Life science analytics is a tool that helps in clinical trials standardization and optimization of the drug discovery process.
According to MRFR analysis, the global Life Science Analytics Market is expected to register a CAGR of 11.91% during the forecast period of 2019 to 2025 and was valued at USD 19,165.22 million in 2018.
The growth of the global life science analytics market can be contributed to growing pressure to curb the healthcare expenditure, need for improved data standardization, and increasing prevalence of chronic diseases.
- Allscripts Healthcare
- Cerner Corporation
- CitiusTech Inc
- Health Catalyst
- McKesson Corporation
- Saama Technologies
- SAS Institute Inc
- The global life science analytics market has been segmented based on the type of analytics, application, component, deployment model, and end user.
- Based on the type of analytics, the global life science analytics market has been segmented into predictive analytics, descriptive analytics, and prescriptive analytics.
- The global life science analytics market, based on application, has been segmented into research & development, pharmacovigilance, regulatory compliance, sales & marketing, and supply chain optimization.
- The global life science analytics market has been segmented based on component, as software, services, and hardware.
- The global life science analytics market has been segmented, on the basis of deployment model, into on-premise and cloud-based.
- The market based on end user has been segmented into hospitals & clinics, pharmaceutical, biotechnology & medical device companies, and others. Hospitals & clinics segment held the largest market share in 2018 as it helps to minimize the clinical errors and increases healthcare productivity.
Americas: The largest regional market.
North America: The North American market for life science analytics is growing due to the rising investments for technological advancements in the region.
US: The increasing R&D expenditure in the life sciences industry and rising adoption of information technology tools in the life sciences industry is expected to drive the market growth in the US. In 2015, the US spent USD 30.5 billion to support research in the life sciences industry. Thus, a similar trend of increasing R&D expenditure in the life sciences industry is expected to boost market growth during the forecast period.
Latin America: Increasing adoption of advanced technologies in the life sciences analytics industry is anticipated to drive the market growth.
Europe: Government initiatives to curb the healthcare costs, presence of a large number of life science companies and greater availability of life sciences software & services in the region are expected to drive the market growth. For instance, Skane, a city in South Sweden, has more than 300+ life science companies such as AstraZeneca, Getinge and Nobel Biocare, among others. Thus, presence of such international players increases the demand for life science analytical tools to streamline their processes and thereby is expected to drive the market growth.
UK: Increasing adoption of big data in the life sciences industry and high R&D expenditure in the life sciences sector in the UK is expected to drive the market growth.
Germany: The rising number of clinical trials in Germany, leading to the high adoption of analytical solutions for efficiently carrying out the clinical trials, is expected to drive the market growth.
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