DUBLIN–(BUSINESS WIRE)–Oct 1, 2020–
The “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” report has been added to ResearchAndMarkets.com’s offering.
The life science analytics market is projected to reach USD 42.0 billion by 2025 from USD 22.1 billion in 2020, at a CAGR of 13.7% during the forecast period.
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, and growing pressure to curb healthcare spending. On the other hand, high implementation costs are expected to restrain the growth of this market to a certain extent.
Prescriptive analytics segment to grow at the highest CAGR during the forecast period.
Based on type, the life science analytics market is segmented into descriptive, predictive, and prescriptive analytics. The descriptive analytics segment accounted for the largest share of the life science analytics market in 2019, while the prescriptive analytics segment is projected to grow at the highest CAGR during the forecast period due to its ability to ensure the synergistic integration of predictions and prescriptions.
Services segment accounted for the largest share of the life science analytics market in 2019.
Based on components, the life science analytics market is segmented into services and software. The services segment accounted for the largest market share in 2019 and is expected to register the highest growth during the forecast period. The large share and high growth in this segment can be attributed to the recurring need for services such as software upgrades and maintenance.
Asia Pacific is expected to record the highest growth rate during the forecast period.
By region, the life science analytics market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America accounted for the largest market share in 2019. The large share of this market is attributed to the strong economies in the US and Canada, which have allowed for significant investments in technology. However, Asia is expected to grow at the highest CAGR during the forecast period. Factors such as increasing R&D investments, an increase in drug development-based research, rising pressure to comply with regulatory requirements, and low manufacturing costs in the region are supporting the growth of the life science analytics market in Asia.
- 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
- High Implementation Costs
- Increasing Focus on Value-Based Medicine
- Use of Analytics in Precision and Personalized Medicine
- Use of Big Data Analytics to Increase R&D Productivity
- Emergence of Social Media and Its Impact on the Life Science Industry
- Data Privacy Issues
- Data Integration in the Life Science Ecosystem
- Dearth of Skilled Personnel
- IBM Corporation
- Oracle Corporation
- Sas Institute Inc.
- Wipro Limited
- Allscripts Healthcare Solutions, Inc.
- Microsoft Corporation
- Scio Health Analytics
- Take Solutions
- Cerner Corporation
- Cotiviti Holdings, Inc.
- Pyramid Analytics
- Amazon Web Services
For more information about this report visit https://www.researchandmarkets.com/r/48q03l
View source version on businesswire.com:https://www.businesswire.com/news/home/20201001005817/en/
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INDUSTRY KEYWORD: SCIENCE OTHER SCIENCE RESEARCH TECHNOLOGY SOFTWARE
SOURCE: Research and Markets
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PUB: 10/01/2020 11:01 AM/DISC: 10/01/2020 11:01 AM