Scope of Life Science Analytics Market
The life science analytics market report by Market Research Future studies while focusing on COVID-19 impact that has affected many other markets with its economic. However, as the healthcare industry is less impacted, the life science analytics market emerged strongly during the pandemic. The study reveals that it will expand at 11.91 per cent by the year 2025. Later in 2018, the market was worth USD 19,165.22 Million. Therefore, this valuation will surpass during forecast duration of 2019 to 2025.
Earlier, a multitude of challenges lied for the life sciences industry during the COVID-19 pandemic and strived to continue delivering therapies to patients. Disruptions had an impact on every phase of the pharmaceutical life cycle – from clinical research through manufacturing and commercialization. However, with some of the best analytics-based companies and decisions endeavoured and overcame obstacles in the future timeframe.
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The COVID-19 pandemic is accelerating adoption of novel technology and advanced analytics to mitigate delays in clinical research. Amplified clinical trials are facilitating to keep research on track globally. Technologies such as Machine learning and AI, supported by the Internet of Medical Things (IoMT), enabled this innovation by keeping researchers connected to patients and data. All these factors favoured the market to grow at a rapid pace and would continue with it in the forecasted period.
MRFR also investigates the growth of the life science analytics market is attributed to the escalating prevalence of chronic diseases and a rising need for superior data standardization. Moreover, the use of analytics in precision & personalized medicine, and escalating focus on improving patient outcomes also possible to append innovative opportunities for the global life science analytics market in the forecast period.
Life Science Analytics Market Segmental Analysis
By the segment of type of analytics, the life science analytics market includes predictive analytics, descriptive analytics, and prescriptive analytics.
By the segment of application, the life science analytics market includes pharmacovigilance, research & development, sales & marketing, regulatory compliance, and supply chain optimization.
By the segment of component, the life science analytics market includes software, services, and hardware.
By the segment of the deployment model, the life science analytics market includes on-premise and cloud-based.
By the segment of end-user, the life science analytics market includes hospitals and clinics, pharmaceutical, biotechnology & medical device companies and others.
Life Science Analytics Market Regional Framework
North America might lead the life science analytics market in the global arena owing to the rising public & private R&D initiatives on life science research and escalating demand for the use of big data analytics that facilitates to raise R&D productivity in the region. Back in 2017, the healthcare sector in the US grown by roughly 3.9% compared to the preceding years, touching USD 10,739 per person. Consequently, the demand for life science analytics software is increasing to bring down healthcare costs.
The Asia-Pacific region is likely to demonstrate a noteworthy growth rate in the next five years in the global life science analytics market owing to the rising focus on better profiling & targeting of clients and medical practitioners in APAC region.
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European life science analytics market held the second-largest position in 2018 owing to the mounting technological advancements, the prevalence of chronic diseases, and better availability of healthcare solutions and services in the region.
Life Science Analytics Market Top Players
The top players influencing the life science analytics market are Cerner Corporation (US), Allscripts Healthcare, LLC (US), Health Catalyst (US), CitiusTech Inc. (US), IQVIA (US), McKesson Corporation (US), Inovalon (US), Optum, Inc. (US), Saama Technologies, Inc. (US), SCIOInspire, Corp. (US), IBM (US), SAS Institute Inc. (US), and Oracle (US).
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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