Global Life Science Analytics Market is predicted to value over USD 35.5 billion by 2026 end and register a CAGR of over 12% during the forecast period 2019 to 2026.
The global life science analytics market growth is primarily steered by advancements in technology, increased usage of solutions for analytics in clinical trials, big data in the life science industry, growing analytics adoption for marketing and sales applications, the necessity of improvements in the standardization of data, increasing presence of persistent diseases, rising pressure to reduce healthcare expenditure and the necessity for improvements in the patient outcomes. On the contrary, high costs of implementation are projected to impede the augmentation of this market to a substantial extent.
The descriptive analytics accounted for the largest global life science analytics market share in 2018. This can be credited to the life science stakeholders substantially using descriptive analytics in order to better understand the past events and life science analytics market trends that occur in real-time.
The biotechnology and pharmaceutical firms dominated the market in 2018. This can be credited to the high usage of solutions for analytics by biotechnology and pharmaceutical firms.
North America held the largest market share, which is followed by the European region. Although, the Asia Pacific region is predicted to augment with the highest growth rate over the forecast period due to the rising presence of persistent diseases, rising adoption of advanced technologies, growth of the life science industry and the rising emphasis of key players on their prevalence in developing Asian nations.
Key market players included in the global life science analytics industry are SAS Institute Inc., IBM Corp., Oracle Corp., Iqvia, Accenture, Cognizant, Maxisit, Scio Health Analytics, Take Solutions, Wipro Ltd.
Cornell University and IBM collaborated in June 2017 using big data analytics combined with next-generation sequencing. The company, in February 2017, announced the specialized Watson Health Consulting Services unit and the Watson Platform for Health Cloud. Such developments are projected to assist the company in order to maintain its strong market presence in the market in the upcoming years.
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Global Life Science Analytics Market Segmentation:
By Type
• Descripted Analysis
• Predictive Analysis
• Prescriptive Analysis
By Application
• Research and Development
• Sales and Marketing
• Pharmacovigilance
• Regulatory Compliance
• Supply Chain Optimization
By Component
• Services
• Software
By Delivery Model
• On-Premise Delivery Model
• On-Demand Delivery Model
By End User
• Pharmaceutical and Biotechnological Companies
• Medical device Components
• Research Centres
• Third Party Administrators
By Region
• North America
• Europe
• Asia Pacific
• Rest of the World
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FutureWise Key Takeaways:
• Growth prospects
• SWOT analysis
• Key trends
• Key data-points affecting market growth
Objectives of the Study:
• To provide with an exhaustive analysis on the global life science analytics market by type, by application, by component, by delivery model, by end user and by region
• To cater comprehensive information on factors impacting market growth (drivers, restraints, industry-specific restraints and opportunities)
• To forecast and evaluate micro-markets and the overall market
• To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific and the rest of the world
• To record, evaluate and analyse competitive landscape mapping- technological advancements, product launches, expansions and mergers
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