Life Science Analytics Market by Type (Descriptive, Prescriptive), Application (Marketing, R&D, Compliance, SCM), Component (Software, Service), Delivery (On premise, Cloud), End user (Pharmaceutical, Biotechnology, Medical Device, CRO) - Forecasts to 2021
The global life science analytics market is expected to reach USD 24.73 billion by 2021 from USD 13.26 billion in 2016, at a CAGR of 13.3% from 2016 to 2021.
Major factors contributing to the growth of the global life science analytics market include technological advancements, availability of big data in the life science industry, growing adoption of analytics solutions for clinical trials, increasing adoption of analytics solutions for sales and marketing applications, growing need for improved data standardization, rising prevalence of chronic diseases, increasing pressure to curb healthcare spending, and growing need for improved patient outcomes. Moreover, increasing focus on value-based medicine, use of analytics in precision and personalized medicine, cloud-based analytics, use of big data analytics to increase R&D productivity, and emergence of social media and its impact on the life science industry provide significant growth opportunities in the market. However, lack of skilled professionals and financial constraints may hinder the growth of this market during the forecast period.
Various companies are focusing on technological advancements to improve the life science industry. Life science companies are increasingly adopting digitization in order to increase productivity and profitability. To leverage growth opportunities many of the players in the market are innovating and upgrading their portfolios. For instance, in April 2016, Oracle Corporation (U.S.) launched the cloud version of its Oracle Health Sciences Safety Suite 8.0. This solution provides end-to-end safety management and business analytics/intelligence to pharma companies.
Asia is projected to be fastest-growing region in the market during the forecast period. High growth in this region can be attributed to factors such as large population base, growing prevalence of chronic diseases, increasing need for innovative therapies, and low manufacturing costs in the region. Moreover, growing focus on the adoption of digital technology in life science manufacturing and R&D activities is expected to boost the life science analytics market in Asia.
This market is categorized on the basis of type, application, component, delivery model, end user, and region. Apart from comprehensive geographical analysis, product analysis, and market sizing, the report also provides a competitive landscape that covers growth strategies adopted by industry players in the last three years. In addition, the company profiles comprise basic views on the key players and their product portfolios, developments, and strategies adopted. The abovementioned market research data, current market sizes, and forecast of future trends will help key players and new entrants make informed decisions regarding product offerings, geographical focus, changes in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
Reasons to Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms garner greater market shares. Firms purchasing the report can use any one or a combination of the below-mentioned five strategies for strengthening their market shares.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios of top players in the life science analytics market. The report analyzes this market by type, application, component, delivery model, end user, and region
Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the life science analytics market
Competitive Assessment: In-depth assessment of market strategies, geographical and business segments, and product portfolios of the leading players in the life science analytics market
Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the market for life science analytics across regions
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the life science analytics market
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