The global life sciences market size was valued USD 19,165.22 million in 2018 and is predicted to grow at an 11.91% CAGR between 2019- 2025, reveals the new Market Research Future (MRFR) report. Life science analytics, simply put, is a tool that assists in drug discovery optimization process and clinical trials standardization. Prescriptive analytics, descriptive analytics, and predictive analytics are the most widely used life science analytics. The Cerner Millennium software and Allscripts’ Veradigm are the latest life sciences industry trends.
Numerous factors are adding to the Life Sciences Market Overview. Such factors, as revealed by the latest MRFR report, include increasing use of big data in the life science industry, the need for improved patient outcomes, increasing use of analytics tools for marketing applications and sales, and rising adoption of analytics solutions in clinical trials. Additional factors propelling the life sciences healthcare analytics market growth include rising incidence of chronic diseases, need for improved standardization, and rising pressure to reduce healthcare expenditure.
On the contrary, dearth of professionals and high implementation costs are factors that may limit the life science market growth over the forecast period.
Scope of the Report
The report categorizes the life science analytics market based on end user, deployment model, component, application, and type of analytics, regions, and key players. Life science analytics helps to capitalize on big data to improve the global collaboration resting on the precise clinical research information. It helps in standardizing the clinical trials data along with validating its adherence. In fact, advanced analytics helps early detection of prospective risks as well as proactively address the same.
IQVIA (US), Oracle (US), IBM (US), SAS Institute Inc. (US), SCIOInspire, Corp. (US), Optum, Inc. (US), Saama Technologies, Inc. (US), McKesson Corporation (US), Inovalon (US), Health Catalyst (US), CitiusTech Inc. (US), Cerner Corporation (US), and Allscripts Healthcare, LLC (US).
Life Science Market Segmentation
- The MRFR Report provides an inclusive segmental analysis of the life science analytics market based on end user, deployment model, component, application, and type of analytics.
- By type of analytics, the life science analytics market is segmented into prescriptive analytics, descriptive analytics, and predictive analytics. Of these, descriptive analytics will lead the market over the forecast period for its increasing preference by life science companies as they work wonders to understand past trends.
- By application, the life science analytics market is segmented into supply chain optimization, sales and marketing, regulatory compliance, pharmacovigilance, and research & development. Research and development is again segmented into preclinical trials and clinical trials. Of these, research and development will dominate the market over the forecast period for the increasing use in the research and development activities to develop innovative life science products.
- Based on component, the life science analytics market is segmented into hardware, services, and software. Of these, the software segment will have a major share in the market over the forecast period for the increasing use of analytics software in the life science industry.
- By deployment model, the life science analytics market is segmented into cloud-based, on-premise, and deployment model. Of these, the on-premise model will command the largest share in the market over the forecast period.
- By end user, the life science analytics market is segmented into biotechnology and medical device companies, pharmaceutical, hospitals and clinics, and others. Of these, hospitals & clinics will spearhead the market over the forecast period as it augments healthcare productivity and minimizes clinical errors.
By region, the global life science analytics market covers the growth opportunities and recent trends across Europe, the Americas, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, the Americas will spearhead the market over the forecast period for increasing adoption of healthcare IT solutions and increasing healthcare spending.
The life science analytics market in Europe is predicted to have the second-largest share over the forecast period for better availability of healthcare services and solutions, technological advancements, and increasing incidence of chronic diseases.
The life sciences analytics market in the APAC region is predicted to grow at a fast pace over the forecast period. The presence of several healthcare IT companies and fast-developing life sciences industry are adding market growth.
The life sciences analytics market in the MEA is predicted to have significant growth over the forecast period for rapid technological advancements and increasing support from the government to develop the healthcare IT industry.