Growth in the Life Science Analytics 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 marketing applications, need for improved data standardization, increasing prevalence of chronic diseases, growing pressure to curb healthcare spending, and the need for improved patient outcomes. On the other hand, high implementation costs are expected to restrain the growth of this market to a certain extent.
According to the new market research report global Life Science Analytics Market size is expected to reach $42.0 billion by 2025 from $22.1 billion in 2020, at a CAGR of 13.7% during the forecast period of 2020 to 2025.
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Based on application, the life science analytics market is segmented into research development (clinical trials and preclinical trials), regulatory compliance, sales marketing, supply chain optimization, and pharmacovigilance. The sales marketing segment is expected to grow at the highest CAGR during the forecast period.
Based on type, the pharmaceutical life science analytics market is segmented into predictive analytics, descriptive analytics and prescriptive analytics. The descriptive analytics segment accounted for the largest share of the Life Science Analytics Market in 2019. The large share of this segment is attributed to the significant usage of descriptive analytics by stakeholders to gain a better understanding of the past trends and events occurring in real-time.
The life science analytics market is a highly diversified and competitive market, with a large number of players, including mid-tier companies and startup firms, competing for market shares. SAS Institute, Inc. (US), IBM Corporation (US), Oracle Corporation (US), Quintiles, Inc. (US), Accenture (Ireland), Wipro (India), Cognizant (US), MaxisIT, Inc. (US), TAKE Solutions (India), and SCIO Health Analytics (US) are some of the key players in this market. These players have adopted various growth strategies, such as product launches upgrades; expansions; mergers acquisitions; and partnerships, agreements, and collaborations, to further expand their presence in the global market.
Agreements, partnerships, and collaborations were the key growth strategies adopted by players from 2017 to 2020. Some of the leading players who adopted these strategies are SAS Institute (US), Wipro Limited (India), Accenture (Ireland), IBM Corporation (US), and IQVIA (US).
IBM Corporation (US)
IBM Corporation is one of the leading players in the life science analytics market. The company’s strong position in the market can be attributed to its brand recognition and extensive product offerings. The company focuses on inorganic as well as organic growth strategies such as acquisitions, collaborations, expansions, and product launches in order to expand its existing product portfolio and strengthen its market position. For instance, in June 2017, IBM and Cornell University announced a new collaboration using next-generation sequencing combined with big data analytics. In February 2017, the company launched the Watson Platform for Health Cloud and a specialized Watson Health Consulting Services unit. Such developments are expected to help the company to maintain its strong presence in the market.
Opportunities: Use of analytics in precision and personalized medicine
Precision medicine involves the use of genomic data of an individual to develop personalized medicine. Advanced analytics and predictive modeling applications can enable organizations to treat each patient in a personalized way to produce the best possible outcomes. Over the years, analytics has increasingly been used to develop personalized medicine, primarily for cancer and diabetes. To develop analytics-based solutions for precision health, various organizations are receiving grants to develop personalized medicine based on big data solutions.
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The study involved four major activities in estimating the current size of the global life science analytics market. Exhaustive secondary research was done to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing values with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments and subsegments.
Mr. Aashish Mehra
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