Life Science Analytics Market Scope
The Global Life Science Analytics Market size can reach to new heights by 2025 while exhibiting a CAGR of 11.91% during the forecast period. Emergence of personalized medicine and precision medicine have created new opportunities for the market to thrive. The need for advanced tools in clinical research institutes can drive the demand for life science analytics.
Rise of clinical trials by pharmaceutical companies, adoption of the software and its assistance in sales & marketing, improved data standardization, and impending need for higher patient outcomes can drive the global life science analytics market demand. Adoption of big data can influence the global market growth significantly. High pressure to curtail healthcare costs can be a decisive indicator of the large potential of life science analytics.
But data privacy concerns and lack of skilled personnel for handling the software can hamper the global market growth. Life science analytics are software used to interpret huge volumes of data in the life sciences industry. Early detection of patterns of virus strains to predict its malignancy level as well as demand for proactive care can induce its demand. The global life science analytics market report by Market Research Future (MRFR) outlines numerous growth drivers, challenges, and opportunities for the period of 2019 to 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 application, life science analytics market is segmented into supply chain optimization, sales & marketing, pharmacovigilance, regulatory compliance, and research & development. Research & development can command a high demand for life science analytics due to its use in R&D activities. The large volume of clinical and preclinical trials is deemed to drive the application growth in the global life science analytics market growth. Regulatory compliance can contribute to market growth due to the array of tools in life science analytics software to adhere to latest regulations while ensuring constant productivity.
By type of analytics, life science analytics market is segmented into descriptive, predictive, and prescriptive. Descriptive analytics held the largest share of the market in 2018. The segment can enjoy a stable growth rate during the forecast period owing to its use by life science companies for assessing past trends as well as real-time trends. However, predictive analytics can command a pretty large market share due to the necessity of understanding customer behavior.
By deployment model, life science analytics market is segmented into cloud and on-premise. The latter holds the larger share of the global life science analytics market due to preference by end-users for its user-friendliness.
By component, life science analytics market is segmented into software, hardware, and services. The software held the highest market share due to its low cost and implementation. Services include maintenance of hardware and software and its smooth functioning for analytical systems.
By end-user, life science analytics market is segmented pharmaceutical, biotechnology & medical device companies, hospitals and clinics, and others. Hospitals & clinics can dominate till the end of the forecast period due to its assistance in lowering errors and increasing productivity.
Life Science Analytics Market Regional Analysis
The Americas, the Middle East & Africa (MEA), Asia Pacific (APAC), and Europe are major regions covered in the global life science analytics market report.
The Americas can lead the global life science analytics market due to large healthcare spending and adoption of healthcare IT solutions by life science companies. Efforts to reduce healthcare costs per person is the prime factor driving the demand for life science analytics.
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Life Science Analytics Market Competitive Outlook
CitiusTech Inc., IBM, Inovalon, Saama Technologies, Inc., IQVIA, Optum, Inc., Oracle, SCIOInspire, Corp., McKesson Corporation, SAS Institute Inc., Allscripts Healthcare, LLC, Cerner Corporation, and Health Catalyst are prominent players of the global life science analytics market.
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