Life Science Analytics Market by Product (Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics), by Application (Research and Development, Clinical Trials, Preclinical Trials, Sales and Marketing Support, Regulatory Compliance, Supply Chain Analytics, and Pharmacovigilance), by Component (Software and Services), by Delivery Model (On-Premise and On-Demand), by End-User [Pharmaceutical and Biotechnology Companies, Medical Device Companies, Research Centers, and Third-Party Administrators (TPAs)] – Global Opportunity Analysis and Industry Forecast, 2019-2026
The application of analytics has emerged as a helpful tool for several pharmaceutical, biotechnological, and medical device enterprises, as these options help overcome challenges in data integration and enhance operational efficiency. The key applications of analytics in pharmaceutical and life sciences include regulatory compliance reporting, marketing/sales support, and product/service enablement.
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The global life science analytics market is expected to witness significant growth during the forecast period due to increasing prevalence of chronic disease, increased demand for improved data standardization, and technological advancements. In addition, increasing adoption of analytics for sales and marketing applications and in clinical trials has further boosted the market growth. However, lack of skilled professionals and budget constraints hamper the market growth.
The life science analytics market is segmented based on product, application, component, delivery model, end-user, and region. Based on product, the market is divided into descriptive analytics, predictive analytics, and prescriptive analytics. Based on application, the market is segmented into research and development, clinical trials, preclinical trials, sales and marketing support, regulatory compliance, supply chain analytics and pharmacovigilance. Based on component, the market is divided into software and services. Based on delivery model, the market is segmented into on-premise and on-demand. On the basis of end-user, the market is divided into pharmaceutical and biotechnology companies, medical device companies, research centers, and third-party administrators (TPAs). The market is analyzed based on four geographical regions, which include North America, Europe, Asia-Pacific, and LAMEA.
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The key players operating in this market include SAS Institute Inc., IBM Corporation, Oracle Corporation, Quintiles, Inc., Accenture, Cognizant, Wipro Limited, MaxisIT, Inc., TAKE Solutions, and SCIO Health Analytics.
Key Benefits for Stakeholders
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the global life science analytics market.
- Comprehensive analysis of regions is provided to determine the prevailing opportunities in the global market.
- This study provides the competitive landscape of the global market to predict the competitive environment across geographies.
- This report entails the detailed quantitative analysis of the current market and estimations from 2014 to 2022 to identify the prevailing opportunities.
- Comprehensive analysis of factors that drive and restrict the market growth is provided in the report.
- Region- and country-wise life science analytics market conditions are comprehensively analyzed in the report to understand the regional trends and dynamics.
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