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(Health-NewsWire.Net, July 10, 2020 ) Growth in this 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
According to research report the life science analytics market is projected to reach USD 33.2 billion by 2024 from USD 19.3 billion in 2019, at a CAGR of 11.5% during the forecast period.
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The life science analytics market has been segmented on the basis of type, component, application, delivery model, end user, and region.
•Based on type, the life science analytics market is segmented into descriptive, predictive, and prescriptive analytics. The descriptive analytics segment accounted for the largest share of the life science analytics market in 2018.
•On the basis of component, the life science analytics market is segmented into software and services. The services segment accounted for the largest market share in 2018 and is expected to register the highest growth during the forecast period.
•Based on application, the life science analytics market is segmented into research & development, sales & marketing, regulatory compliance, supply chain optimization, and pharmacovigilance. The research & development segment accounted for the largest share of the life science analytics market in 2018.
•On the basis of delivery model, the life science analytics market is segmented into the on-premise model and on-demand model. The on-demand model segment is expected to grow at the highest CAGR during the forecast period.
•Based on end user, the life science analytics market is segmented into pharmaceutical & biotechnology companies, medical devices companies, research centers, and third-party administrators (TPAs).
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The life science analytics market is a highly diversified and competitive market, with a large number of players, including mid-tier companies and startup firms, competing for market shares. SAS Institute, Inc. (US), IBM Corporation (US), Oracle Corporation (US), Quintiles, Inc. (US), Accenture (Ireland), Cognizant (US), Wipro Limited (India), MaxisIT, Inc. (US), TAKE Solutions (India), and SCIO Health Analytics (US) are some of the key players in this market.
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