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), By Deployment Model (On-Premise, Cloud-Based) and By End-User, Forecast to 2025
Life Science Analytics Market Overview
Market Research Future delivers in-depth insights on the global life science analytics market in its upcoming report titled, Global Life Science Analytics Market 2020. The report stated that the global market would register a growth of 11.91% between 2019 and 2025 and surpass the value of USD 19,165.22 Million that was generated in the year 2018. With cases topping in a million globally, governments and health care agencies worldwide are working on enclosing the spread of COVID-19 through several safety measures, including the complete lockdown of high-risk countries. While this might prove helpful in controlling the pandemic, businesses across copious industries are struggling to moderate its growing impact on the supply chain.
Rising adoption of cloud-based services and escalating adoption of connected devices in the healthcare sector are foremost factors encouraging the growth of the global life science analytics market. The ever-increasing adoption of analytical tools for sales, patient monitoring, clinical trials, marketing, and risk management are more factors fueling the growth of the global market.
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MRFR also added in its report that rising government spending towards the development of healthcare infrastructure globally is an added factor propelling the growth of the global market. The industry has by now responded to the current Coronavirus threat by marshaling resources and does best for developing them, discovering drugs, and getting them ready for market. Multiple novel products are now in the pipeline and being assessed for effectiveness, which would motivate the market in the forecast period.
Recent advances are aiding heavily in the response of life science analytics. Today, rapid vaccine development technologies are enabling vaccines to be ready within months as well as the industry is competent in creating scale manufacturing capacity for one billion doses while assessing those doses for safety. These factors have also boosted the market to a great extent in the current pandemic phase and the coming years as well.
Furthermore, mounting adoption of analytics for sales and marketing application, the escalating need of the superior data standardization, intensifying pervasiveness of chronic diseases, rising pressure to cut down the healthcare expenditure, and expanding need for patient outcomes will accelerate the growth of life science analytics market in the forecast period. To add in this, mounting focus on value-based medicine and swelling usage of analytics in precision and personalized medicine will further generate innovative opportunities for the growth of the life science analytics market in the forecast period.
Life Science Analytics Market Segmentation
The life science analytics market report further presents a detailed study on segmental analysis, which included type, application, component, deployment model, and end-user.
Depending on the type segment, the life science analytics market has included predictive analytics, descriptive analytics, and prescriptive analytics.
Depending on the application segment, the life science analytics market has included research & development, pharmacovigilance, regulatory compliance, sales & marketing, and supply chain optimization.
Depending on the deployment model segment, the life science analytics market has included on-premise and cloud-based.
Depending on the component segment, the life science analytics market has included software, services, and hardware.
Depending on the end-user segment, the life science analytics market has included hospitals, clinics, pharmaceutical, biotechnology & medical device companies, and others.
Life Science Analytics Market Regional Outlook
Americas is the largest regional life science analytics market with swelling healthcare spending and adoption of healthcare IT solutions that are anticipated to oblige the market growth. In the year 2017, the healthcare sector in the US had developed by around 3.9% compared to the previous years, accomplishing USD 10,739 per person. Thus, the demand for life science analytics software has been escalating in the region to bring down healthcare costs.
The life science analytics market in Europe apprehended the second-largest position in 2018 owing to the intensifying prevalence of technological advancements, chronic diseases, and better availability of healthcare solutions and services.
Asia-Pacific is the fastest-growing regional life science analytics market owing to the fast-developing life sciences industry and the occurrence of many healthcare IT companies.
The Middle East & Africa life science analytics market might illustrate significant growth owing to the escalating government support to develop the healthcare IT industry and express technological advancements.
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Life Science Analytics Market Vendors Landscape
The major vendors covered in the life science analytics market report are Cerner Corporation (US), CitiusTech Inc. (US), Inovalon (US), Saama Technologies, Inc. (US), SCIOInspire, Corp. (US), IBM (US), IQVIA (US) and Oracle (US).
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