Life Science Analytics Industry ESG Thematic Report, 2023

Environment, Social, and Governance (ESG) in Life Science Analytics Industry

The life science sector is quickly adopting analytics, focusing on descriptive and reporting analysis for database construction to forecast future trends and outcomes which is expected to drive market growth. However, increasing climate change impacts and increasing pressure to build sustainability are one of the most critical risks to their future growth strategy. Also, COVID-19 pandemic paved the way for a shift in trends towards life science analytics market. Therefore, alongside concentrating their capital in several areas including value development and digital transformation, businesses in the life sciences sector are focused on investing in sustainability.

Due to the COVID-19 pandemic, a sizable number of patients visited medical facilities every day driving the growth of the industry. As a result, there was a severe lack of hospital beds, medical staff, and essential medical supplies. The COVID-19 outbreak has led to an upsurge in teleconsultations. Healthcare providers can build an interconnected network that assures the use of HCIT to diagnose patients and prescribe medications by integrating EHR with other healthcare IT solutions like tele-medicine and e-prescribing functions. Thus, the demand for life science analytics is anticipated to rise over the next five years because of habit change, the shortage of healthcare professionals, and the need for better patient data management.

ESG Trends

A study of ESG reports from life sciences companies found that 77% of them concentrated on the "social" component, 12% on the environmental component, and 11% on the governance component. This suggests that even larger companies find it difficult to address the full spectrum of ESG issues that may affect them. Companies that provide life sciences analytics are constantly attempting to lessen the negative effects of their activities on the environment.

They are investigating, inventing, and putting new techniques into their fundamental R&D, manufacturing, and supply chain operations to reach the challenging goal of net-zero emissions by 2050. Also, Life sciences and health care analytics involves clinical data analysis which provides predictive tools for better patient care which address one of the UN SDGs i.e., good health and well-being.

ESG Challenges

Although there has been considerable analytics adoption in the life sciences industry, there are still many gaps that need to be filled. Better tools and procedures are required to help industry participants better comprehend the needs of their customers. Losing out on analytics-driven insights is impacting how effective their business initiatives are in the real world and, in some circumstances, turning into significant losses. It's time for the life sciences industry to integrate analytics-derived insights into its basic operating model and monitor execution against strategy. Other challenges for life sciences analytics companies includes Poor data quality, poor performance, lack of collaboration, scalability, and Poor compliance.

Growth of The Life Science Analytics Market

The global life science analytics market size was valued at USD 8.3 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.7% from 2022-2030. The growing importance of social media and the internet, which directly impacts patient interaction and encourages the adoption of analytical solutions, is a major driving force considerably impacting the life sciences business. The market will be driven by the ease with which healthcare institutions and life science companies will be implementing analytical solutions to improve clinical, financial, and operational outcomes and reduce healthcare spending. Building a sustainable world requires the fusion of life sciences and cutting-edge technology like IoT, image analytics, drones, and 5G.

Key Companies in this theme

    • Oracle

    • Wipro Limited

    • Take Solutions Limited

    • Accenture

    • IBM

Scope of the Life science analytics market ESG Thematic Report:

    • Macro-economic and ESG-variable analysis of the industry, including regulatory, policy, and innovation landscape

    • Key insights on infrastructure developments and ESG issues affecting the theme

    • Identify key initiatives and challenges within the industry

    • Identify ESG leaders within the industry

    • Understand key initiatives and the impact of companies within the sector to fuel an informed decision-making process

    • Analysis of industry activities based on multi-media sources, including significant controversies and market sentiment

Key Benefits the Life Science Analytics Market ESG Thematic Report

    • Developing a comprehensive understanding of macro-economic, Policies & Regulations and innovations affecting the life science analytics Sector, globally

    • Key insights into environmental developments and ESG issues affecting the theme

    • Identifying ESG risks and opportunities to business among leading players in the life science analytics market

    • Obtaining a clear and relevant understanding of company actions, progress, and impact and find opportunities for investment