NEW YORK, Jan. 15, 2019 (GLOBE NEWSWIRE) -- Global Life Science Analytics market is expected to grow significantly from USD 10.6 billion in 2017 to USD 25.2 billion in 2024, at a CAGR of 12.1% from 2018 to 2024. Factors driving the growth of the market are: technological advancements and availability of big data in life science industry. Moreover, growing adoption of analytics solutions for clinical trials, and marketing as well as sales applications coupled with increasing need for improved data standardization is expected to fuel the market over the forecast period. However, lack of skilled professionals may hamper the market growth to some extent.
Key findings of the report:
- The global life science analytics market is expected to reach USD 25.2 billion in 2024, at a CAGR of 12.1% during 2018 -2024
- Based on type,
- The descriptive analytics segment held the major share of the market in 2017
- The prescriptive analytics segment is expected to registered to the highest CAGR during the forecast period
- On the basis of delivery,
- The on-premise segment held the major share of the global market in 2017
- The on-demand segment is expected to grow at the fastest CAGR during 2018-2024
- Based on the application, the sales and marketing support segment held the major share of the global market in 2017, owing to growing adoption of analytics for sales and marketing activities and growing demand for post-marketing surveillance
- On the basis of end-user, the pharmaceutical and biotechnology companies held the largest share of the global market in 2017
- North America held the major share of the global market in 2017. Asia-Pacific region is expected to register highest CAGR during 2018-2024.
- Some of the key companies operating in the market include IBM Corporation, Wipro Limited, SCIO Health Analytics, MaxisIT, Inc., Quintiles, Inc., TAKE Solutions Limited, Oracle Corporation, SAS Institute, Inc., and IQVIA
Increasing adoption of life science analytics
During the past few years, the life science industry has experienced various challenges which have influenced its operational environment. This includes patent cliff, approval of generics, growing investments in R&D, and stringent regulatory guidelines & compliances. However, these challenges have created various opportunities such as the use of analytical tools & techniques. Especially in life sciences, these tools help to conquer challenges in data integration and solutions. These analytical solutions & services allow translating in-house and third-party data into important insights to solve organizational research-related challenges. Some of the key applications of analytics in life science industries include product enablement, marketing support, regulatory compliance reporting, sales support, and data integration. In addition, various life science institutes are adopting digital records as they have high standards, sophistication and offer minimal errors.
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Global Life Science Analytics Market– Regional insight
Geographically, the global life science analytics market is segmented into North America, Europe, Asia-Pacific, Central & South America, and Middle East and Africa. North America held the major share of the global market in 2017, owing to growing adoption of new technologies and presence of major players in the region. However, Asia-Pacific region is expected to register highest CAGR over the forecast period.This is mainly attributed to the extensively growing pharmaceutical and biotechnology industry in developing countries such as India and China.
This report segments global life science analytics market based on type, component, delivery, application, and geography.
By Type
- Descriptive analytics
- Predictive analytics
- Prescriptive analytics
By Component
- Software
- Service
By Delivery
- On-premise
- On-demand
By Application
- Research and Development
- Clinical Trials
- Sales and Marketing Support
- Regulatory Compliance
- Supply Chain Analytics
- Pharmacovigilance
By End-user
- Pharmaceutical and Biotechnology Companies
- Third-Party Administrators
- Research Centers
- Medical Device Companies
By Geography
- North America
- Europe
- Asia-Pacific
- Central & South America
- Middle East and Africa
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