The new report by Expert Market Research titled, ‘Global Life Science Analytics Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global life science analytics market, assessing the market based on its segments like product, end-use, application and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
Historical Market Size (2020): USD 23 Billion
Forecast CAGR (2021-2026): 12.7%
Forecast Market Size (2020): USD 47 Billion
Clinical research studies are conducted by pharmaceutical companies and contract research organisations which is crucial for any new drug or formulation development. Pharmaceutical companies are constantly conducting this research in order to create a more suitable drug for an existing health issue or a complete new one. Owing to the benefits of life science analytics tools, it is highly preferred for this purpose. It helps in planning, monitoring, and controlling clinical trials by efficiently handling huge amounts of data, providing best quality and standardised results. Faster access to analysis reduces the time-to-market and enable rapid-decision making ability, invigorating the market for life science analytics market. As new tools and processes advance, the gaps in the adoption of analytics in the life science sector will lessen and strengthen the market.
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Industry Definition and Major Segments
Life science analytics refers to a framework which is designed to provide an analytics foundation for clinical research. It helps in data management, data standards management, biostats, clinical operations, paving way for efficient development, execution, management and reporting of clinical studies through a hosted environment.
On the basis of product, the market is segmented into:
Descriptive Analytics
Predictive Analytics
Entertainment
Prescriptive Analytics
Based on end-use, the market is divided into:
Clinical Research Institutions
Pharmaceutical and Biotechnology Companies
Medical Device Companies
Others
The market is divided into the following, basis application:
Research and Development
Supply Chain Analytics
Sales and Marketing
Others
The major regional markets include:
North America
Europe
Asia-Pacific
Latin America
Middle East and Africa
Market Trends
The augmenting aging population and growing cases of chronic illness and new disease strains is increasing the pressure on the healthcare sector to develop new drugs. This is helping to strengthen the life science analytics market as it helps to speed up the operational activities and reduce costs associated to it as well. Additionally, in recent times, people are more agile about their health and consistently seek proactive care. There is a shift from treatment to prevention and as healthcare sectors keeps pace with these trends, life science analytics demand will keep on stepping ahead. Pool of data available, owing to electronics health records and digitally engaged consumers will push the market for life science analytics higher in the coming years as well.
Key Market Players
The major players in the market are Accenture PLC, Cognizant Technology Solutions Corp., IBM Corporation, MaxisIT Inc., Oracle Corporation, IQVIA Holding Inc. SAS Institute Inc., SCIOInspire, Corp., TAKE Solutions Limited, Wipro Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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