With the increasing adoption of clinical trials and analytics for sales and marketing applications and need for standardization of products is surging the demand for life sciences analytics. Moreover, other major factors boosting the growth of the Life Sciences market is increasing prevalence of chronic diseases and rising need to curb the overall healthcare spending. The Life Sciences market is anticipated to rise during 2020-25.
The Global Life Sciences market is witnessing an influx of new start-ups offering disruptive solutions and competing with the well-established players. However, numerous mergers and acquisitions so to acquire new capabilities and expand geographic horizons has been on the rise.
According to the MarkNtel Advisors’ research report titled “Global Life Sciences Analytics Market Analysis, 2020”, the CAGR of the market is expected to be around 11% during 2020-25.
Advancements in Data Analytics Tools Help to Grow Life Sciences Analytics Market
With the escalating usage of mobile phones and other smart devices, the need for life science analytics is proliferating across the globe. Moreover, with the quick adoption of cloud-based storage by pharmaceutical and biotechnological companies and large amounts of real time data generation to further assist towards the growth of life sciences analytics. Data analytics helps in the development and delivery of personalized medicare for patients and enhanced data standardization.
In 2019, the services segment dominated the market owing to the recurring need for maintenance of the software and upgradation and the segment is anticipated to maintain its dominance during 2020-25.
On-demand segment led the market by largest market share on account of its strategies and properties such as pay-as-u go model, capacity for flexibility, scalability, easy accessibility, and growing demand for self-driven analytics in 2019.
North America led the market of life sciences analytics acquiring the largest share in 2019 due to the ongoing technological advancements and developed healthcare infrastructure by pharmaceutical and biomedical companies. Asia-Pacific is witnessing a boost for life sciences analytics in the recent years with the increasing investments by governments and in China and India.
According to the MarkNtel Advisors, the leading players are IBM Solutions, SAS Institute, Accenture, IQVIA, Oracle Corporation, MaxisIT, Cognizant, Scio Health Analytics, Wipro Limited, and Take Solutions, among others.
Key Questions Answered in the Market Research Report
1. What are the key market statistics (Market Overview, Market Size, Forecast, CAGR, Market Segmentation, Market Shares) of Global Life Sciences Analytics Market?
2. What are the key market or technology trends in Global Life Sciences Analytics Market?
3. What are the significant innovations, technology upgrades, opportunities, regulations, growth drivers and challenges in the Global Life Sciences Analytics Market?
4. Who are the key competitors or market players and how they perform in global competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of Global Life Sciences Analytics Market study?