Life Science Analytics Market: Market Segments: By Type (Reporting, Descriptive, Predictive and Prescriptive); By Application (Research and Development, Sales and Marketing, Regulatory Compliance, Supply Chain Analytics and Pharmacovigilance); By Delivery Model (On-demand and On-premises); By End-user (Medical Devices, Pharmaceutical, Biotechnology and Others); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030
Pharmaceutical and life science businesses primarily use life science analytics software to overcome unpredictable requirements, challenges in data integration and improve operational efficiency. It facilitates the processing of third-party data and Aprilrypts the complexities associated with the life science industry’s organizational setup. Regulatory compliance reporting, product/service enablement, and marketing/sales support are the major applications of analytics.
Life Science Analytics Market is expected to project a notable CAGR of 13.3% in 2030.
Life Science Analytics Market to surpass USD 45.1 billion by 2030 from USD 20.3 billion in 2019 at a CAGR of 13.3% throughout the forecast period, i.e., 2020-30. Globally, increasing adoption of analytics in sales and marketing of clinical trials is expected to fuel the growth of the market for life science analytics.
Life Science Analytics Market: Segments
Predictive segment to grow with the highest CAGR during 2020-30
Life Science Analytics Market is segmented by Type as reporting, descriptive, predictive, and prescriptive. The descriptive life science analytics segment held the largest revenue share of 35.9% in 2019 owing to the large customer pool that is interested in understanding the current market scenario. Descriptive life science analytics generate conclusions about what has happened in the past in the market, and this helps to understand consumer behavior in the past and factors that affect market dynamics, which in turn helps to create critical queries.
Life Science Analytics Market: Market Dynamics
Digitization has been increasingly seen by pharmaceutical companies over the last few years as a strategic initiative that can potentially help transform various components of their value chain to become more productive and profitable. Companies can effectively improve their R&D productivity, manufacturing capabilities, sales and marketing effectiveness, and compliance management with the aid of digital technologies, such as mobility and pervasive computing, big data and analytics.
High Implementation Costs
For small and medium-sized pharma and biotech companies and CROs with restricted budgets, high costs make these solutions less affordable, thus restricting their acceptance. This pattern is especially evident in emerging markets, where there is often a fight over medical equipment to secure IT budgets.
Life Science Analytics Market: Regions
Life Science Analytics Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
Life Science Analytics Market in North America held the largest market share of 50.7% in the year 2019. The presence of supporting government policies for telehealth deployment, the availability of sound IT infrastructure and high digital literacy are some of the major factors contributing to market growth in the country. In addition, there has been increased adoption of life science analytics as a result of the demand to curb increasing healthcare expenditure in this field. In Asia Pacific, during the forecast period, the market is expected to see the highest growth rate. There are few criteria supporting the growth of the market in the area that endorse government policies encouraging life science analytics and rising healthcare spending.
Life Science Analytics Market: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence and SWOT Analysis.
• Oracle Corporation
• Scio Health Analytics
• Wipro Ltd.
• Take Solutions
• SAS Institute Inc
Life Science Analytics Market report also contains analysis on:
Life Science Analytics Market Segments:
• Research and Development
• Sales and Marketing
• Regulatory Compliance
• Supply Chain Analytics
By Delivery Model:
• Medical Devices
• Life Science Analytics Market Dynamics
• Life Science Analytics Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints
FAQs on Life Science Analytics Market
· Which segment is anticipated to hold the largest market share?
· At what CAGR is the market anticipated to grow between 2020 and 2030?
· Who are the key players in the Life Science Analytics Market?
· What could be the challenging factors in the growth of Life Science Analytics Market?
· What are the growth drivers for the Life Science Analytics Market?