According to the latest report by IMARC Group, titled “Life Science Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global life science analytics market grew at a CAGR of 12% during 2015-2020. Life science analytics refers to the process that provides predictive tools for better patient care and accurate clinical research information. Various pharmaceutical and life science companies are extensively employing analytics in life sciences to overcome unpredictable demands, data integration challenges, and operational inefficiencies. Life science analytics also helps standardize clinical trial data and validates its adherence across medical research organizations, pharmaceuticals, medical device companies, research, supply chain, and pharmacovigilance. In recent years, life science analytics has gained prominence as it aids in the early detection of potential risks while enabling the system to address the risks. Moreover, it also efficiently processes third-party data and decrypts the complexities of the organizational setup.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Life Science Analytics Market Trends:
The global life science analytics market is primarily driven by the increasing utilization of advanced analytics in life science applications to assess risks, evaluate the effectiveness of clinical trials, provide personalized medicine, and develop a faster and productive research and development (R&D) pipeline. Besides this, life science analytics is employed in the medical sector with the integration of artificial intelligence (AI) to develop precision and personalized medicines that use specific genomic data of the patients with specific medical requirements. Furthermore, the increasing need for improved data standardization, the rising prevalence of chronic diseases and pressure to reduce healthcare spending and the development of innovative telemedicine, mHealth and e-prescribing tools are some of the factors that are positively influencing the market growth. Looking forward, the market is expected to exhibit strong growth during the forecast period (2021-2026).
- Based on the type, the market has been segmented into reporting, descriptive, predictive, and prescriptive analytics.
- On the basis of the component, the market has been bifurcated into software and services.
- The market has been categorized based on the deployment mode into on-demand and on-premises.
- On the basis of the application, the market has been segregated into research and development, sales and marketing support, supply chain analytics, pharmacovigilance (PV), and others.
- Based on the end use, the market has been classified into medical devices, pharmaceuticals, biotechnology, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Accenture Plc, Cognizant Technology Solutions Corporation, Infosys Limited, International Business Machines Corporation, IQVIA Inc., Oracle Corporation, Rockwell Automation Inc., SAS Institute Inc., TAKE Solutions Limited and Wipro Limited.
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