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"
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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).
Mr. Aashish Mehra
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