Worldwide Life Science Analytics Industry to 2025 - Featuring IBM, Oracle & SAS Institute Among Others
DUBLIN, Oct. 7, 2020 /PRNewswire/ -- 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.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Life Science Analytics Market Overview
4.2 Life Science Analytics Market, by Type
4.3 Life Science Analytics Market, by End-user
4.4 Geographic Snapshot: Life Science Analytics Market
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Technological Advancements
5.2.1.2 Big Data in the Life Science Industry
5.2.1.3 Growing Adoption of Analytics Solutions in Clinical Trials
5.2.1.4 Increasing Adoption of Analytics for Sales and Marketing Applications
5.2.1.5 Need for Improved Data Standardization
5.2.1.6 Increasing Prevalence of Chronic Diseases
5.2.1.7 Growing Pressure to Curb Healthcare Spending and the Need for Improved Patient Outcomes
5.2.2 Restraints
5.2.2.1 High Implementation Costs
5.2.3 Opportunities
5.2.3.1 Increasing Focus on Value-Based Medicine
5.2.3.2 Use of Analytics in Precision and Personalized Medicine
5.2.3.3 Use of Big Data Analytics to Increase R&D Productivity
5.2.3.4 Emergence of Social Media and Its Impact on the Life Science Industry
5.2.4 Challenges
5.2.4.1 Data Privacy Issues
5.2.4.2 Data Integration in the Life Science Ecosystem
5.2.4.3 Dearth of Skilled Personnel
5.3 Impact of the COVID-19 Pandemic on the Life Science Analytics Market
6 Life Science Analytics Market, by Type
6.1 Introduction
6.2 Descriptive Analytics
6.2.1 Descriptive Analytics Segment to Dominate the Life Science Analytics Market
6.3 Predictive Analytics
6.3.1 Predictive Analytics Solutions Can Help Increase the Accuracy of Data - A Key Factor Driving Market Growth
6.4 Prescriptive Analytics
6.4.1 Prescriptive Analytics Segment to Witness High Growth During the Forecast Period
7 Life Science Analytics Market, by Application
7.1 Introduction
7.2 Research & Development
7.2.1 Clinical Trials
7.2.1.1 Need to Streamline Clinical Trials and Reduce the Time and Cost of Drug Development to Drive the Demand for Analytics Solutions
7.2.2 Preclinical Trials
7.2.2.1 Analytics Solutions for Preclinical Trials Help in the Entire Discovery and Research Value Chain
7.3 Sales & Marketing
7.3.1 Sales & Marketing Analytics are Essential to Increase Revenue and Profitability
7.4 Pharmacovigilance
7.4.1 Players Operating in this Segment are Increasingly Focusing on New Product Launches
7.5 Regulatory Compliance
7.5.1 Stringent Requirements Have Supported the Need for Compliance Adherence Solutions
7.6 Supply Chain Optimization
7.6.1 Growing Need to Reduce Logistics Costs to Drive the Adoption of Analytics Solutions
8 Life Science Analytics Market, by Component
8.1 Introduction
8.2 Services
8.2.1 Services Form a Larger Component of the Life Science Analytics Market
8.3 Software
8.3.1 Life Science Analytics Software Solutions Enable Pharma-Biotech Companies to Manage Clinical Trials Data
9 Life Science Analytics Market, by Delivery Model
9.1 Introduction
9.2 On-Premise Delivery Model
9.2.1 On-Premise Solutions Offer Multi vendor Architecture, Which Lowers the Risk of Data Breaches & External Attacks
9.3 On-Demand Delivery Model
9.3.1 Increasing Volume of Data Generated Across the Life Science Industry Will Drive the Adoption of On-Demand Solutions
10 Life Science Analytics Market, by End-user
10.1 Introduction
10.2 Pharmaceutical and Biotechnology Companies
10.2.1 Pharmaceutical and Biotechnology Companies Segment to Register the Highest Growth During the Forecast Period
10.3 Medical Device Companies
10.3.1 Adoption of Big Data Analytics is Helping Medical Device Manufacturers Secure a Competitive Advantage in the Industry
10.4 Research Centers
10.4.1 Increasing Research Activities to Drive the Adoption of Analytics Solutions in this End-User Segment
10.5 Third-Party Administrators
10.5.1 Rising R&D Outsourcing by Life Science Companies to Drive the Growth of this End-User Segment
11 Life Science Analytics Market, by Region
11.1 Introduction
11.2 North America
11.3 Europe
11.4 Asia-Pacific
11.5 Rest of the World
12 Competitive Landscape
12.1 Overview
12.2 Market Evaluation Framework
12.3 Market Player Ranking
12.4 Competitive Situation and Trends
12.4.1 Product Launches
12.4.2 Expansions
12.4.3 Acquisitions
12.4.4 Agreements, Partnerships, and Collaborations
13 Company Evaluation Matrix and Company Profiles
13.1 Company Evaluation Matrix Definition & Methodology
13.2 Company Evaluation Matrix
13.2.1 Stars
13.2.2 Emerging Leaders
13.2.3 Pervasive Players
13.2.4 Participants
13.3 Competitive Leadership Mapping: Start-Ups/Smes
13.3.1 Progressive Companies
13.3.2 Starting Blocks
13.3.3 Responsive Companies
13.3.4 Dynamic Companies
13.4 Company Profiles
13.4.1 Overview
13.5 IBM Corporation
13.6 Oracle Corporation
13.7 Sas Institute Inc.
13.8 Accenture
13.9 Iqvia
13.10 Cognizant
13.11 Wipro Limited
13.12 Allscripts Healthcare Solutions, Inc.
13.13 Optum
13.14 Microsoft Corporation
13.15 Maxisit
13.16 Scio Health Analytics
13.17 Take Solutions
13.18 Cerner Corporation
13.19 Cotiviti Holdings, Inc.
13.20 Other Companies
13.20.1 Thoughtspot
13.20.2 Pyramid Analytics
13.20.3 Alteryx
13.20.4 Sisense
13.20.5 Amazon Web Services
14 Adjacent & Related Markets
15 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/oe0lfn
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