With the increasing adoption of clinical trials and analytics for sales and marketing applications and need for standardization of products is surging the demand for life sciences analytics. Moreover, other major factors boosting the growth of the Life Sciences market is increasing prevalence of chronic diseases and rising need to curb the overall healthcare spending. The Life Sciences market is anticipated to rise during 2020-25.
The Global Life Sciences market is witnessing an influx of new start-ups offering disruptive solutions and competing with the well-established players. However, numerous mergers and acquisitions so to acquire new capabilities and expand geographic horizons has been on the rise.
According to the MarkNtel Advisors’ research report titled “Global Life Sciences Analytics Market Analysis, 2020”, the CAGR of the market is expected to be around 11% during 2020-25.
Advancements in Data Analytics Tools Help to Grow Life Sciences Analytics Market
With the escalating usage of mobile phones and other smart devices, the need for life science analytics is proliferating across the globe. Moreover, with the quick adoption of cloud-based storage by pharmaceutical and biotechnological companies and large amounts of real time data generation to further assist towards the growth of life sciences analytics. Data analytics helps in the development and delivery of personalized medicare for patients and enhanced data standardization.
In 2019, the services segment dominated the market owing to the recurring need for maintenance of the software and upgradation and the segment is anticipated to maintain its dominance during 2020-25.
On-demand segment led the market by largest market share on account of its strategies and properties such as pay-as-u go model, capacity for flexibility, scalability, easy accessibility, and growing demand for self-driven analytics in 2019.
North America led the market of life sciences analytics acquiring the largest share in 2019 due to the ongoing technological advancements and developed healthcare infrastructure by pharmaceutical and biomedical companies. Asia-Pacific is witnessing a boost for life sciences analytics in the recent years with the increasing investments by governments and in China and India.
According to the MarkNtel Advisors, the leading players are IBM Solutions, SAS Institute, Accenture, IQVIA, Oracle Corporation, MaxisIT, Cognizant, Scio Health Analytics, Wipro Limited, and Take Solutions, among others.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Global Life Sciences Analytics Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up to 2025.
Q. What are the units or denomination for measuring market value in the report?
A. The market size/industry size or the market value is measured in terms of USD Million.
Q. What would be the CAGR of the Global Life Sciences Analytics Market during 2020 to 2025?
A. The market size of Global Life Sciences Analytics Market would register a CAGR of 11% during 2020-25.
Q. Which of the regions would be a bright spot for Global Life Sciences Analytics Market during 2020-2025?
A. North America led the market of life sciences analytics grabbing the largest share in 2019. The region is expected to maintain its considerable market share during 2020-25. Asia-Pacific would also be providing substantial opportunities for competitors in Global Life Sciences Analytics Market during the forecast period.
Q. Who are the key players or major competitors in Global Life Sciences Analytics Market?
A. IBM Solutions, SAS Institute, Accenture, IQVIA, Oracle Corporation, MaxisIT, Cognizant, Scio Health Analytics, Wipro Limited, Take Solutions etc. are few of the leading players with majority market share in Global Life Sciences Analytics Market.
Q. Which component type segment would emerge as an opportunity area for players in Global Life Sciences Analytics Market?
A. In 2019, the services segment dominated the market owing to the recurring need for maintenance of the software and upgradation and the segment is anticipated to maintain its dominance during 2020-25.
Q. Which delivery model would emerge as an opportunity area for players in Global Life Sciences Analytics Market?
A. On-demand segment led the market by largest market share on account of its strategies and properties such as pay-as-u go model, capacity for flexibility, scalability, easy accessibility and snowballing demand for self-driven analytics in 2019.
Q. Does the report scope cover Application and end-user wise market statistics also?
A. Yes, the scope of the report encompasses detailed application and end-user wise statistics such as market size, market segmentation based on various subcategories.
