According to IMARC Group’s latest report, titled “Life Science Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global life science analytics market is expected to exhibit a CAGR of 13.3% during 2022-2027. Life science analytics refers to the process that provides predictive tools for better patient care and accurate clinical research information. Various pharmaceutical and life science companies are extensively employing analytics in life sciences to overcome unpredictable demands, data integration challenges, and operational inefficiencies. Life science analytics also helps standardize clinical trial data and validates its adherence across medical research organizations, pharmaceuticals, medical device companies, research, supply chain, and pharmacovigilance. In recent years, life science analytics has gained prominence as it aids in the early detection of potential risks while enabling the system to address the risks. Moreover, it also efficiently processes third-party data and decrypts the complexities of the organizational setup.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Market Trends and Drivers:
The global life science analytics market is primarily driven by the increasing utilization of advanced analytics in life science applications to assess risks, evaluate the effectiveness of clinical trials, provide personalized medicine, and develop a faster and productive research and development (R&D) pipeline. Besides this, life science analytics is employed in the medical sector with the integration of artificial intelligence (AI) to develop precision and personalized medicines that use specific genomic data of the patients with specific medical requirements. Furthermore, the increasing need for improved data standardization, the rising prevalence of chronic diseases and pressure to reduce healthcare spending and the development of innovative telemedicine, mHealth and e-prescribing tools are some of the factors that are positively influencing the market growth.
Life Science Analytics Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the life science analytics market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Accenture Plc
- Cognizant
- Infosys Limited
- International Business Machines Corporation
- IQVIA Inc.
- Oracle Corporation
- Rockwell Automation Inc.
- SAS Institute Inc.
- TAKE Solutions Limited
- Wipro Limited
Key Market Segmentation:
The report has segmented the global life science analytics market on the basis of type, component, deployment mode, application, end use and region.
Breakup by Type:
- Reporting
- Descriptive
- Predictive
- Prescriptive
Breakup by Component:
- Software
- Services
Breakup by Deployment Mode:
- On-demand
- On-premises
Breakup by Application:
- Research and Development
- Sales and Marketing Support
- Supply Chain Analytics
- Pharmacovigilance (PV)
- Others
Breakup by End Use:
- Medical Devices
- Pharmaceuticals
- Biotechnology
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (Egypt, United Arab Emirates, Saudi Arabia, Turkey, Qatar, Iran, Others)
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
