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The global life science analytics market grew at a CAGR of around 12% during 2015-2020. Life science analytics refers to the systematic computational analysis of biological data to gain insights regarding living organisms. It involves descriptive, predictive and prescriptive analytics that utilizes artificial intelligence (AI), big data and machine learning (ML) solutions and advanced devices. These technologies aid in clinical research, medical trials, disease diagnosis, drug discovery and development, sales and marketing, supply chain management and pharmacovigilance. Life science analytics also aid in the early detection of pathology and the development of effective treatment alternatives.
Significant growth in the life science industry, along with the increasing requirement for analytical insights for clinical trials, is one of the key factors creating a positive outlook for the market. Moreover, the widespread adoption of life science analytics solutions for data standardization for managing chronic diseases is also driving the market growth. In line with this, as the coronavirus disease (COVID-19) continues to spread across the globe, there has been a significant increase in the need for effective teleconsultation solutions for improved patient data management. Additionally, various technological advancements, such as the development of innovative telemedicine, mhealth and e-prescribing tools, are acting as other growth-inducing factors. These analytics solutions are also widely used to develop precision and personalized medicines that use specific genomic data of the patients with specific medical requirements. Other factors, including improvements in the existing healthcare infrastructure, along with extensive research and development (R&D) activities, are anticipated to drive the market further. Looking forward, IMARC Group expects the global life science analytics market to exhibit strong growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global life science analytics market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, type, component, deployment mode, application and end use.
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The competitive landscape of the industry has also been examined along with the profiles of the key players being Accenture Plc, Cognizant, 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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