Life Science Analytics Market by Type (Predictive, Descriptive, Prescriptive), Application (Marketing, Compliance, Clinical trial, R&D, Pharmacovigilance, SCM), Component (Software, Service), Delivery, End User, Region – Global Forecast to 2025

2020-09-22
Price :
Published : Sep-2020
No. of Pages : 301

“Technological advancements, the need for improved data standardization, and the growing adoption of analytics solutions in clinical trials are the key factors driving the life science analytics market.”

The global life science analytics market size is projected to reach USD 42.0 billion by 2025 from USD 22.1 billion in 2020, at a CAGR of 13.7% during the forecast period. Growth in this market is mainly driven by technological advancements, big data in the life science industry, growing adoption of analytics solutions in clinical trials, increasing adoption of analytics for sales and marketing applications, need for improved data standardization, increasing prevalence of chronic diseases, and growing pressure to curb healthcare spending. On the other hand, high implementation costs are expected to restrain the growth of this market to a certain extent.

“Prescriptive analytics segment to grow at the highest CAGR during the forecast period.”

Based on type, the life science analytics market is segmented into descriptive, predictive, and prescriptive analytics. The descriptive analytics segment accounted for the largest share of the life science analytics market in 2019, while the prescriptive analytics segment is projected to grow at the highest CAGR during the forecast period due to its ability to ensure the synergistic integration of predictions and prescriptions.

“Services segment accounted for the largest share of the life science analytics market in 2019.”

Based on components, the life science analytics market is segmented into services and software. The services segment accounted for the largest market share in 2019 and is expected to register the highest growth during the forecast period. The large share and high growth in this segment can be attributed to the recurring need for services such as software upgrades and maintenance.

 “Asia Pacific is expected to record the highest growth rate during the forecast period.”

By region, the life science analytics market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America accounted for the largest market share in 2019. The large share of this market is attributed to the strong economies in the US and Canada, which have allowed for significant investments in technology. However, Asia is expected to grow at the highest CAGR during the forecast period. Factors such as increasing R&D investments, an increase in drug development-based research, rising pressure to comply with regulatory requirements, and low manufacturing costs in the region are supporting the growth of the life science analytics market in Asia.

The break-down of primary participants is as mentioned below:

  • By Company Type: Tier 1 (32%), Tier 2 (44%), and Tier 3 (24%)
  • By Designation: C-level Executives (30%), Directors (34%), and Others (36%)
  • By Region: North America (40%), Europe (28%), Asia (20%), and the RoW (12%)

The prominent players operating in the global life science analytics market are Oracle Corporation (US), Accenture (Ireland), SAS Institute Inc. (US), IBM Corporation (US), Wipro (India), Cognizant (US), SCIO Health Analytics (US), Allscripts Healthcare Solutions (US), Cerner Corporation (US), IQVIA (US), Microsoft (US), Infosys Limited (US), MaxisIT (US), Optum (US), and Cotiviti (US).

Research Coverage:

This report provides a picture of the life science analytics market. It aims at estimating the size and future growth potential of the market across different segments, such as type, component, deployment model, application, end user, and region. The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.

Reasons to Buy the Report

This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below mentioned five strategies for strengthening their market presence.

  • Market Penetration: Comprehensive information on the product portfolios offered by the top players in the global life science analytics market
  • Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and service launches in the global life science analytics market
  • Market Development: Comprehensive information on the lucrative emerging regions
  • Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global life science analytics market
  • Competitive Assessment: In-depth assessment of product offered, market shares, growth strategies, and revenue analysis of leading players in the global life science analytics market
Filed in: Technology
Publisher : marketsandmarkets
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