Life Science Analytics Market : Market Size, Share, Growth, Key Players and Industry Outlook
According to the new market research report "Life Science Analytics Market
by Type (Predictive, Descriptive, Prescriptive), Application
(Marketing, Compliance, Clinical trial, R&D, Pharmacovigilance,
SCM), Component (Software, Service), Delivery, End User, & Region -
Global Forecast To 2025", published by MarketsandMarkets™, the global
Life Science Analytics Market size is expected to reach 42.0 billion by
2025 from USD 22.1 billion in 2020, at a CAGR of 13.7% during the
forecast period of 2020 to 2025.
Browse and in-depth TOC on "Pharmaceutical Life Science Analytics Market"
426- Tables
41- Figures
301- Pages
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The
Growth in this Pharmaceutical Analytics Software Market is mainly
driven by technological advancements, big data in the life science
industry, growing adoption of analytics solutions in clinical trials,
increasing adoption of analytics for sales and marketing applications,
need for improved data standardization, increasing prevalence of chronic
diseases, growing pressure to curb healthcare spending, and the need
for improved patient outcomes. On the other hand, high implementation
costs are expected to restrain the growth of this market to a certain
extent.
Based on the delivery mode, the Life
Science Analytics Market is segmented into the on-demand model and the
on-premise model. The on-demand model segment is expected to grow at the
highest CAGR during the forecast period, owing to advantages such as
increasing demand for self-driven analytics, lack of upfront capital
investments for hardware, extreme capacity flexibility, and
pay-as-you-go pricing of this model.
Based on type,
the market is segmented into descriptive analytics, predictive
analytics, and prescriptive analytics. The descriptive analytics segment
accounted for the largest share of the Pharmaceutical Analytics
Software Market in 2019. The large share of this segment is attributed
to the significant usage of descriptive analytics by stakeholders to
gain a better understanding of the past trends and events occurring in
real-time.
In 2019, North America accounted for the largest market share,
followed by Europe. The large share of this market can primarily be
attributed to the strong economies in the US and Canada, which have
allowed for significant investments in technology in this region. Growth
in the North American market is supported by the growing adoption of IT
in the life science industry, rising pressure to reduce healthcare
costs, stringent regulations for the pharma-biotech and medical device
industries, and the greater product and service availability in this
region.
Driver: Technological advancements
Over
the last few years, pharmaceutical companies are increasingly
considering digitization as a strategic initiative that can potentially
help transform different components of their value chain to become more
productive and profitable. With the help of digital technologies, such
as mobility and pervasive computing, big data, and analytics, companies
can effectively improve their R&D productivity, manufacturing
capabilities, sales and marketing effectiveness, and compliance
management. In manufacturing processes, analytics technologies are being
integrated to capture unit operations data automatically, and in
R&D, numerous labs are going paperless. This approach has helped
reduce process times and minimize errors.
Opportunities: Use of analytics in precision and personalized medicine
Precision
medicine involves the use of genomic data of an individual to develop
personalized medicine. Advanced analytics and predictive modeling
applications can enable organizations to treat each patient in a
personalized way to produce the best possible outcomes. Over the years,
analytics has increasingly been used to develop personalized medicine,
primarily for cancer and diabetes. To develop analytics-based solutions
for precision health, various organizations are receiving grants to
develop personalized medicine based on big data solutions.
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The prominent players operating in the Life Science Analytics Market
are Oracle Corporation (US), Accenture (Ireland), SAS Institute Inc.
(US), IBM Corporation (US), Wipro (India), Cognizant (US), SCIO Health
Analytics (US), Allscripts Healthcare Solutions (US), Cerner Corporation
(US), IQVIA (US), Microsoft (US), Infosys Limited (US), MaxisIT (US),
Optum (US), and Cotiviti (US).
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