The global Life Science Analytics Market Size is expected to reach US$ 18.12 billion by 2030 and is expected to grow at an impressive double-digit rate of 8.25% from 2021 to 2030.
The study includes drivers and restraints of this market. The study provides an analysis of the global Life Science Analytics Market for the period 2017-2030, wherein 2021 to 2030 is the forecast period and 2020 is considered as the base year.
Health care and life sciences analytics is a process of clinical data analysis that offers predictive tools for improved patient care. Analytics play a lead role in the development of various sectors like healthcare, microbiology, and others. The role of analytics in life-science is increasing day by day. The analytics assist the life science firms to transform the raw data into the meaningful insight of life sciences. The data is further utilized by the professionals for the benefit of the patients. Life science analytics helps in the development, discovery, and manufacturing of advanced therapies. Associated courses assist in the firm and government organizations. Life science analytics work on the study which is reported in the form of descriptive, predictive, reporting, and prescriptive based study. Major end-users of these services are medical devices, biotechnology, pharmaceuticals, and others.
Why should you invest in this report?
If you are aiming to enter the global Life Science Analytics Market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Life Science Analytics are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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Growth Factors
The growth of the market is mainly associated with its application of advanced analytics. Recently, a high growth rate is seen in the healthcare and medical device sector which directly promotes the growth of the life science analytics market. The use of artificial intelligence and big data analytics is increasing day by day in the healthcare sector, which is also considered as one of the major driving factors which promote the growth of the market. Life science analytics sector is keen to focus on current risks and opportunities for industries.
Technology plays a leading role in current and future development. Rising demand from the end-user industry, especially from the pharmaceutical sector, create prime importance which helps in promoting the growth of the market. However, high cost of implementation followed by a lack of skilled workforce in the area of analytics considered as one of the major restraining factors which affect the growth of the market. Nonetheless, in-depth usage of precision medicine will bring huge growth opportunities within the forecast period.
Report Highlights
- In 2020, descriptive analytics played a lead role in the area of life science analytics market. The same segment occupied the largest share of the revenue generated by global market
- Customers are looking for the best solution from the service providers. In order to obtain operational excellence in the field of healthcare service plays a lead role.
- Based on component type, services segment held the largest market stake in the year 2020.
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Key Market Players and Strategies
From the past decade, it is observed that investors are keen to focus on development of the life science care analytics market. The healthcare sector putting forth print in the investment of analytics and other data related apps. With interviews, the top CEOs confirmed that they have trust in the accuracy of predictive analytics. Deloitte played a lead role in the area of analytics, by doing the survey on the regular basis. IBM Watson Health a multibillion-dollar firm provide cloud-based data analytical platform. IBM translates the data into meaningful insights. Per the research, it is observed that 84% of the market leaders considered analytics as a key tool to analyze the upcoming challenges in the healthcare sectors. Recently, the pandemic of the COVID 19, underpinned the importance of analyzing future with various upcoming risk perspectives. With a slow economic recovery, data plays a lead role in the fighting against upcoming challenges.
Some of the significant players in the Life science analytics market include:
- SAS Institute Inc.
- Oracle Corporation
- Accenture
- IBM Corporation
- Cognizant, SCIO Health Analytics
- IQVIA
- Wipro
- Allscripts Healthcare Solutions
- Cerner Corporation
- MaxisIT
- Optum
- Microsoft
- Infosys Limited
- Cotiviti
- Others
Major Market Segments Covered:
By Type
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Diagnostic Analytics
- Discovery Analytics
By Component Type
- Services
- Software
By Delivery Model
- On-premise model
- On-demand model
By Application Type
- Research & Development
- Preclinical Trials
- Clinical Trials
- Sales & Marketing
- Regulatory Compliance
- Supply Chain Optimization
- Pharmacovigilance
By End Users Type
- Pharmaceutical & Biotechnology Companies
- Medical Device Companies
- Research Centers
- Third-party Administrators
Regional Analysis:
The geographical analysis of the global Life Science Analytics Market has been done for North America, Europe, Asia-Pacific, and the Rest of the World.
The North American market is again segmented into the US, Canada, and Mexico. Coming to the European market, it can be segmented further into the UK, Germany, France, Italy, Spain, and the rest. Coming to the Asia-Pacific, the global Life Science Analytics Market is segmented into China, India, Japan, and Rest of Asia Pacific. Among others, the market is segmented into the Middle East and Africa, (GCC, North Africa, South Africa and Rest of the Middle East & Africa).
Key Questions Answered by the Report:
- What will be the size of the global Life Science Analytics Market in 2030?
- What is the expected CAGR for the Life Science Analytics Market between 2021 and 2030?
- Which are the top players active in this global market?
- What are the key drivers of this global market?
- How will the market situation change in the coming years?
- Which region held the highest market share in this global market?
- What are the common business tactics adopted by players?
- What is the growth outlook of the global Life Science Analytics Market?
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