New York, NY, April 04, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Life Science Analytics Market by Type (Descriptive, Predictive, and Prescriptive), by Component (Software and Services), by Delivery Mode (On-Demand and On-Premises), by Application (Clinical and Preclinical Trials, Research and Development, Regulatory Compliance, Sales and Marketing, Supply Chain Management, and Pharmacovigilance), and by End-User (Pharmaceutical and Biotechnology Companies, Medical Device Companies, Biomedical Research Centers, and Third-Party Administrators): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global life science analytics market was approximately USD 1,623 million in 2018 and is expected to generate around USD 3,776 million by 2025, at a CAGR of around 12.82% between 2018 and 2025.
Technological advancements related to analytics, cloud computing, big data, rising adoption rate of analytics solutions in the field of clinical trials, life sciences, rising adoption rate of analytics in the sales and marketing applications, increasing need for improved data regularization, alarming increase in the prevalence of chronic diseases, and rising need for improved patient outcomes are fuelling the global life science analytics market expansion. Moreover, the need for precise and personalized medicines and cloud-based life science analytics and the growing use of big data are driving the life science analytics market. Increasing healthcare costs to boost the demand for life science analytics would streamline the third-party processes and optimize the overall costs. However, the growing healthcare costs and analytics solution service charges may restrict the global life science analytics market expansion.
Browse through 88 Tables & 33 Figures spread over 110 Pages and in-depth TOC on “Global Life Science Analytics Market Size 2018: Industry Type, Share, Segments, Growth, Analysis and Forecast, 2025”.
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Life science analytics market is divided based on type, component, delivery mode, application, and end-user. The type segment includes descriptive, predictive, and prescriptive. The prescriptive segment is expected to register the highest CAGR over the forecast timeframe. The component segment includes software and services. The services segment is expected to flourish significantly in the future. By delivery mode, the market is segmented into on-premises and on-demand. The application segment includes clinical and preclinical trials, research and development, regulatory compliance, sales and marketing, supply chain management, and pharmacovigilance. The end-user segment includes pharmaceutical and biotechnology companies, medical device companies, biomedical research centers, and third-party administrators.
North America is expected to dominate the global life science analytics market over the forecast time period with the U.S. accounting for the maximum share of this regional market. This growth can be attributed to the availability of necessary analytics infrastructure and rapid technological advancements witnessed in pharmaceutical and biotechnology fields. Furthermore, the high adoption rate of advanced technology and changing analytics protocols are also expected to support the growth of the region’s life science analytics market.
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Europe is anticipated to be the second leading region in the upcoming years, closely trailing North America, in terms of revenue and number of end-users. This can be attributed to the presence of advanced research and development facilities and biotechnology firms and various technological advancements in this field.
The Asia Pacific life science analytics market is expected to witness the highest CAGR over the forecast timeline, due to the presence of developing economies, such as India and China, rising investments in the life science industry, developed analytics infrastructure, and growing awareness about life science analytics in the region.
Browse the full “Life Science Analytics Market by Type (Descriptive, Predictive, and Prescriptive), by Component (Software and Services), by Delivery Mode (On-Demand and On-Premises), by Application (Clinical and Preclinical Trials, Research and Development, Regulatory Compliance, Sales and Marketing, Supply Chain Management, and Pharmacovigilance), and by End-User (Pharmaceutical and Biotechnology Companies, Medical Device Companies, Biomedical Research Centers, and Third-Party Administrators): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”Report at https://www.zionmarketresearch.com/report/life-science-analytics-market
Latin American and the Middle Eastern and African markets are slated to grow at a swift rate over the forecast time period, due to the increasing awareness about life science analytics among people, robust cloud infrastructure, increasing investments in the life science domain, and rising number of pharmaceutical and biotechnological firms in both the regions.
Some key players of the global life science analytics market are TAKE Solutions, Accenture, SAS Institute Inc Oracle Corporation, Quintiles, Inc., Cognizant, IBM Corporation, Wipro Limited, MaxisIT, Inc., and SCIO Health Analytics, among others.
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This report segments the global life science analytics market as follows:
Global Life Science Analytics Market: Type Analysis
- Descriptive
- Predictive
- Prescriptive
Global Life Science Analytics Market: Component Analysis
- Software
- Services
Global Life Science Analytics Market: Delivery Mode Analysis
- On-Premises
- On-Demand
Global Life Science Analytics Market: Application Analysis
- Clinical and Preclinical Trials
- Research and Development
- Regulatory Compliance
- Sales and Marketing
- Supply Chain Management
- Pharmacovigilance
Global Life Science Analytics Market: End-User Analysis
- Pharmaceutical and Biotechnology Companies
- Medical Device Companies
- Biomedical Research Centers
- Third-Party Administrators (TPA)
Global Life Science Analytics Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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