According to MRFR analysis, Life Science Analytics Market is expected to register a CAGR of 11.91% during the forecast period and was valued at USD 19,165.22 Million in 2018.
Life science analytics is a tool that helps in clinical trials standardization and optimization of the drug discovery process.
The growth of the global life science analytics market can be contributed to growing pressure to curb the healthcare expenditure, need for improved data standardization, and increasing prevalence of chronic diseases. Furthermore, the growing adoption of analytics solutions in clinical trials, increasing adoption of analytics tools for sales marketing applications, the need for improved patient outcomes, and rising adoption of big data in the life science industry are also expected to fuel the market growth during the forecast period. However, high implementation costs and lack of skilled professionals have expected to restrain the growth of the global life science analytics market.
Several market players such as Allscripts Healthcare, LLC, Cerner Corporation and McKesson Corporation currently dominate the global life science analytics market. The key players are involved in product launches and acquisitions to strengthen their market positions. For instance, in January 2018, Allscripts acquired Practice Fusion for USD 100 million. This acquisition further advance Allscripts’ strategy to offer comprehensive, high performing health information technologies and solutions.
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East Africa. The Americas region held the largest market in 2018, owing to the presence of major market players in the region. The life science analytics market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European life science analytics market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The life science analytics market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Due to the rapidly developing life sciences industry, the market in Asia-Pacific is expected to be the fastest-growing. The life science analytics market in the Middle East Africa has been divided into the Middle East and Africa. As a result, there has been an increase in the consumption of life science analytics software in the area in order to reduce healthcare expenses.
The Global Life Science Analytics Market has been segmented based on the type of analytics, application, component, deployment model, and end-user.
Based on the type of analytics, the global life science analytics market has been segmented into predictive analytics, descriptive analytics, and prescriptive analytics. The descriptive analytics segment held the largest market share in 2018 owing to its high preferability by the life science companies, as these solutions help in understanding the past trends.
The global life science analytics market, based on application, has been segmented into research development, pharmacovigilance, regulatory compliance, sales marketing, and supply chain optimization. The research development segment is further sub-segmented into clinical trials and preclinical trials. The research development segment held the largest market share in 2018 owing to the rising usage in RD activities for the development of innovative life science products.
The global life science analytics market has been segmented based on component, as software, services, and hardware. The software segment is held the largest market share in 2018 owing to the rising adoption of analytics software in the life science industry.
The global life science analytics market has been segmented, on the basis of deployment model, into on-premise and cloud-based. The on-premise model held the larger market share in 2018 owing to its user-friendly approach.
The market based on end-user has been segmented into hospitals clinics, pharmaceutical, biotechnology medical device companies, and others. Hospitals clinics segment held the largest market share in 2018 as it helps to minimize the clinical errors and increases healthcare productivity.
Some of the Key Players in the Global Life Science Analytics Market are Allscripts Healthcare, LLC (US), Cerner Corporation (US), CitiusTech Inc. (US), Health Catalyst (US), Inovalon (US), McKesson Corporation (US), Saama Technologies, Inc. (US), Optum, Inc. (US), SCIOInspire, Corp. (US), SAS Institute Inc. (US), IBM (US), Oracle (US), and IQVIA (US).
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