Market Analysis: Global Life Science Analytics Market
The Global Life Science Analytics Market is expected to reach USD 39.80 billion by 2025, from USD 14.97 billion in 2017, growing at a CAGR of 14.3% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
Market Definition: Global Life Science Analytics Market
The analytic tools offer accuracy, precision and errorless execution in life science sector. In recent year life science analytics has become a very helpful tool in various fields such as pharmaceutical, biotechnological, and medical device enterprises. The life sciences involved the detail study of organisms including plants, animals and human beings and characterized by numerous aspects of molecular biology and biotechnology. The growing demand of analytics tools has enhanced the development of the products. Therefore, Major market participants are continuously engaging in R&D to achieve product development and increase application scope in analytic tools market.. For instance, in September 2017, Saama Technologies, Inc., (U.S.) a leading big data and advanced analytics Solutions Company launched Life Science Analytics Cloud. The product is designed to improve clinical development processes and deliver outcomes by reorganizing the steps of the entire clinical data journey. The growing prevalence of chronic diseases is driving the market. According to Centers for Disease Control and Prevention (CDC), by 2012 about half of all adults, 117 million people had one or more chronic health conditions. Diabetes, arthritis, obesity and others are the most common prevalent chronic diseases.
Major Market Drivers and Restraints:
- Increasing prevalence of chronic disease
- Technological advancements
- Increased demand for errorless data
- Lack of skilled professionals
- High cost budget
Market Segmentation: Global Life Science Analytics Market
- The global life science analytics market is segmented on the basis of type, component, application, delivery model and end user.
- The market is segmented on the basis of type into descriptive analytics, predictive analytics and prescriptive analytics.
- The market is segmented on the basis of component into software and services.
- The market is segmented on the basis of application into research and development, sales and marketing support, regulatory compliance, supply chain analytics and pharmacovigilance. Research and development is further segmented into preclinical trials and clinical trials.
- The market is segmented on the basis of delivery model into on-premise and on-demand.
- The market is segmented on the basis of end users into pharmaceutical and biotechnology companies, medical device companies, research centers and third-party administrators.
- Based on geography the analytics market report covers data points for 28 countries across multiple geographies namely North America & South America, Europe, Asia-Pacific and, Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa and, Brazil among others.
Competitive Analysis: Global Life Science Analytics Market
The global life science analytics market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of life science analytics for global, Europe, North America, Asia Pacific and South America.
Major Market Competitors/Players: Global Life Science Analytics Market
Renowned players in the market consist of SAS Institute Inc., IBM Corporation, Oracle Corporation, IQVIA, Accenture, Cognizant, Maxisit, Scio Health Analytics, Take Solutions, Wipro Limited, Saama Technologies, Inc., Genpact, Acumen Analytics, SG Analytics, The Smart Cubes, Life Science Analytics, Inc., PointCross Life Sciences, Incedo Inc., Tradata, Zephyr Health, QlikTech International AB, ValueLabs, Fractal Analytics Inc. among others.
Research Methodology: Global Life Science Analytics Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
Demand Side Primary Contributors: Doctors, Surgeons, Medical Consultants, Nurses, Hospital Buyers, Group Purchasing Organizations, Associations, Insurers, Medical Payers, Healthcare Authorities, Universities, Technological Writers, Scientists, Promoters and Investors among others.
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others