According to the new market research report “Life Science Analytics Market by Type (Predictive, Descriptive, Prescriptive), Application (Marketing, Compliance, Clinical trial, R&D, Pharmacovigilance, SCM), Component (Software, Service), Delivery, End User, & Region – Global Forecast To 2025″, published by MarketsandMarkets™, the global Life Science Analytics Market size is expected to reach 42.0 billion by 2025 from USD 22.1 billion in 2020, at a CAGR of 13.7% during the forecast period of 2020 to 2025.
Browse and in-depth TOC on “Life Science Analytics Market”
Download PDF Brochure: www.marketsandmarkets.com/pdfdownloadNew.asp?id=174990653
The Growth in this Pharmaceutical Analytics Software 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 prevalence of chronic diseases, growing pressure to curb healthcare spending, and the need for improved patient outcomes. On the other hand, high implementation costs are expected to restrain the growth of this market to a certain extent.
The on-demand model segment is expected to grow at the highest CAGR during the forecast period.
Based on the delivery mode, the Life Science Analytics Market is segmented into the on-demand model and the on-premise model. The on-demand model segment is expected to grow at the highest CAGR during the forecast period, owing to advantages such as increasing demand for self-driven analytics, lack of upfront capital investments for hardware, extreme capacity flexibility, and pay-as-you-go pricing of this model.
The descriptive analytics segment accounted for the largest market share in 2019.
Based on type, the market is segmented into descriptive analytics, predictive analytics, and prescriptive analytics. The descriptive analytics segment accounted for the largest share of the Pharmaceutical Analytics Software Market in 2019. The large share of this segment is attributed to the significant usage of descriptive analytics by stakeholders to gain a better understanding of the past trends and events occurring in real-time.
In 2019, North America accounted for the largest share of the market.
In 2019, North America accounted for the largest market share, followed by Europe. The large share of this market can primarily be attributed to the strong economies in the US and Canada, which have allowed for significant investments in technology in this region. Growth in the North American market is supported by the growing adoption of IT in the life science industry, rising pressure to reduce healthcare costs, stringent regulations for the pharma-biotech and medical device industries, and the greater product and service availability in this region.
Request For Sample Pages: www.marketsandmarkets.com/requestsampleNew.asp?id=174990653
The prominent players operating in the Life Science Analytics Market are Oracle Corporation (US), Accenture (Ireland), SAS Institute Inc. (US), IBM Corporation (US), Wipro (India), Cognizant (US), SCIO Health Analytics (US), Allscripts Healthcare Solutions (US), Cerner Corporation (US), IQVIA (US), Microsoft (US), Infosys Limited (US), MaxisIT (US), Optum (US), and Cotiviti (US).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
Content Source: www.marketsandmarkets.com/PressReleases/life-science-analytics.asp