Life Science Analytics Market Scope
The Global Life Science Analytics Market size can touch USD 19,165.22 million by 2025. It can display a strong 11.91% CAGR from 2019 to 2025. It is driven by the large adoption rate of the software by clinical trial holders and research scientists. Adoption of the software for sales & marketing and rising pressure to curtail rising healthcare costs are expected to drive the market growth. The healthcare expenditure of the U.S. increased to USD 3.65 trillion in 2018 from USD 3.5 trillion in 2017.
Standardization of data need for improved patient outcomes, adoption of big data across hospitals, and rising prevalence of chronic diseases are other pertinent factors which can fuel the global life science analytics market growth. However, lack of skilled professionals and concerns pertaining to the misuse of data can impede the market.
Life science analytics are important software containing data related to patients which can play a role in improving the outcome. The rapid development and pace of life science companies due to the rapid prevalence of diseases and large patient pool has driven the need for analytics for handling patient data. The global life science analytics market report by Market Research Future (MRFR) consists of pertinent factors and challenges for the period between 2019 and 2025 (forecast period).
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Life Science Analytics Market Segmentation
The global life science analytics market is segmented by type of analytics, application, component, deployment model, and end-user.
By type of analytics, it is segmented into prescriptive, descriptive, and predictive. Descriptive analytics held the largest market share due to the usage of data by life science companies to gain insights on past trends and current scenarios.
By application, it is segmented into supply chain optimization, sales & marketing, research & development, regulatory compliance, and pharmacovigilance. The research & development segment currently holds the dominant position due to the large use of analytical tools in clinical and preclinical trials. On the other hand, pharmacovigilance has latent potential due to the need for effective medicines for combating chronic diseases. This application can make use of life science analytics for providing useful insights for preventing adverse events and adhering to outlined guidelines.
By component, it is segmented into hardware, software, and services. Software held the largest market share due to its low costs. The hardware segment can experience a high demand due to the development of next-generation life science technologies.
By deployment model, it is segmented into on-premise and cloud based. The on-premise segment held the largest share of the global life science analytics market due to its user-friendly interface.
By end-user, it is segmented into pharmaceutical, biotechnology & medical device companies, hospitals & clinics, and others. Hospitals & clinics held the largest market share due to life science analytics playing a major role in minimizing clinical errors. The recent rise in healthcare productivity as well as customer satisfaction rate is evident of the large success of the global life science analytics market in the segment. Pharmaceutical, biotechnology & medical device companies can contribute to the market growth due to the use of the software for drug discovery.
Life Science Analytics Market Regional Analysis
The Americas, Europe, the Middle East & Africa (MEA), and Asia Pacific (APAC) are regions the center of focus in the global life science analytics market report.
The Americas held the largest market share due to large healthcare expenditure and adoption of healthcare IT solutions by hospitals to improve productivity. On the other hand, the APAC region can display a strong growth rate for the market due to presence of various life science companies and rapid development of the healthcare sector.
Life Science Analytics Market Competitive Outlook
CitiusTech Inc., SAS Institute Inc., Oracle, Health Catalyst, Saama Technologies, Inc., McKesson Corporation, IBM, SCIOInspire, Corp., Cerner Corporation, Allscripts Healthcare, LLC, IQVIA, Optum, Inc., and Inovalon are prominent players of the global life science analytics market.
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