Market Highlights:
Life science analytics is a tool that helps in clinical trials standardization and optimization of the drug discovery process.
According to MRFR analysis, the global Life Science Analytics Market Growth is expected to register a CAGR of 11.91% during the forecast period of 2019 to 2025 and was valued at USD 19,165.22 million in 2018.
The growth of the global life science analytics market can be contributed to growing pressure to curb the healthcare expenditure, need for improved data standardization, and increasing prevalence of chronic diseases. Furthermore, the growing adoption of analytics solutions in clinical trials, increasing adoption of analytics tools for sales & marketing applications, the need for improved patient outcomes, and rising adoption of big data in the life science industry are also expected to fuel the market growth during the forecast period. However, high implementation costs and lack of skilled professionals have expected to restrain the growth of the global life science analytics market.
Key Players:
• Allscripts Healthcare
• Cerner Corporation
• CitiusTech Inc
• Health Catalyst
• Inovalon
• McKesson Corporation
• Saama Technologies
• Optum
• SCIOInspire
• SAS Institute Inc
• IBM
• Oracle
• IQVIA
Segmentation:
• The global life science analytics market has been segmented based on the type of analytics, application, component, deployment model, and end user.
• Based on the type of analytics, the global life science analytics market has been segmented into predictive analytics, descriptive analytics, and prescriptive analytics.
• The global life science analytics market, based on application, has been segmented into research & development, pharmacovigilance, regulatory compliance, sales & marketing, and supply chain optimization.
• The global life science analytics market has been segmented based on component, as software, services, and hardware.
• The global life science analytics market has been segmented, on the basis of deployment model, into on-premise and cloud-based.
• The market based on end user has been segmented into hospitals & clinics, pharmaceutical, biotechnology & medical device companies, and others. Hospitals & clinics segment held the largest market share in 2018 as it helps to minimize the clinical errors and increases healthcare productivity.
Regional Analysis:
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas region held the largest market in 2018, owing to the presence of major market players in the region. The life science analytics market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European life science analytics market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The life science analytics market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the rapidly developing life sciences industry, the market in Asia-Pacific is expected to be the fastest-growing. The life science analytics market in the Middle East & Africa has been divided into the Middle East and Africa.