For a long time, the cure for diabetes type 1 and type 2 has relied on agonizing insulin shots for patients or insulin infusion via mechanical pumps. Regarding this, experts have been creating artificial pancreatic beta cells with the he…
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 t- 2030
Product Overview
Pharmaceutical and life science businesses primarily use life science analytics software t- overcome unpredictable requirements, challenges in data integration and improve operational efficiency. It facilitates the processing of third-party data and decrypts 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.
Market Highlights
Life Science Analytics Market is expected t- project a notable CAGR of 13.3% in 2030.
Life Science Analytics Market t- 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 t- fuel the growth of the market for life science analytics.
Life Science Analytics Market: Segments
Predictive segment t- 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 t- 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 t- understand consumer behavior in the past and factors that affect market dynamics, which in turn helps t- create critical queries.
Life Science Analytics Market: Market Dynamics
Drivers
Technological advancements
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 t- 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.
Restrain
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 t- secure IT budgets.
Life Science Analytics Market: Regions
Life Science Analytics Market is segmented based on regional analysis int- 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 t- market growth in the country. In addition, there has been increased adoption of life science analytics as a result of the demand t- curb increasing healthcare expenditure in this field. In Asia Pacific, during the forecast period, the market is expected t- 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
Oracle
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence and SWOT Analysis.
IBM
3DHISTECH
Cognizant
Accenture
Maxisit
Oracle Corporation
Sci- Health Analytics
Wipr- Ltd.
Take Solutions
SAS Institute Inc
Life Science Analytics Market report als- contains analysis on:
Life Science Analytics Market Segments:
By Type:
Reporting
Descriptive
Predictive
Prescriptive
By Application:
Research and Development
Sales and Marketing
Regulatory Compliance
Supply Chain Analytics
Pharmacovigilance
By Delivery Model:
On-demand
On-premises
By End-user:
Medical Devices
Pharmaceutical
Biotechnology
Others
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 t- hold the largest market share?
At what CAGR is the market anticipated t- grow between 2020 and 2030?
Wh- 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?