthcare infrastructure, coupled with extensive research and development (R&D) activities, are expected to drive the market further.

However, companies that have recognized the importance of analytics have created their own in-house analytics service or have outsourced their needs to a third party. Costs sometimes increase if a company has purchased a subscription-based scan tool for their business and after a while realizes that the selected scan tool does not meet their business needs. All costs associated with the installation and implementation process are wasted investments for the business. Hence, high implementation costs are limiting the growth of the life science analytics market. Another factor hampering this market is the lack of qualified personnel for life science analytics.

Impact of COVID-19 on the Latin American Life Science Analytics Market:

As the coronavirus disease (COVID-19) continues to spread worldwide, making it a pandemic disease, there has been a significant increase in the need for effective teleconsultation solutions to improve patient data management. In addition, several technological advancements, such as the development of innovative telemedicine, mobile health services, and electronic prescribing tools, act as other growth factors. These test solutions are also widely used to develop personalized precision drugs that use specific genomic data from patients with specific medical needs.

This research report on the European life science analytics market has been segmented and sub-segmented based on the following categories.

By Analytics Type:

• Descriptive Analytics
• Predictive Analytics
• Prescriptive Analytics

By Component:

• Software
• Services

By Delivery Mode:

• On-demand
• On-premises

By Application:

• Clinical and Preclinical Trials
• Research and Development
• Regulatory Compliance
• Sales and Marketing
• Supply Chain Management
• Pharmacovigilance

By End-User:

• Pharmaceutical and Biotechnology Companies
• Medical Device Companies
• Biomedical Research Centers
• Third-party Administrators (TPA)

By Country:

• Mexico
• Brazil
• Argentina
• Chile
• Rest of Latin America

Geographically, the Brazilian life science analytics market is estimated to represent the largest share of the Latin American region during the forecast period due to the presence of more pharmaceutical companies and even more clinical trials are underway in this region which is expected to increase the growth of the studied market during the forecast period. High rate of adoption of advanced technologies due to a large number of investments to stimulate the life science industry; and significant companies and their products in the region. However, Brazil and Argentina are expected to grow at the highest CAGRs during the forecast period, owing to the increase in the prevalence of chronic diseases, the growth of the life sciences industry, the increased adoption of advanced technologies, and the growth of the main sectors to increase their presence in the emerging countries of Latin America.

KEY MARKET PLAYERS:

A few of the prominent companies operating in the Latin American life science analytics market profiled in this report are SAS Institute Inc., IBM Corporation, Oracle Corporation, Quintiles, Inc., Accenture, Cognizant, Wipro Limited, TAKE Solutions, MaxisIT, Inc., and SCIO Health Analytics.