BANGALORE, India | 19th October 2020: According to the Latest Market Research Report “Life Science Analytics Market Based on Type (Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics), Based on Deployment (On-Demand Delivery and On-Premise Delivery), Based on End User (Medical Device Companies, Pharmaceutical and Biotechnology Companies, Research Centers, and Third-Party Administrators) By Application (Pharmacovigilance, Regulatory Compliance, Research & Development, Sales & Marketing, and Supply Chain Optimization) and Region – Global Forecast to 2025″, published on Valuates Reports
The Global Life Science Analytics Market size is expected to grow from USD 17,791.69 Million in 2019 to USD 34,422.60 Million by 2025 at a CAGR of 11.62%.
Major factors driving the growth of Life Science Analytics Market size are that growth in this market is mainly driven by technological advancements, big data in the life science industry, growing adoption of analytical solutions in clinical trials, and improved data standardization.
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COVID IMPACT ON LIFE SCIENCE ANALYTICS MARKET SIZE
The number of teleconsultations has increased due to the COVID-19 outbreak. Integrating EHR with other healthcare IT solutions, such as telemedicine and e-prescription features, allows healthcare providers to create an interconnected network to ensure the use of healthcare information technology (HCIT) for patient diagnosis and prescription of medicines.
Therefore, the rising number of cases of COVID-19, the scarcity of healthcare providers, and the need for better management of patient data are projected to increase demand for Life Science Analytics market size.
TRENDS INFLUENCING THE LIFE SCIENCE ANALYTICS MARKET SIZE
The growing use of analytics in sales and marketing of clinical trials is expected to drive the growth of the life science analytics market size.
In addition, increasing the prevalence of chronic diseases worldwide and increasing spending on healthcare with enhanced patient outcomes are fueling the life science analytics market size.
The use of analytics in precision and personalized medicine is expected to increase the life science analytics market size. Precision medicine includes using an individual’s genomic data to develop personalized medicine. Advanced analytics and applications for predictive modeling will allow organizations to treat each patient in a customized manner to achieve the best possible results.
LIFE SCIENCE ANALYTICS MARKET SHARE ANALYSIS
North America is expected to hold the largest life science analytics market share during the forecast period. U.S.-based companies are adopting new analytical solutions in their business, including analyzing clinical research data from the SAS database, helping to develop early-stage drugs, forecasting revenue, and prediction of health outcomes.
The clinical Research Institutions segment is expected to witness the fastest growth over the forecast period. Clinical research analytics helps pharmaceutical companies analyze data, compare ongoing trials at various locations and populations, prepare reports for submission to the regulatory authority, and receive approvals. In clinical trials, analytics is useful to understand the outcome of the trial at each stage. This becomes a deciding factor in circumstances such as whether to continue with the study or to abandon the study, the submission, as demanded by the regulatory authorities, of a clinical data report at the earliest and the avoidance of regulatory approval delays.
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LIFE SCIENCE ANALYTICS MARKET SEGMENTATION & COVERAGE:
This research report categorizes the Life Science Analytics to forecast the revenues and analyze the trends in each of the following sub-markets:
Based on Type, the Life Science Analytics Market studied across Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics.
Based on Deployment, the Life Science Analytics Market studied across On-Demand Delivery and On-Premise Delivery.
Based on End User, the Life Science Analytics Market studied across Medical Device Companies, Pharmaceutical and Biotechnology Companies, Research Centers, and Third-Party Administrators.
Based on Application, the Life Science Analytics Market studied across Pharmacovigilance, Regulatory Compliance, Research & Development, Sales & Marketing, and Supply Chain Optimization.
Based on Geography, the Life Science Analytics Market studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas region surveyed across Argentina, Brazil, Canada, Mexico, and the United States. The Asia-Pacific region surveyed across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, South Korea, and Thailand. The Europe, Middle East & Africa region surveyed across France, Germany, Italy, Netherlands, Qatar, Russia, Saudi Arabia, South Africa, Spain, United Arab Emirates, and the United Kingdom.
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