Life science analytics is used for exploiting big data to raise global collaboration based on precise clinical examination information. The life sciences analytics aids to regulate the clinical trials data and validate its observance. Advanced analytics aids in the primary detection of probable risks and also permits to proactively address them. Pharmaceutical and life science businesses mainly use life science analytics software to overwhelmed random necessities, trials in data integration, and improve operative efficiency. It enables the processing of third-party data and decodes the complications associated with the life science industry’s organizational setup. Regulatory compliance reporting, product/service enablement, and marketing/sales funding are the major applications of analytics.
The study analysis of, ’Life Science Analytics Market: Market Segments: By Type (Reporting, Descriptive, Predictive and Prescriptive); By Application (Research and Development, Sales and Marketing, Regulatory Compliance, Supply Chain Analytics and Pharmacovigilance); By Delivery Model (On-demand and On-premises); By End-user (Medical Devices, Pharmaceutical, Biotechnology and Others); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030 ‘ Life Science Analytics market, which is highly competitive, consists of several major players such as Oracle Corporation (US), Accenture (Ireland), SAS Institute Inc. (US), IBM Corporation (US), IQVIA (US), Wipro (India), Cognizant (US), SCIO Health Analytics (US) holds a substantial market share in the Life Science Analytics market. Other players analyzed in this report are Allscripts Healthcare Solutions (US), Cerner Corporation (US), Microsoft (US), Infosys Limited (US), MaxisIT (US), Optum (US), and Cotiviti (US) among others. The market competition has been stepped up by the availability of many players offering Life Science Analytics. For Instance, In February 2020, IQVIA had launched Avacare Clinical Research Network is a global-based site network, which would help provide more opportunities and patient options for clinical trials.
The market is further segmented as follows: By Type segmented into Reporting, Descriptive, Predictive, and Prescriptive. By Application segmented into Research and Development, Sales and Marketing, Regulatory Compliance, Supply Chain Analytics and Pharmacovigilance. By Delivery Model segmented into On-demand and On-premises. By End-user segmented into Medical Devices, Pharmaceutical, Biotechnology, and Others.
Life Science Analytics Market is segmented based on regional analysis into five major regions. These embrace North America, Latin America, Europe, APAC, and MENA. Life Science Analytics Market in North America held the largest market share of 50.7% in the year 2019. The presence of supporting government policies for telehealth deployment, the availability of sound IT infrastructure, and high digital literacy are some of the major factors contributing to market growth in the country. In addition, there has been increased adoption of life science analytics as a result of the demand to curb increasing healthcare expenditure in this field. In the Asia Pacific, during the forecast period, the market is expected to see the highest growth rate. There are few criteria supporting the growth of the market in the area that endorse government policies encouraging life science analytics and rising healthcare spending.
Furthermore, the key factors for the development of the life sciences analytics market comprise the increasing adoption of analytics solutions in pharmaceuticals and clinical trials, increasing pressure to decrease healthcare spending, the requirement for better patient consequences, and the appearance of advanced analytics devices in life science companies. There is an upsurge in the usage of analytics in clinical trials, as showing clinical trials has become multifaceted, as it includes many activities and produces high volumes of data from diverse systems. Therefore, it is expected that the market of Life science analytics will boost up throughout the forecast amount.
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Ankur Gupta, Head Marketing & Communications