The life science analytics market is witnessing significant growth across the globe owing to factors such as technological advancements, availability of big data in the life science industry, growing adoption of analytics solutions for clinical trials, increasing adoption of analytics solutions for sales and marketing applications, growing need for improved data standardization, rising prevalence of chronic diseases, increasing pressure to curb healthcare spending, and growing need for improved patient outcomes. Moreover, increasing focus on value-based medicine, use of analytics in precision and personalized medicine, cloud-based analytics, use of big data analytics to increase R&D productivity, and emergence of social media and its impact on the life science industry provide significant growth opportunities in the market. Key players in this market are pursuing strategies such as partnerships, collaborations, agreements, new product launches, mergers and acquisitions, and expansions to strengthen their positions in the market.
The life science analytics market is segmented based on type, application, component, delivery model, end user, and region. Based on application, the life science analytics market is segmented into research and development (clinical trials and preclinical trials), sales and marketing support, regulatory compliance, supply chain analytics, and pharmacovigilance. The sales and marketing support segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment can be attributed to the increasing adoption of analytics by life science companies to align their sales and marketing campaigns. The growing importance of post-marketing surveillance is also boosting the utilization of analytics for sales and marketing.
Based on delivery model, the life science analytics market is segmented into on-demand and on-premise models. The on-demand models segment is expected to grow at the highest CAGR during the forecast period due to the rise in demand for self-driven analytics, lack of upfront capital investments for hardware, extreme capacity flexibility, and pay-as-you-go pricing of this model.
Asia is expected to grow at a highest CAGR during the forecast period. Factors such as large population base, growing prevalence of chronic diseases, increasing need for innovative therapies, and low manufacturing costs in the region are expected to drive market growth the Asian region.