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Global Life Science Analytics Market Valued at $19.3 Billion in 2019, is Projected to Reach $33.2 Billion by 2024

/EIN News/ -- Dublin, Oct. 11, 2019 (GLOBE NEWSWIRE) -- The "Life Science Analytics Market by Type (Predictive, Descriptive, Prescriptive), Application (Marketing, Compliance, R&D, Pharmacovigilance, SCM), Component (Software, Service), Delivery (On Premise, Cloud), End User - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The life science analytics market is projected to reach USD 33.2 billion by 2024 from USD 19.3 billion in 2019, at a CAGR of 11.5% during the forecast period.

  • This report provides a picture of the life science analytics market. It aims at estimating the size and future growth potential of the market across different segments, such as type, component, deployment model, application, end-user, and region.
  • The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.

Technological advancements, the need for improved data standardization, and the growing adoption of analytics solutions in clinical trials are the key factors driving the life science analytics market

Growth in this market is mainly driven by technological advancements, big data in the life science industry, growing adoption of analytics solutions in clinical trials, increasing adoption of analytics for sales and marketing applications, need for improved data standardization, increasing the prevalence of chronic diseases, and growing pressure to curb healthcare spending. On the other hand, high implementation costs are expected to restrain the growth of this market to a certain extent

Prescriptive analytics segment to grow at the highest CAGR during the forecast period

Based on type, the life science analytics market is segmented into descriptive, predictive, and prescriptive analytics. The descriptive analytics segment accounted for the largest share of the life science analytics market in 2018, while the prescriptive analytics segment is projected to grow at the highest CAGR during the forecast period due to its ability to ensure the synergistic integration of predictions and prescriptions.

The services segment accounted for the largest share of the life science analytics market in 2019

On the basis of components, the life science analytics market is segmented into services and software. The services segment accounted for the largest market share in 2018 and is expected to register the highest growth during the forecast period. The large share and high growth in this segment can be attributed to the recurring need for services such as software upgrades and maintenance.

Asia to be the fastest-growing regional market

By region, the life science analytics market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America accounted for the largest market share in 2018. The large share of this market is attributed to the strong economies in the US and Canada, which have allowed for significant investments in technology in this region.

However, Asia is expected to grow at the highest CAGR during the forecast period. Factors such as growing R&D investments, increase in drug development-based research, rising pressure to comply with regulatory requirements, and low manufacturing costs in the region are supporting the growth of the life science analytics market in Asia.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Life Science Analytics: Market Overview
4.2 Life Science Analytics: Market, By Type
4.3 Life Science Analytics: Market, By End User
4.4 Geographic Snapshot: Life Science Analytics Market

5 Market Overview
5.1 Introduction
5.1.1 Drivers
5.1.1.1 Technological Advancements
5.1.1.2 Big Data in the Life Science Industry
5.1.1.3 Growing Adoption of Analytics Solutions in Clinical Trials
5.1.1.4 Increasing Adoption of Analytics for Sales and Marketing Applications
5.1.1.5 Need for Improved Data Standardization
5.1.1.6 Increasing Prevalence of Chronic Diseases
5.1.1.7 Growing Pressure to Curb Healthcare Spending and the Need for Improved Patient Outcomes
5.1.2 Restraints
5.1.2.1 High Implementation Costs
5.1.3 Opportunities
5.1.3.1 Increasing Focus on Value-Based Medicine
5.1.3.2 Use of Analytics in Precision and Personalized Medicine
5.1.3.3 Use of Big Data Analytics to Increase R&D Productivity
5.1.3.4 Emergence of Social Media and Its Impact on the Life Science Industry
5.1.4 Challenges
5.1.4.1 Data Privacy Issues
5.1.4.2 Data Integration in the Life Science Ecosystem
5.1.4.3 Dearth of Skilled Personnel

6 Life Science Analytics Market, By Type
6.1 Introduction
6.2 Descriptive Analytics
6.2.1 Descriptive Analytics Segment to Dominate the Life Science Analytics Market
6.3 Predictive Analytics
6.3.1 Predictive Analytics Solutions Can Help Increase the Accuracy of Data
6.4 Prescriptive Analytics
6.4.1 Prescriptive Analytics Segment to Witness High Growth During the Forecast Period

7 Life Science Analytics Market, By Application
7.1 Introduction
7.2 Research & Development
7.2.1 Clinical Trials
7.2.1.1 Need to Streamline Clinical Trials and Reduce the Time and Cost of Drug Development to Drive the Demand for Analytics Solutions
7.2.2 Preclinical Trials
7.2.2.1 Analytics Solutions for Preclinical Trials Help in the Entire Discovery and Research Value Chain
7.3 Sales & Marketing
7.3.1 Sales & Marketing Analytics are Essential to Increase Revenue and Profitability
7.4 Pharmacovigilance
7.4.1 Players Operating in This Segment are Increasingly Focusing on New Product Launches
7.5 Regulatory Compliance
7.5.1 Stringent Requirements have Supported the Need for Compliance Adherence Solutions
7.6 Supply Chain Optimization
7.6.1 Growing Need to Reduce Logistics Costs to Drive the Adoption of Analytics Solutions

8 Life Science Analytics Market, By Component
8.1 Introduction
8.2 Services
8.2.1 Services Form A Larger Component of the Life Science Analytics Market
8.3 Software
8.3.1 Life Science Analytics Software Solutions Enable Pharma-Biotech Companies and Medical Device Companies to Manage Clinical Trials Data and Provide Sales and Marketing Support

9 Life Science Analytics Market, By Delivery Model
9.1 Introduction
9.2 On-Premise Delivery Model
9.2.1 On-Premise Solutions Offer Multivendor Architecture, Which Lowers the Risk of Data Breaches & External Attacks
9.3 On-Demand Delivery Model
9.3.1 Increasing Volume of Data Generated Across the Life Science Industry Will Drive the Adoption of On-Demand Solutions

10 Life Science Analytics Market, By End User
10.1 Introduction
10.2 Pharmaceutical and Biotechnology Companies
10.2.1 Pharmaceutical and Biotechnology Companies Segment to Register the Highest Growth During the Forecast Period
10.3 Medical Device Companies
10.3.1 Adoption of Big Data Analytics is Helping Medical Device Manufacturers to Secure A Competitive Advantage in the Industry
10.4 Research Centers
10.4.1 Increasing Research Activities to Drive the Adoption of Analytics Solutions in This End-User Segment
10.5 Third-Party Administrators
10.5.1 Rising R&D Outsourcing By Life Science Companies to Drive the Growth of This End-User Segment

11 Life Science Analytics Market, By Region
11.1 Introduction
11.2 North America
11.2.1 US
11.2.1.1 Strong Economy and Increasing R&D Expenditure are Expected to Drive the Growth of the Life Science Analytics Market in the US
11.2.2 Canada
11.2.2.1 Rising Need for Data Standardization in the Life Science Industry to Support Market Growth in Canada
11.3 Europe
11.3.1 Germany
11.3.1.1 Growing R&D Investments By Pharmaceutical and Biotechnology Companies to Drive Market Growth in Germany
11.3.2 France
11.3.2.1 Growing Government Support for the Adoption of AI and Big Data Analytics to Drive Market Growth in France
11.3.3 UK
11.3.3.1 UK to Dominate the European Life Science Analytics Market During the Forecast Period
11.3.4 Rest of Europe
11.4 Asia
11.4.1 Japan
11.4.1.1 Growing Government Support for Clinical R&D Activities to Drive the Demand for Analytics Solutions in Japan
11.4.2 China
11.4.2.1 Growth of the Life Science Industry to Drive Market Growth in China
11.4.3 India
11.4.3.1 Rising R&D Budgets and Growing Number of Drug Development-Based Research Activities to Support Market Growth in India
11.4.4 Rest of Asia
11.5 Rest of the World

12 Competitive Landscape
12.1 Overview
12.2 Market Player Ranking
12.3 Competitive Leadership Mapping-Overall Market
12.3.1 Visionary Leaders
12.3.2 Dynamic Differentiators
12.3.3 Innovators
12.3.4 Emerging Players
12.4 Competitive Situation and Trends
12.4.1 Product Launches
12.4.2 Expansions
12.4.3 Acquisitions
12.4.4 Agreements, Partnerships, and Collaboration

13 Company Profiles
13.1 SAS Institute Inc.
13.2 IBM Corporation
13.3 Oracle Corporation
13.4 Iqvia
13.5 Accenture
13.6 Cognizant
13.7 Maxisit
13.8 Scio Health Analytics
13.9 Take Solutions
13.10 Wipro Limited

For more information about this report visit https://www.researchandmarkets.com/r/fnhbxw

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