The life science analytics market had been valued at USD 19,165.22 million in 2018 and is likely to grow at an 11.91?GR during the forecast period, as per the latest analysis by Market Research Future (MRFR). Life science analytics can be defined as a tool that aids in clinical trials standardization & optimization of drug discovery processes. Prescriptive, descriptive, & predictive analytics are the different types of life science analytics that find wide applications in supply chain optimization, sales and marketing, regulatory compliance, pharmacovigilance, and research & development.
Market Drivers and Restraints
Various factors are propelling the global life science analytics market growth. As per the latest MRFR report, such factors include increasing use of big data analytics in life sciences industry, the requirement for improved patient outcomes, growing adoption of analytics tools for marketing and sales applications, and increasing use of analytics solutions in clinical trials. Additional factors adding market growth include rising cases of chronic diseases, the need for enhanced data standardization, and growing pressure to reduce healthcare expenditure.
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On the contrary, the scarcity of skilled professionals, high implementation costs, and the grave effect of the ongoing COVID-19 outbreak are factors that may limit the life science analytics market growth over the forecast period.
The MRFR report offers an inclusive life sciences segments based on end user, deployment model, component, application, and type of analytics.
By type of analytics, the market is segmented into prescriptive analytics, descriptive analytics, and predictive analytics. Of these, the descriptive analytics will lead the market over the forecast period for rising preference by life science and healthcare analytics companies.
By application, the market is segmented into regulatory compliance, supply chain optimization, research & development, sales and marketing, & pharmacovigilance. Research & development is further segmented into preclinical trials and clinical trials. Of these, the research and development segment will dominate the market over the forecast period for its surging use in research and development activities to develop innovative life science products.
By component, the market is segmented into hardware, services, and software. Of these, the software will have a major market share during the forecast period for the rising usage of analytics software in the healthcare predictive analytics market.
Based on deployment model, the life science analytics market has been segmented into cloud-based and on-premise. Of these, the on-premise segment will spearhead the market over the forecast period for its user-friendly approach.
By end user, the market is segmented into pharmaceutical, biotechnology and medical device companies, hospitals and clinics, and others. Among these, hospitals & clinics will have lions share in the market over the forecast period as this helps to increase healthcare productivity and reduce clinical errors.
Based on the region, the global life science analytics market report covers the growth opportunities and recent trends across the Americas, Europe, the Asia Pacific (APAC), & the Middle East and Africa. Of these, the Americas will dominate the market over the forecast period. Rising adoption of healthcare IT solutions, increasing healthcare spending, burgeoning demand for life science analytics software, growing prevalence of non-communicable diseases for unhealthy lifestyle and aging population, high economic development, and favorable reimbursement policies are adding to the market growth in the region. The US has the maximum share in the region. The presence of key industry players and rising cases of chronic diseases like cardiovascular disease, cancer, diabetes, and arthritis are adding to the US life science market size.
The global life science analytics market in Europe is predicted to have the second-largest share over the forecast period. Better availability of healthcare solutions, technological advancements, and growing cases of chronic diseases are adding to the global life science analytics market growth in the region.
The global life science analytics market in the APAC region is predicted to grow at a fast pace over the forecast period. The presence of several healthcare IT companies, rapidly developing life science industry, and supportive government policies are adding to the global life science analytics market growth in the region.
The global life science analytics market in the MEA is predicted to have healthy growth over the forecast period. Rapid technological advances, coupled with the rising support from the government to develop the healthcare IT sector are adding to the life science analytics market growth.
Eminent players profiled in the life science analytics market report include SAS Institute Inc. (US), IQVIA (US), McKesson Corporation (US), Oracle (US), IBM (US), SCIOInspire, Corp. (US), Health Catalyst (US), Optum, Inc. (US), Saama Technologies, Inc. (US), Inovalon (US), CitiusTech Inc. (US), Cerner Corporation (US), and Allscripts Healthcare, LLC (US).
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