Life Science Analytics Market, 2024 - Opportunities in the Increasing Focus on Value-Based Medicine & Use of Analytics in Precision and Personalized Medicine
DUBLIN, July 22, 2019 /PRNewswire/ -- The "Life Science Analytics Market by Type (Predictive, Descriptive, Prescriptive), Application (Marketing, Compliance, R&D, Pharmacovigilance, SCM), Component (Software, Service), Delivery (On Premise, Cloud), End User - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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.
Technological advancements, the need for improved data standardization, and the growing adoption of analytics solutions in clinical trials are the key factors driving the life science analytics market
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 the prevalence of chronic diseases, and growing pressure to curb healthcare spending. On the other hand, high implementation costs are expected to restrain the growth of this market to a certain extent
Prescriptive analytics segment to grow at the highest CAGR during the forecast period
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, while the prescriptive analytics segment is projected to grow at the highest CAGR during the forecast period due to its ability to ensure the synergistic integration of predictions and prescriptions.
The services segment accounted for the largest share of the life science analytics market in 2019
On the basis of components, the life science analytics market is segmented into services and software. The services segment accounted for the largest market share in 2018 and is expected to register the highest growth during the forecast period. The large share and high growth in this segment can be attributed to the recurring need for services such as software upgrades and maintenance.
Asia to be the fastest-growing regional market
By region, the life science analytics market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America accounted for the largest market share in 2018. The large share of this market is attributed to the strong economies in the US and Canada, which have allowed for significant investments in technology in this region. However, Asia is expected to grow at the highest CAGR during the forecast period. Factors such as growing R&D investments, increase in drug development-based research, rising pressure to comply with regulatory requirements, and low manufacturing costs in the region are supporting the growth of the life science analytics market in Asia.
Market Dynamics
Drivers
- 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
Restraints
- High Implementation Costs
Opportunities
- Increasing Focus on Value-Based Medicine
- Use of Analytics in Precision and Personalized Medicine
- Use of Big Data Analytics to Increase R&D Productivity
- Emergence of Social Media and Its Impact on the Life Science Industry
Challenges
- Data Privacy Issues
- Data Integration in the Life Science Ecosystem
- Dearth of Skilled Personnel
Company Profiles
- Accenture
- Cognizant
- IBM Corporation
- Iqvia
- Maxisit
- Oracle Corporation
- SAS Institute Inc.
- Scio Health Analytics
- Take Solutions
- Wipro Limited
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