Life Science Analytics Market worth $42.0 billion by 2025
According to the new market research report Life Science Analytics Market
by Type (Predictive, Descriptive, Prescriptive), Application
(Marketing, Compliance, Clinical trial, R&D, Pharmacovigilance,
SCM), Component (Software, Service), Delivery, End User, & Region -
Global Forecast To 2025", published by MarketsandMarkets™, the global
Life Science Analytics Market size is expected to reach 42.0 billion by
2025 from USD 22.1 billion in 2020, at a CAGR of 13.7% during the
forecast period of 2020 to 2025.
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The Growth in this 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 and 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.
The on-demand model segment is expected to grow at the highest CAGR during the forecast period.
Based on the delivery mode, the Life Science Analytics Market is
segmented into the on-demand model and the on-premise model. The
on-demand model segment is expected to grow at the highest CAGR during
the forecast period, owing to advantages such as increasing demand for
self-driven analytics, lack of upfront capital investments for hardware,
extreme capacity flexibility, and pay-as-you-go pricing of this model.
The descriptive analytics segment accounted for the largest market share in 2019.
Based on type, the market is segmented into descriptive analytics,
predictive 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.
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In 2019, North America accounted for the largest share of the market.
In 2019, North America accounted for the largest market share, followed
by Europe. The large share of this market can primarily be attributed
to the strong economies in the US and Canada, which have allowed for
significant investments in technology in this region. Growth in the
North American market is supported by the growing adoption of IT in the
life science industry, rising pressure to reduce healthcare costs,
stringent regulations for the pharma-biotech and medical device
industries, and the greater product and service availability in this
region.
The prominent players operating in the Life Science
Analytics Market are Oracle Corporation (US), Accenture (Ireland), SAS
Institute Inc. (US), IBM Corporation (US), Wipro (India), Cognizant
(US), SCIO Health Analytics (US), Allscripts Healthcare Solutions (US),
Cerner Corporation (US), IQVIA (US), Microsoft (US), Infosys Limited
(US), MaxisIT (US), Optum (US), and Cotiviti (US).
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