January 12, 2021
According to the latest study titled ‘Global Life Sciences Analytics Market Analysis, 2020’, available with Market Study Report LLC, global life sciences analytics market is projected to record a compound annual growth rate of 11% between 2020 and 2025.
Increasing pervasiveness of chronic ailments, and collective efforts towards reducing the overall healthcare spending are boosting the number of clinical trials, thereby impelling the growth of worldwide life sciences analytics market share. Emphasis on standardization of medical products, and adoption of analytics in order to enhance sales & marketing tactics are further impelling the industry growth.
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Industry experts claim that proliferating usage of smart devices, in consort with integration of cloud storage by pharmaceutical & biotechnological companies bulk generation of real-time data, and patient preference for personalized medicare are augmenting global life sciences analytics market size.
Based on component terrain, services segment generated substantial revenues in 2019 and is poised to showcase similar trends over the analysis period, on account of constant demand for maintenance and upgradation of the software.
Considering delivery model, on-demand segment held massive chunk of global life sciences analytics industry share in 2019, attributable to benefits such as easy accessibility, flexibility, and scalability, alongside the option of pay-as-you-go.
Speaking of end-user gamut, worldwide life sciences analytics market is fragmented into third party administrators, research center, medical device companies, pharmaceutical & biotechnology companies. While as per type, the market is categorized into predictive analytics, descriptive analytics, and prescriptive analytics.
Moving on to application spectrum, global life sciences analytics industry is segmented into supply chain optimization, regulatory compliance, pharmacovigilance, research & development (pre-clinical trials, clinical trials), and sales & marketing.
From the regional frame of reference, North America dominated the global life sciences analytics business landscape in 2019, on the grounds of well-established healthcare infrastructure, and constant technological advancements by biomedical & pharmaceutical companies.
Vendors which influence the global life sciences analytics market trends are Take Solutions Ltd., Wipro Ltd., SCIO Health Analytics, Cognizant, MaxisIT Inc., Oracle Corp., IQVIA, Accenture plc, SAS Institute, and IBM Corp.