North America accounted for the largest share of the life science analytics market
Northrook, IL -- (SBWIRE) -- 08/04/2020 -- According to the new market research report "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" published by MarketsandMarkets™.
How the Market Growth looks like and Industry Segmentation?
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.
On the basis of type, the market is segmented into descriptive, predictive, and prescriptive analytics. The descriptive analytics segment accounted for the largest market share in 2018. This can be attributed to the significant usage of descriptive analytics by life science stakeholders to gain a better understanding of the past trends and events occurring in real-time.
On the basis of application, the market is segmented into research & development (clinical trials and preclinical trials), sales & marketing, regulatory compliance, supply chain optimization, and pharmacovigilance. The sales & marketing segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment can be attributed to the increasing adoption of analytics by life science companies to align their sales & marketing campaigns. The growing importance of post-marketing surveillance is also boosting the utilization of analytics for sales & marketing.
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- In May 2019, SAS Institute (US) opened its SAS Cloud offering in an Amazon Web Services' Data Center in Singapore.
- In July 2017, Accenture (Ireland) acquired LabAnswer (US). This acquisition strengthened Accenture's product portfolio in digital technologies.
- In March 2017, Cognizant (US) acquired Brilliant Service Co. Ltd. (Japan) to expand its capabilities in digital strategy, product design and engineering, the Internet of Things (IoT), and enterprise mobility
Major Market Growth 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
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Geographical Regions Mapped in Report:
North America accounted for the largest market share, followed by Europe. The large share of this market can primarily be attributed to the strong economies in the US and Canada, which have allowed for significant investments in technology in this region. Growth in the North American market is supported by the growing adoption of IT in the life science industry, rising pressure to reduce healthcare costs, stringent regulations for the pharma-biotech and medical device industries, and the greater product and service availability in this region.
Major Key Players Mapped in Research Report:
The prominent players in the life science analytics market are IBM Corporation (US), Oracle Corporation (US), SAS Institute, Inc. (US), Quintiles, Inc. (US), Accenture (Ireland), Cognizant (US), Wipro Limited (India), MaxisIT, Inc. (US), TAKE Solutions (India), and SCIO Health Analytics (US).