The growth of this market is majorly driven by the growing demand for data storage and management solutions due to extensive amount of data generated through large number of research activities. However, the high cost of implementation and regulatory hurdles are major factors restraining the growth of this market.
According to the new market research report “HPC, Data Analysis, Storage & Management Market in Life Sciences By Products & Services (Data Analysis, Cloud Computing), Applications (NGS, Microscopy, Chromatography), End User (Pharmaceutical & Biotechnology, Hospitals) – Global Forecast to 2024″, published by MarketsandMarkets™, Data Analysis, Storage & Management Market in Life Sciences is projected to reach USD 41.1 billion by 2024 from USD 18.7 billion in 2019, at a CAGR of 17.1%.
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Software and Workbenches dominated the life sciences Data Analysis, Storage & Management Market in 2018
By product, the Data Analysis, Storage & Management Market in life sciences is segmented into data analysis software and workbenches, data analysis services, and storage, management, and cloud computing solutions. In 2018, the data analysis software and workbenches segment accounted for the largest share of the market. The large share of this segment can be attributed to the extensive ongoing research and need of effective analysis tools in pharmaceutical and biotechnology research.
Next Generation Sequencing held the largest share of the applications market in 2018
Based on applications, the Data Analysis, Storage & Management Market is segmented into next generation sequencing, microscopy, chromatography, flow cytometry, spectroscopy, and other applications such as PCR among others. In 2018, next generation sequencing (NGS) segment accounted for the largest share of the Data Analysis, Storage & Management Market. The large share of this segment can be attributed to the huge amount of data generated through enormous number of ongoing activities. HPC applications market is also dominated by next generation sequencing segment in 2018.
Pharmaceutical and biotechnology companies were the largest end users of Data Analysis, Storage & Management Market in 2018
By end user, the Data Analysis, Storage & Management Market is segmented into pharmaceutical and biotechnology companies, research centers, academic and government institutes, hospitals and clinics, and other end users. The pharmaceutical and biotechnology companies segment accounted for the largest market share in 2018 while the research centers and academic institutes segment is projected to grow at the highest CAGR during the forecast period. The increase in genomics related research activities by research and academic institutes is the major factor driving the growth of this end user segment. Similar trend is also observed in the HPC market.
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US commanded the largest share of the Data Analysis, Storage & Management Market in 2018
US commanded the largest share in the Data Analysis, Storage & Management Market. The large share of the US in this market can be attributed to the increasing R&D activities by biopharma companies and increasing presence of these companies in the US.
Some of the major players in this market include Dell Technologies Inc. (US), Advanced Micro Devices, Inc. (US), Cray, Inc. (US), Cisco Systems, Inc. (US), IBM Corporation (US), Intel Corporation (US), Lenovo Group Limited (China), Hewlett Packard Enterprise Company (US).
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