Global Life Science Analytics Market Size Worth $14.15 Billion By 2028 | CAGR: 7.9%: Polaris Market Research

NEW YORK, Nov. 16, 2021 /PRNewswire/ -- The global life science analytics market size is expected to reach USD 14.15 billion by 2028 according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR 7.9% from 2021 – 2028. A rise in cases of chronic diseases, significant technological advancements, and growing demand for effective data standardization are some of the key factors driving growth for a global market. The increased adoption rate for analytics in clinical trials and marketing applications is further boosting the overall growth of the market. Growing preference towards analytics for precision medicine, rising need to curtail healthcare expenditure, and introduction of highly advanced analytics solutions are expected to further complement the market progress.

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Key Highlights of Life Science Analytics Market

• In terms of type, the descriptive segment accounted for the higher share in the global market, on account of increasing demand for quantifiable and description analysis to gain an in-depth understanding of business scenarios. Industry participants can forecast opportunities and major trends with the help of these descriptive datasets.
• In terms of application, the sales and marketing support segment generated the largest revenue share, owing to the rise in the adoption of analytical solutions to boost overall sales productivity coupled with an increasing preference for post-marketing surveillance.
• Based on end-use, the pharmaceutical companies emerged as the most promising end-use segment and are expected to witness tremendous growth during the forecast period. The growing necessity to improve clinical trial efficiency and increasing demand for personalized medicine are boosting the segment's growth.
• The outbreak of the COVID-19 pandemic is projected to positively impact the market globally as it has resulted in increased initiatives to develop new vaccines, drugs, and clinical trials are being conducted at large volumes across the world.

The increasing popularity of analytics in life sciences has resulted in many new developments. For instance, in March 2021, Change Healthcare and Amazon Web Services (AWS) launched Data Science-as-a-Service (DSaaS) that is expected to enhance IT security in life science organizations. Cerner announced plans to acquire the health division of Kantar Group for USD 375 million in December 2020. Kantar Group is involved in providing data analytics to the life sciences industry.

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Regional Developments

The North American region is taking the lead position in the life science analytics market in terms of higher revenue generation. The rising frequency of chronic diseases, the developing life sciences industry, the growing acceptance of new technologies for drug development, and the existence of established players in the region are all major factors driving regional market expansion. The Asia Pacific is projected to garner rapid growth as a result of the rising prevalence of chronic diseases, the growth of the life science industry, increasing adoption of advanced technologies, and the growing focus of major players on expanding their presence in emerging Asian countries.

Competitive Outlook

The life science analytics market is highly competitive, with a significant number of competitors targeting market share. Players emphasize the R&D programs, regional expansions, and strategic collaborations to gain positive momentum in the global market.

Key Companies including : IBM, Accenture plc, Amazon Web Services, Inc., Allscripts Healthcare Solutions, Inc., Alteryx, Cerner Corporation, Cognizant, Cotiviti Holdings, Inc., IQVIA, MaxisIT Inc, Microsoft Corporation, Optum, Inc., Oracle Corporation, Pyramid Analytics, SAS Institute, SCIO Health Analytics (part of EXL Health), Sisense, Take Solutions Ltd., ThoughtSpot, Inc., Wipro Limited

Target Audience

• Supply Side: Analytics Software Developers
• Demand Side: Medical Devices Industry, Pharmaceutical Sector
• Regulatory Side: World Health Organization

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Polaris Market research has segmented the life science analytics market report on the basis of type, component, application, delivery, end-use, and region:

Life Science Analytics, Type Outlook (Revenue – USD Million, 2016 – 2028)

• Reporting
• Descriptive
• Predictive
• Prescriptive

Life Science Analytics, Component Outlook (Revenue – USD Million, 2016 – 2028)

• Software
• Services

Life Science Analytics, Application Outlook (Revenue – USD Million, 2016 – 2028)

• Research & Development (R&D)
• Sales and Marketing Support
• Regulatory Compliance
• Supply Chain Analytics
• Pharmacovigilance

Life Science Analytics, End-Use Outlook (Revenue – USD Million, 2016 – 2028)

• Medical Devices
• Pharmaceutical
• Biotechnology
• Others

Life Science Analytics, Regional Outlook (Revenue – USD Million, 2016 – 2028)

• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• Italy
• France
• Spain
• Austria
• Netherlands
• Asia Pacific
• China
• Japan
• India
• Indonesia
• Malaysia
• South Korea
• Latin America
• Brazil
• Argentina
• Mexico
• Middle East & Africa
• Israel
• Saudi Arabia
• South Africa
• UAE

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers

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SOURCE Polaris Market Research