Burgeoning acceptance of clinical trials, sales and marketing applications, increasing prevalence of chronic diseases, need for more patient’s outcomes and need for capitalization of big data is surging the demand for life sciences analytics market. For drug discovery, clinical development with real time analysis, most contract research organizations have installed systems for capturing data and advanced analytics with safety and efficacy.
According to the MarkNtel Advisors’ research report, the CAGR of “Global Life Sciences Analytics Market Analysis, 2020”, is expected to be around 11% during 2020-25. Reduction in time and research and development expenditure can be achieved with the application of analytics at the time of evaluation of drug candidate at the time of clinical development.
Healthcare Wearables To Boost Life Sciences Analytics
With the continuous rise in the healthcare cost, the life science analytics market is surging and is the major factor affecting the growth. Individuals above 40 or 50 years of age prefer to use some long term care during their lifetime. The per capita spending of individuals is rising in the developing as well as developed nations with the rise in the disposable income. In 2016, the world spent USD 7.5 trillion on health, representing close to 10% of global GDP.
Patients are now becoming more health conscious so, the trend of wearable healthcare monitoring technology has grown over the years. The real time monitoring of body health parameters measuring pulse rate, blood pressure, heartbeat, fat content, etc., has been growing at an exponential pace. Therefore, the wearable technologies have been contributing to the life sciences analytics.
In 2019, the services segment dominated the market owing to the recurring need for maintenance of the software and upgradation. Thus, the segment is anticipated to maintain its dominance during 2020-25.
In terms of delivery model, on-demand segment led the market by largest market share in 2019 on account of its key metrics such as pay-as-u go model, flexibility, scalability, and accessibility.
In 2019, the research and development segment held the largest market share based on the application segment. However, sales and marketing segment is witnessing a huge demand with the upsurge in the adoption of life science companies to support their campaigns of marketing and sales coupled with growing post-marketing surveillance as revealed by MarkNtel Advisors’ in their research report, “Global Life Sciences Analytics Market Analysis, 2020”.
According to the MarkNtel Advisors the major leading players are IBM Solutions, SAS Institute, Accenture, IQVIA, Oracle Corporation, MaxisIT, Cognizant, Scio Health Analytics, Wipro Limited, Take Solutions among others. Companies are merging and acquiring new solutions. Recently in 2019, SAS cloud offering in an Amazon web series data center was opened by SAS Institute (United States) in Singapore. The acquisition of LabAnswer (United States) by Accenture (Ireland) strengthened the Accenture’s product portfolio in digital technologies in 2017.
“Global Life Sciences Analytics Market Analysis, 2020”, provides comprehensive qualitative and quantitative insights on the industry potential, key factors such as trends, drivers, hotspots and opportunities and challenges available for life sciences analytics providers across the globe. Moreover, the report also encompasses the key leading players in the industry, along with competitive benchmarking and competition matrix and company profiling.
1. By Component (Services and Software)
2. By Delivery Model (On-Premise Delivery and On-Demand Delivery)
3. By End-User (Pharmaceutical and Biotechnology Companies, Medical Device Companies, Research Center, Third Party Administrators)
4. By Type (Predictive, Descriptive and Prescriptive)
5. By Application (Sales and Marketing, Research and Development, Pharmacovigilance, Regulatory Compliance, Supply Chain Optimization)
6. By Region (North America, Latin America, Europe, Middle East, Africa, Asia-Pacific)
7. By Country (United States, Canada, Mexico, Brazil, Germany, Italy, United Kingdom, Spain, France, Saudi Arabia, UAE, South Africa, China, India, Japan, Australia)
8. By Company (IBM Solutions, SAS Institute, Accenture, IQVIA, Oracle Corporation, MaxisIT, Cognizant, Scio Health Analytics, Wipro Limited, Take Solutions)
Key questions answered in the study:
1. What are the current and future trends of the global life sciences analytics market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the globe?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the global life sciences analytics market industry?
6. What are the customer orientation, purchase behavior, and expectations from global life sciences analytics suppliers across various regions?