Overview

Life Science Analytics Market Introduction:

Life Science Analytics Market is predicted to value over USD 38 billion by 2027 end and register a CAGR of over 12% during the forecast period 2020 to 2027.

There has been a rise in the variety and volume of medical information about the profile of patients, scientific research and regulatory and compliance requirements. Growing usage of mobile sensors and devices in life science and pharmaceutical organizations has increased the volume of data along with the data variety and velocity, driving the necessity for an innovative data analytics and data management approach. Conventional processing and collection of such data result in increased costs and there are no improvements in outcomes. Data analytics play a vital role in managing and segregating data efficiently. Companies like Google Inc., IBM Corporation, and Oracle Corporation, are focussing on the development of new tools for data analytics tools that can be used for various applications in the life science sector.

Moreover, biomedical and pharmaceutical firms have realized the real advantages of this evolutionary data ecosystem by using distributed computing power platforms and cloud-based storage. With the use of these tools, stakeholders and drug manufacturers in the life science sector are achieving better overall outcomes, delivering higher quality care at affordable costs and developing informative treatments and diagnoses. Additionally, these tools have made genomic and clinical data integration quite easier, which can assist drug manufacturers in developing advanced and high quality medicines. Increasingly complex and rapidly changing regulatory necessities have become a major risk to the life science industry. Analytics is aiding firms in reporting accurate regulations. The rising volume of generated data in the life science sector and the necessity to extract value from the data are steering the life science analytics market growth.

Key market players included in the life science analytics industry are SAS Institute Inc., IBM Corp., Oracle Corp., Iqvia, Accenture, Cognizant, Maxisit, Scio Health Analytics, Take Solutions, Wipro Ltd.

Life Science Analytics Market Segmentation:

By Type

Descripted Analysis
Predictive Analysis
Prescriptive Analysis

By Application

Research and Development
Sales and Marketing
Pharmacovigilance
Regulatory Compliance
Supply Chain Optimization

By Component

Services
Software

By Delivery Model

On-Premise Delivery Model
On-Demand Delivery Model

By End User

Pharmaceutical and Biotechnological Companies
Medical device Components
Research Centres
Third Party Administrators

By Region

North America
Europe
Asia Pacific
Rest of the World

FutureWise Key Takeaways:

Growth prospects
SWOT analysis
Key trends
Key data-points affecting market growth

Objectives of the Study:

To provide with an exhaustive analysis on the life science analytics market by type, by application, by component, by delivery model, by end user and by region
To cater comprehensive information on factors impacting market growth (drivers, restraints, industry-specific restraints and opportunities)
To forecast and evaluate micro-markets and the overall market
To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific and the rest of the world
To record, evaluate and analyse competitive landscape mapping- technological advancements, product launches, expansions and mergers

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