Market Research Report
Life Science Analytics Market, By Type, By Component, By Delivery, By Application, and By Geography - Analysis, Share, Trends, Size, & Forecast From 2020 - 2026
|Published by||AnalystView Market Insights||Product code||941376|
|Published||Content info||210 Pages
Delivery time: 2-3 business days
|Life Science Analytics Market, By Type, By Component, By Delivery, By Application, and By Geography - Analysis, Share, Trends, Size, & Forecast From 2020 - 2026|
|Published: May 1, 2020||Content info: 210 Pages||
Life science analytics market was valued at USD 18.9 billion by 2019, growing with 10.9% CAGR during the forecast period, 2020-2026
Presently, North America is dominating the market owing to unhealthy lifestyle and rise in aging population and is estimated to maintain its lead during the period of forecast. In addition, the presence of medical device manufacturers, universities, and well-equipped hospitals and research centres will impel the regional market growth. The Asia Pacific region is projected to witness the fastest growth owing to the presence of a low-cost workforce and rising need for analytics.
The rising demand for healthcare expenditure, growing prevalence of chronic diseases, and growth in instances of regulatory oversight are the major factors driving the growth of global life science analytics market. In addition, increasing adoption of big data in the life science industry, analytics tools for applications of sales & marketing, analytics solutions in clinical trials, and improved patient outcomes are other factors propelling the market growth. Life science analytics is a tool that helps in the optimization of drug discovery processes and standardization of clinical trials.
The key players and healthcare professionals are undertaking several efforts to provide patients with high-quality services at a lower cost and reduced medical errors. Also, governments of both developed and developing economies are spending more in the healthcare sector which is likely to create lucrative opportunities in the global industry. However, a lack of skilled professionals and high execution costs are further predicted to impede the market growth in the coming future.
Reporting software is mostly used for basic data reporting and some of the software of the reporting segment are adverse event reporting system, PPSA-based reporting, and SoftClinic. Thus, the reporting segment is anticipated to hold the largest market share in terms of revenue during the forecast period. The descriptive software segment is expected to be the second-largest owing to the increasing adoption of this software by most developed countries. These systems are often used for administrative activities and process optimization.
The services component segment accounted for the largest share in the global industry and is predicted to subjugate by the end of 2030. This dominance is majorly due to effective treatment development outcomes and growing penetration of analytics. Growth in investments by major market vendors and the presence of leading analytical providers are also expected to boost the segmental market growth.
The sales & marketing segment is estimated to generate the highest market share in the global market during the forecast period. This rapid growth is majorly due to higher adoption of analytics, especially for sales activities. A surge in mobile apps in the healthcare sector is a key trend observed in this industry, which results in strong social media presence and increased outreach of physician and patient. In addition, rising demand for cloud-based mobility services & solutions in the pharmaceutical firms to optimize internal cost, customer services, R&D processes, marketing & sales activities, and regulatory compliance will propel the market growth during the forecast period.
The on-premises segment is predicted to subjugate the global market in the projected timeframe owing to traditional ERP models' high installation in life science companies. According to several studies, the organizations that are using cloud-based services are approximately 15% all over the globe. These services include Software as a Service (SaaS), Infrastructure as a Services (IaaS), Platform as a Service (PaaS), and Business Process as a Service (BPaaS) for sales & marketing.
Key Vendors Takeaway
Some of the key players functioning in the global industry include Accenture; IBM; Cognizant; Oracle; Wipro Limited; SAS Institute, Inc.; TAKE Solutions Limited; and IQVIA.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year - 2015 to 2018
Base Year - 2019
Estimated Year - 2020
Projected Year - 2026
Traders, Distributors, and Suppliers
Government and Regional Agencies
Scope of the Report
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL LIFE SCIENCE ANALYTICS MARKET KEY PLAYERS
SCIO Health Analytics
SAS Institute, Inc.
TAKE Solutions Limited
GLOBAL LIFE SCIENCE ANALYTICS MARKET, BY TYPE
GLOBAL LIFE SCIENCE ANALYTICS MARKET, BY COMPONENT
GLOBAL LIFE SCIENCE ANALYTICS MARKET, BY DELIVERY
GLOBAL LIFE SCIENCE ANALYTICS MARKET, BY APPLICATION
Supply Chain Analytics
Sales and Marketing
Research and Development
GLOBAL LIFE SCIENCE ANALYTICS MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East and Africa
United Arab Emirates
Rest of MEA
TABLE Middle East and Africa Life Science Analytics market, by Delivery, 2015-2026 (USD Million)