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Life science is a branch of science that deals with the study of living organisms and which includes include botany, zoology, biology, microbiology, etc. Healthcare industry and life science have been generating large amount of data related to patient profiles, scientific research, compliance and regulatory requirements.
Life science analytical tools manage the transformation, analysis, and reporting of clinical trials of these data sets with a single and cloud-based life science analytics framework in an efficient manner and provide ease in data management, enhanced work efficiency, increased global collaboration, improved patient care, all at comparatively lower costs than conventional systems. Advanced analytics aids in early detection of potential risks and also enables to comprehensively address them.
The key applications of analytics in pharmaceutical and life sciences include regulatory compliance reporting, marketing/sales support, and product/service enablement etc.
With the huge data generated from the R&D process and clinical research, pharma companies can identify potential drug candidates with higher probabilities of them successfully developing into drugs.
The global life science analytics market is anticipated to grow at a sharp and robust CAGR in the upcoming years.
The growth of this market is attributed towards major pertaining factors including; the worldwide increasing prevalence of chronic diseases, increased demand for improved data standardization, technological advancements, growing adoption of analytics solutions in clinical trials, increasing adoption of analytics for sales and marketing applications, growing pressure to curb healthcare spending, the need for improved patient outcomes coupled with the increasing need for improved data regularization, the emergence of advanced analytics methods in life science companies and the increasing use of analytics in precision & personalized medicine etc.
Additionally, mHealth, Electronic Health Records (EHR), eHealth, and mobile applications along with artificial and human intelligence data analytics are offering endless opportunities for customization of medical approaches, which in turn is increasing demand for data analytic tools in the life science industry and propelling the growth of the market.
Moreover, biomedical and pharmaceutical firms have ultimately realized the potential of this ecosystem by using distributed computing power platforms and cloud-based storages. With the use of these tools, stakeholders and drug manufacturers in the life science sector are achieving better overall outcomes, delivering higher quality care at affordable costs and developing informative treatments and diagnoses worldwide.
Furthermore, the increasing adoption of flexible electronics in smart applications such as flexible wearable’s, smart watches, and flexible displays, the growing impact of social media on the healthcare sector, strategies adopted by key players such as partnerships, product launches, collaborations, mergers & acquisitions, and government initiatives, rising R&D expenditures spending towards development of healthcare infrastructure, failing FDA approvals, and deteriorating outcomes has increased the adoption of life science analytics solutions globally.
However, high implementation costs, fluctuating raw material prices, lack of skilled professionals, budgetary constraints and issues related to data privacy are a few factors that are affecting the growth of this market negatively.
LIFE SCIENCE ANALYTICS MARKET SEGMENTATION:
By Delivery Model:
The North American is the largest and the dominating regional market for life sciences analytics and is expected to keep the position for the next few years. This can be attributed to the increasing public & private R&D initiatives on life science research, increasing demand for use of big data analytics, vastly growing healthcare spending and adoption of healthcare IT solutions by different industries for various purposes etc. The major contributor in the region is the U.S.
The European region holds the second largest share in the life science analytics market and is also anticipated to witness growth at a substantial rate in the forthcoming years owing to the high prevalence of technological advancements, chronic diseases, and better availability of healthcare solutions and services in the region etc. The major contributors in the region include Germany, U.K , France and Spain.
The Asia Pacific region is expected to be the fastest growing regional market for life science analytics and is expected to grow at the highest CAGR owing to the increasing prevalence of chronic diseases, growth of the life science industry, the increasing presence of healthcare IT companies, rising adoption of advanced technologies, and the growing focus of major players on increasing their presence, and on better profiling & targeting of clients and medical practitioners in the region etc. The major contributors in the region include India, China, and Japan.
FEW KEY PLAYERS IN LIFE SCIENCE ANALYTICS MARKET:
Timeline Considered for Analysis:
- 2019: Base Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global life science analytics market by the following segments:
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Life Science Analytics Industry Report
The report offers a comprehensive insight on the Life Science Analytics Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.