“Surge in prevalence of chronic disease and rise in adoption of analytics solutions in clinical trials and sales & marketing applications drive the growth of the global life science analytics software market.”
The global life science analytics software market garnered $5.35 billion in 2019, and is expected to generate $16.04 billion by 2027, witnessing a CAGR of 12.3% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Surge in prevalence of chronic disease, pressure to reduce healthcare expenditure & increased demand for improved patient outcomes, and rise in adoption of analytics solutions in clinical trials and sales & marketing applications drive the growth of the global life science analytics software market. However, lack of skilled professionals in developing countries hinders the market growth. On the other hand, emergence of big data analytics to improve R&D productivity creates new opportunities in the market.
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- The governments of several nations are focusing on the research and development of vaccine for Covid-19, in which the life science analytics software play a crucial role.
- Moreover, to fulfill the demand in health care services, the research and development activities in life science analytics software have been increased during the global lockdown.
The report offers a detailed segmentation of the global life science analytics software market based on product, application, delivery, end user, and region.
Based on product, the majority of share was contributed by descriptive analytics segment. It accounted for more than two-fifths of the total share in 2019, and is estimated to maintain its lead position during the forecast period. However, the predictive analytics segment is anticipated to grow at the highest CAGR of 15.6% during the forecast period.
Based on application, the majority of share was contributed by the research and development segment, accounting for nearly three-fifths of the total share in 2019, and is expected to maintain its dominance from 2020 to 2027. However, the sales and marketing support segment is estimated to portray the highest CAGR of 17.5% from 2020 to 2027.
Based on region, North America contributed the majority share, which is nearly half of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is projected to grow at the largest CAGR of 16.7% during the forecast period.
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Frontrunners in the industry-
Cognizant, SAS Institute Inc., Wipro Limited, IBM Corporation, MaxisIT, Inc., Oracle Corporation, TAKE Solutions, Quintiles, Inc., SCIO Health Analytics., and Accenture.
Scope of The Report:
|Market size available for years||2019-2027|
|Base year considered||2020|
|Forecast units||Value (USD)|
|Segments covered||Product, Application, Delivery Model, and End User|
|Geographies covered||North America, Europe, Asia-Pacific, LAMEA|
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