Life Science Analytics- Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Life Science Analytics market accounted for $19.44 billion in 2019 and is expected to reach $71.59 billion by 2027 growing at a CAGR of 17.7% during the forecast period. Increasing adoption of analytics for sales and marketing applications, increasing prevalence of chronic diseases, and big data in the life science industry are the factors driving the market growth. However, high implementation costs may hinder market growth.
Life science analytics tools permit biopharma companies to keep their data secured while permitting researchers and scientists to examine drug outcome in seconds and also they help in clinical trial results that can be easily compared with historical genomics data. Life science analytics is used to take advantage of big data to grow the global partnership based on accurate clinical research information. The life science analytics aid to standardize the clinical trials data and validate its conformity. Life science analytics are used extensively in the life science industry to provide personalized medicine, research and development pipeline forecasting profits, to assess risk, budgeting, predict virus evolution and controlling product price.
By application, the sales & marketing segment is expected to grow at the highest rate during the forecast period. The excessive growth of this segment is often attributed to the increasing adoption of analytics by life science companies to align their sales & marketing campaigns. The growing importance of post-marketing surveillance is additionally boosting the use of analytics for sales & marketing.
By geography, Asia-Pacific is expected to have the highest market share during the forecast period. Asia Pacific is anticipated to grow at the high growth during the forecast period owing to the increasing prevalence of chronic diseases, growth of the life science industry, increasing adoption of progressive technologies, and the rising focus of main players on increasing their existence in emerging Asian countries.
Some of the key players profiled in the Life Science Analytics Market include Accenture, Allscripts Healthcare Solutions, Cerner Corporation, Cognizant, Cotiviti, IBM Corporation, Infosys Limited, MaxisIT, Microsoft, Optum, Oracle Corporation, SAS Institute Inc, SCIO Health Analytics, Wipro.
• Predictive Analytics
• Descriptive Analytics
• Diagnostic Analytics
• Discovery Analytics
• Prescriptive Analytics
• Sales & Marketing
• Regulatory Compliance
• Research & Development (R&D)
• Pharmacovigilance (PV)
• Supply Chain Optimization
End Users Covered:
• Hospitals & Clinics
• Medical Device Companies
• Pharmaceutical & Biotechnology Companies
• Research Centers
• Other End Users (Third-party Administrators TPAS)
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2018, 2019, 2020, 2024 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
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