Life Science Analytics Market Share, Applications, Size Estimation, Future Growth, Regional Outlook and COVID-19 Impact Analysis By 2025
Life Science Analytics Market Size, Growth and Share Analysis By Type of Analytics (Predictive Analytics, Descriptive Analytics, Prescriptive Analytics), Application (Research & Development, Pharmacovigilance, Regulatory Compliance, Sales & Marketing, Supply Chain Optimization), Component (Software, Services, Hardware), Deployment Model and By End-User, Forecast to 2025
Pune, India – June 24, 2020 /MarketersMedia/ —
Global life science analytics market size registered a value of USD 19,165.22 MN in 2018, which is poised to appreciate further at 11.91% CAGR during the review period. Global life science analytics market is growing at a rapid pace. Market growth attributes to the growing adoption of life science analytics solutions in clinical trials and data analytics in life sciences. Also, the rising pressure to curb healthcare expenditures and increasing adoption of these analytics in sales & marketing applications foster the growth of the market. Moreover, the increasing need for improved data standardization and the growing adoption of big data in the life sciences escalate the life science analytics market growth to furthered height.
The report provides a thorough assessment of the COVID-19 impact on life science analytics market size across various geographies. Starting with an informative market overview, the report explains the market definition and the latest trends prevalent in the industry. Further, the report provides an exhaustive analysis of accurate data required for the business continuity and contingency strategies adopted by industry leaders.
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Growing adoption of life science and healthcare analytics plays a causal role in market development. Besides, increasing usages of these analytics to streamline business processes in life sciences segments and growing uptake of data analytics in life sciences are major life science analytics market growth drivers.
On the flip side, rising data security concerns and the lack of skilled professionals are the major factors predicted to hamper the growth of the life science analytics market. Also, high prices of these solutions obstruct the growth of the healthcare predictive analytics market. Nevertheless, the growing adoption of analytics solutions in clinical trials would support life science analytics market growth throughout the estimated period. Additionally, increasing prevalence of chronic diseases and demand for improved patient outcomes are also expected to bolster market growth.
Life Science Analytics Market Segmentations
By Type of Analytics, the global life science analytics market is segmented into Predictive Analytics, Descriptive Analytics, Prescriptive Analytics, and other Analytics.
By Application, the global life science analytics market is segmented into Research & Development, Pharmacovigilance, Regulatory Compliance, Sales & Marketing, Supply Chain Optimization, and others.
By Component, the global life science analytics market is segmented into Software, Services, and Hardware.
By Deployment Model, the global life science analytics market is segmented into On-Premise and Cloud-Based.
By End-User, the global life science analytics market is segmented into Hospitals & Clinics, Pharmaceutical, Biotechnology & Medical Device Companies, and others.
Life Science Analytics Market Regional Outlook
North America leads the global life science analytics market. The significant life science analytics market share attributes to the increasing healthcare spending and adoption of healthcare IT solutions in the region. Moreover, augmenting demand for life science analytics software to bring down healthcare costs in the region drives a huge share of the growth. The US life science market size is increasing due to rising investments in the healthcare sector. The country accounts for the largest share in the regional life science analytics market.
Europe stands second in the global life science analytics market. The life science analytics market is driven by the advancements in pharmaceutical analytics technology and the better availability of healthcare solutions and services in the region. Moreover, the rising prevalence of chronic diseases and the wide adoption of life science and healthcare analytics drive regional market growth. Besides, spurring growth in the healthcare predictive analytics market impacts regional life science analytics market growth.
The Asia Pacific life science analytics market is emerging as a profitable market globally. Factors such as the fast-developing life sciences industry and the presence of many healthcare IT companies propel the regional life science analytics market growth. Moreover, the widening adoption of advanced analytical technologies in life sciences segments substantiates the growth of the market. APAC countries such as India, China, and Japan, with their rising usages of data analytics in life sciences, hold a substantial share in the regional market.
Life Science Analytics Market Competitive Analysis
The life science analytics market is highly competitive, and it appears fragmented due to the presence of several well-established industry players. To gain a larger competitive share, these players incorporate strategies such as mergers & acquisitions, expansion, and product launch. Technology providers substantially invest in R&D to improve technology and product launch. Other investments are seen in the expansion plans to increase their global footprints.
Life Science Analytics Market Major Players
Players leading the global life science analytics market include Allscripts Healthcare, LLC (US), Cerner Corporation (US), CitiusTech Inc. (US), Health Catalyst (US), Inovalon (US), McKesson Corporation (US), Saama Technologies, Inc. (US), Optum, Inc. (US), SCIOInspire, Corp. (US), SAS Institute Inc. (US), IBM (US), Oracle (US), and IQVIA (US), among others.
Trinity Life Sciences (the US), a leader in global life sciences solutions, introduced a new turnkey stakeholder insight research tool COVIDPulse, that can evaluate the impact of COVID-19 on patient management, prescribing and compliance behaviors and sales detailing relative to pre-COVID times. COVIDPulse can help pharma companies to understand how the pandemic has impacted their base business, how telemedicine has changed the landscape and changes taken place in the utilization of a specific product or product mix.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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