Life Science Analytics Market Overview:
The global Life Science Analytics market had substantial growth possibilities and it can achieve a CAGR of 11.91% during the forecast period covering 2019 to 2025. Market Research Future (MRFR) makes significant predictions about how the market can register further growth in the coming years. This can help players to understand various growth possibilities and implement strategies accordingly.
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The global market for life science analytics is slated to witness strong growth as factors like a hike in investment, better strategic planning of various governments, improved marketing strategies, technological integration, demand for better data standardization, the prevalence of various chronic diseases, and others. Better understanding shown by patients, the inclusion of big data analytics, growing disposable income, and increasing collaborations between companies and governments can also leave a profound impact on the market.
On the flip side, the market for life science analytics has possibilities of losing ground as the industry lacks the presence of skilled professionals. Also, the digitalization process increases the chance of hacking, which can divulge information regarding patients and compromise their social status. However, government initiatives can make sure that the market gets back on its promised track and improves the progress rate.
Life Science Analytics Market Segmentation
The global market for life science analytics has been studied by MRFR in the report on the basis of type of analytics, application, component, deployment model, and end user. Such a detailed segmentation has several inputs from various market pundits and insights gained from it can trigger better market growth.
By type of analytics, the global report includes the life science analytics market and involves segmentations like predictive analytics, descriptive analytics, and prescriptive analytics. The descriptive analytics segment has the maximum market share in 2018. This segment can benefit from the increasing demand for real-time accessibility of data.
By application, the global market report on the life science analytics market can be segmented into research & development, pharmacovigilance, regulatory compliance, sales & marketing, and supply chain optimization. The research & development sector had the largest market share in 2018.
By component, the report includes segments like software, hardware, and services of which software had the largest market share in 2018.
By deployment model, the report on the life science analytics market can be segmented into on-premise and cloud-based. The on-premise segment had the largest market share in 2018.
By end-user, the report includes segments like hospitals & clinics, pharmaceuticals, biotechnology, & medical device companies, and others. The hospitals & clinics segment had the maximum market share in 2018
Life Science Analytics Market Regional Analysis:
The global market report on the Life Science Analytics Market reveals the Americas as the largest market. This is due to the better infrastructure of the North American sector where the US and Canada are making significant progress. The integration of the healthcare IT sector is also expected to provide the market with a substantial advantage. In Europe, the growth would be triggered by the prevalence of chronic diseases and the integration of top-class technologies. Better healthcare solutions are also going to ensure strong growth. The Asia Pacific market has the chance to register the fastest growth as several countries have started investing in the life sciences industry.
Life Science Analytics Market – Competitive Landscape:
Players making progress in the global market for life science analytics are Allscripts Healthcare, LLC (US), Cerner Corporation (US), Inovalon (US), Health Catalyst (US), Saama Technologies, Inc. (US), McKesson Corporation (US), Optum, Inc. (US), SCIOInspire, Corp. (US), CitiusTech Inc. (US), SAS Institute Inc. (US), IBM (US), Oracle (US), IQVIA (US), and others.
In January 2020, FDA announced that its open-source MyStudies platform is now available on Google Cloud. This would intensify the efficiency of various technologies in the field of medical research. This can be interpreted as significant progress in the field of life science analytics.
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