DUBLIN, Nov. 29, 2019 /PRNewswire/ -- The "Life Sciences Analytics Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The major factors for the growth of the life sciences analytics market include the rising adoption of analytics solutions in pharmaceuticals and clinical trials, growing pressure to reduce healthcare spending, need for improved patient outcomes, and the emergence of advanced analytics method in life science companies.
There is a rise in the use of analytics in clinical trials, as conducting clinical trials has become complex, as it involves many activities and generates high volumes of data from different systems. With the changing regulatory protocol requirements for clinical trial conduction and challenge in data collection, analyzing and preparing a report quickly for submission to the health authority, the adoption of analytics of clinical trials is on the rise.
Analytics may help in optimizing the drug discovery, improve the efficiency of clinical trials. With huge data generated from the R&D process and clinical research, pharma companies can identify potential drug candidates with a high probability of successfully developing into drugs. Most contract research organizations (CROs) with established systems for data capture, advanced analytics are now incorporated, across all systems, such as drug discovery, clinical development, which are providing real-time analysis and creating alerts to each divisions concerning safety or efficacy.
Application of analytics in evaluating a potential drug candidate for clinical development may reduce the time and R&D expenditure. Eli Lilly's has developed phenotypic drug discovery platform, where researchers can screen their compounds without giving intellectual property. All the above may increase the application of analytics in life science and related companies, and thereby, lead to the growth of the market studied.
Key Market Trends
Clinical Research Institutions is Expected to witness the Fastest Growth over the Forecast Period
Analytics in clinical research helps the pharmaceutical companies to analyze the data for comparison of ongoing trials at different sites and populations, preparation of reports for submission to the regulatory authority and get approval. Analytics in clinical trials is useful in understanding the outcome of the trial at each phase (Phase I, II, III, IV).
This becomes a decision factor situations, such as whether to go forward with the trial or stop the trial, submission of the clinical data report as required by regulatory authorities at the earliest, and prevention of delay of regulatory approval. In today's time where there is high competition from other major companies, analytics could be much helpful to mitigate some of the challenges. Automation of clinical research data is also expected to greatly bring down the number of problems in large clinical trials.
North America is Expected to Dominate the Market
The life science and pharmaceutical industry are facing challenges related to R&D and regulatory changes. The introduction of the Affordable Care Act (ACA) in the United States is changing the regulatory framework, increased scrutiny, reimbursement based on the health outcomes. To tackle the challenges, most companies in the United States are implementing analytics on their own or using third party analytics services for support. Analytics solutions are creating an impact that are providing simple reporting solutions to descriptive and predictive analytic solutions.
The companies based in the United States are adopting new analytics solutions in their business that include: analysis of clinical research data from SAS database is helpful in early-stage drug development, analyzing adverse event incidence and reporting in clinical trials, revenue forecasting and prediction of health outcomes. With Life science and Pharmaceutical companies leveraging the support from third-party solution providers, in clinical development, trial planning, cohort building, market analytics, and patient analytics, the US life science analytics market is expected to witness high growth, over the forecast period.
The market studied is a fragmented market owing to the presence of various market players. Some of the market players are Accenture, Cognizant, IBM Corporation, MaxisIT Inc., Oracle Corporation, IQVIA, SAS Institute Inc., SCIOInspire, Corp., TAKE Solutions Limited, and Wipro Limited.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Adoption of Analytics Solutions in Pharmaceuticals and Clinical Trials
4.2.2 Growing Pressure to Reduce Healthcare Spending and the Need for Improved Patient Outcomes
4.2.3 Emergence of Advanced Analytics Method in Life Science Companies
4.3 Market Restraints
4.3.1 Lack of Skilled Personnel
4.3.2 High Implementation Costs
4.4 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Descriptive Analytics
5.1.2 Predictive Analytics
5.1.3 Prescriptive Analytics
5.2 By Application
5.2.1 Research and Development
5.2.2 Supply Chain Analytics
5.2.3 Sales and Marketing
5.3 By Component
5.4 By End-user
5.4.1 Clinical Research Institutions
5.4.2 Pharmaceutical and Biotechnology Companies
5.4.3 Medical Device Companies
5.5.1 North America
188.8.131.52 Rest of Europe
5.5.3 Asia Pacific
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.5.4 Middle East and Africa
18.104.22.168 South Africa
22.214.171.124 Rest of Middle East and Africa
5.5.5 South America
126.96.36.199 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.3 IBM Corporation
6.1.4 MaxisIT Inc.
6.1.5 Oracle Corporation
6.1.7 SAS Institute Inc.
6.1.8 SCIOInspire, Corp.
6.1.9 TAKE Solutions Limited
6.1.10 Wipro Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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