Life Science Analytics Market Analysis, Trends, Industry Analysis, Growth by Top Companies, Share by Types and Application, Forecast to 2025
Research Reports
Dec 30, 2020
Market Synopsis
Market Research Future (MRFR) reveals that the global life science analytics market 2020 is projected to acquire a considerable market value while expanding at a CAGR of 11.91% during the review period from 2019 to 2025. The digitalization of the pharma and life sciences industry due to the growing incidences of chronic illness is likely to increase the demand for advanced medical facilities that can strengthen the market in the forecast period. The requirement for improved data standardization owing to the rising geriatric population can augment the market during the assessment period. Moreover, the increasing adoption of analytics solutions in clinical trials and for sales and marketing applications is anticipated to boost its demand considerably and actuate the market. On the flip side, lack of expertise and budget constraints can hamper the market growth in the coming period. However, the rising healthcare expenditure and growing geriatric population can counter the impeding factors and aid in market expansion.
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Market Segmentation
The segmental analysis of the global life science analytics market is done by analytics, component, deployment model, application, and end-user.
The analytics-based segments of the global life sciences analytics market are descriptive analytics, predictive analytics, and prescriptive analytics. Among all segments, the descriptive segment is anticipated to acquire the largest market share during the forecast period owing to its higher preference.
The component-based segments of the global life sciences analytics market are services, software, and hardware. Among all, the software segment is projected to dominate the market during the forecast period. The deployment model-based segments of the global life sciences analytics market are on-premise and cloud-based. Between the two segments, the on-premise model segment is predicted to lead the market during the projection period. The application-based segments of the global life sciences analytics market aresales & marketing, pharmacovigilance, research & development, regulatory compliance, and supply chain optimization. The research & development segment is further sub-segmented into clinical trials and preclinical trials. Among all segments, the research & development segment is expected to procure the largest market share during the forecast period.
The end-user-based segments of the global life sciences analytics market are hospitals & clinics, biotechnology & medical device companies, pharmaceutical, and others. Among all segments, the hospital & clinics segment is anticipated to dominate the market by acquiring the largest market share during the review period.
Regional Analysis
Based on the region, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). As per the analysis by MRFR, North America is predicted to dominate the global market during the review period owing to the presence of established players. The increasing healthcare expenditure and incorporation of the latest technologies in medical services are likely to drive the regional market. Europe is expected to acquire the second-largest market due to the high prevalence of chronic diseases in the region. The on-going technical development can further augment the regional market. The APAC is anticipated to be the fastest-growing regional market during the review period. The fast-development of life-science industries in the region are expected to drive the regional market. The MEA region is anticipated to acquire a significant amount of market share during the review period owing to the increasing support of MEA governments to underpin the healthcare sector.
Key Players
Some of the established players of the global life science analytics market are LLC (US), Allscripts Healthcare, Cerner Corporation (US), Health Catalyst (US), CitiusTech Inc. (US), Inovalon (US), and McKesson Corporation (US).
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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