+11% CAGR Growth to be achieved by Life Science Analytics Market According to New Research
Life Science Analytics Market Growth Scenario and Market Perspective with Study of Top Players & Revenue to Significant Growth Forecasts By 2021
Houston, United States – May 4, 2018 /MarketersMedia/ —
Major factors contributing to the growth of the global life science analytics market include technological advancements, availability of big data in the life science industry, growing adoption of analytics solutions for clinical trials, increasing adoption of analytics solutions for sales and marketing applications, growing need for improved data standardization, rising prevalence of chronic diseases, increasing pressure to curb healthcare spending, and growing need for improved patient outcomes. Moreover, increasing focus on value-based medicine, use of analytics in precision and personalized medicine, cloud-based analytics, use of big data analytics to increase R&D productivity, and emergence of social media and its impact on the life science industry provide significant growth opportunities in the market. However, lack of skilled professionals and financial constraints may hinder the growth of this market during the forecast period.
The Global Life Science Analytics Market Is projected to grow at a CAGR of +11% by 2022 according to this latest research
Various companies are focusing on technological advancements to improve the life science industry. Life science companies are increasingly adopting digitization in order to increase productivity and profitability. To leverage growth opportunities many of the players in the market are innovating and upgrading their portfolios. For instance, in April 2018, Oracle Corporation (U.S.) launched the cloud version of its Oracle Health Sciences Safety Suite 8.0. This solution provides end-to-end safety management and business analytics/intelligence to pharma companies.
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The market is mainly the result of technology development, the introduction of analytical solutions for clinical trials, the increasing adoption of sales and marketing application analysis solutions, the need to improve data standards, the increase of chronic disease outbreaks,
Based on type, markets are divided into technical analysis, predictive analysis and normative analysis. The technology analysis segment is expected to account for the largest market share in 2018. This is because technology analysts have used a lot of real-time scientist stakeholders to better understand past trends and events in real time.
The life sciences analytics market is divided into application-based research and development (clinical trials and clinical trials), sales and marketing support, regulatory compliance, supply chain analysis and pharmacovigilance. Sales and marketing support is expected to grow at the highest annual average growth rate during the forecast period. The rapid growth of this sector is due to the adoption of analytical techniques by life science companies to coordinate sales and marketing campaigns. As the importance of post-marketing surveillance has increased, the use of sales and marketing analysis has also increased.
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The market based on components is divided into services and software. The services sector is expected to grow to the highest CAGR during the forecast period due to the increased need for business analytics services and the introduction of advanced life sciences analysis software that requires extensive training as well as regular upgrades.
Depending on the delivery model, the market is divided into on-demand and on-premises models. The on-demand segment is expected to grow to the highest CAGR over the forecast period due to increased demand for self-analysis, lack of upfront capital investment in hardware, extreme capacity flexibility and price-based payment methods. This model.
On the basis of end users, the life sciences analytics market is divided into pharmaceutical and biotech companies, medical device companies, research centers and third-party managers (TPAs). The pharmaceutical and biotechnology sector is expected to take over the market in 2016. This may be mainly due to the high utilization rates of analytical solutions in pharmaceutical and biotech companies.
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