Dublin, Nov. 18, 2022 (GLOBE NEWSWIRE) -- The "Life Science Analytics Market Analysis by Component, by Type, by Application, by Delivery, by End User by Region - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The life science analytics market size is estimated to be USD 24.6 billion in 2021 and is expected to witness a CAGR of 15.31% during the forecast period 2022-2029.
Technological advancements, data storage in the life sciences industry, increasing acceptance of analytics solutions in clinical trials, rising adoption of analytics for sales and marketing applications, and demand for improved data standardisation are some of the major factors that boosts global market growth.
Also, rising incidence of chronic diseases, mounting pressure to reduce healthcare spending, and the need for improved patient outcomes are other factors that propelling the growth during the forecast period. However, high implementation cost hindering the market growth.
Based on component, the market is bifurcated into software and services. In 2021, the service segment accounted for the highest revenue share owing to increasing adoption by key stakeholders for outsourcing organizations' multi-service packages. However, the rising trend of life science businesses outsourcing planning, staffing, training, implementation, and maintenance services because they lack the necessary knowledge and resources is fuelling the market growth.
On the basis of type, the market is categorized into descriptive, reporting, prescriptive, and predictive. In 2021, the descriptive segment accounted for the highest revenue share due to the widespread application of descriptive analytics by life science stakeholders to better comprehend current occurrences and historical trends.
Based on application, the market is segregated into sales & marketing support, research & development, supply chain analytics, pharmacovigilance, and regulatory compliance. In 2021, the sales & marketing support segment accounted for the highest revenue share owing to the increasing necessity of post-marketing monitoring is also increasing the use of analytics for sales and marketing and the growing use of analytics by life science organizations to coordinate their marketing and sales initiatives.
On the basis of delivery, the market is bifurcated into on-premises and on-demand. In 2021, the on-demand segment accounted for the highest revenue share due to greater accessibility from distant sites with fewer expenditures and upkeep.
By End User
Based on end user, the market is categorized into biotechnology, medical device, pharmaceutical, and others. In 2021, the pharmaceutical segment accounted for the highest revenue share owing to the extensive use of analytics tools by the pharmaceutical industry.
In 2021, North America held the largest revenue share in the life science analytics market in 2021, and it is predicted to continue to do so throughout the forecast period. This is due to rising online learning, significant advances in healthcare IT infrastructure, the advent of start-ups, the existence of major market players, increasing geriatric population, the rising prevalence of noncommunicable diseases, escalating demand for value-based care, and readiness to adopt analytical solutions. Asia Pacific market is projected to exhibit the fastest CAGR over the forecast period owing to the developing healthcare infrastructure, growing disposable income, and rising healthcare awareness in this region.
Some of the key players operating in the life science analytics market are Oracle Corporation (US), Accenture (Ireland), SAS Institute Inc. (US), IBM Corporation (US), IQVIA (US), Wipro (India), Cognizant (US), SCIO Health Analytics (US), Allscripts Healthcare Solutions (US), Cerner Corporation (US), Microsoft (US), Infosys Limited (US), MaxisIT (US), Optum (US), and Cotiviti (US).
Key Topics Covered:
1. Research Methodology
2. Introduction: Life Science Analytics
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraint
4.3. Market Opportunities
4.4. Market Trends
4.5. Market Challenges
5. Market Environment Analysis
5.1.Porter's 5 Forces Analysis
5.3.Value Chain Analysis
6. COVID-19 Impact Analysis: Life Science Analytics Market
6.2.COVID-19 Impact on the Global Market
6.3.COVID-19 Impact on the Regional Markets
7. Market Analysis by Component
7.1.1.Software Market Forecast, 2021-2029 (USD Million)
7.2.1.Services Market Forecast, 2021-2029 (USD Million)
8. Market Analysis by Type
8.1.1.Descriptive Market Forecast, 2021-2029 (USD Million)
8.2.1.Reporting Market Forecast, 2021-2029 (USD Million)
8.3.1.Prescriptive Market Forecast, 2021-2029 (USD Million)
8.4.1.Predictive Market Forecast, 2021-2029 (USD Million)
9. Market Analysis by Application
9.1.Sales & Marketing Support
9.1.1.Sales & Marketing Support Market Forecast, 2021-2029 (USD Million)
9.2.Research & Development
9.2.1.Research & Development Market Forecast, 2021-2029 (USD Million)
9.3.Supply Chain Analytics
9.3.1.Supply Chain Analytics Market Forecast, 2021-2029 (USD Million)
9.4.1.Pharmacovigilance Market Forecast, 2021-2029 (USD Million)
9.5.1.Regulatory Compliance Market Forecast, 2021-2029 (USD Million)
10. Market Analysis by Delivery
10.1.1.On-premises Market Forecast, 2021-2029 (USD Million)
10.2.1.On-demand Market Forecast, 2021-2029 (USD Million)
11. Market Analysis by End-user
11.1.1.Biotechnology Market Forecast, 2021-2029 (USD Million)
11.2.1.Medical Device Market Forecast, 2021-2029 (USD Million)
11.3.1.Pharmaceutical Market Forecast, 2021-2029 (USD Million)
11.4.1.Others Market Forecast, 2021-2029 (USD Million)
12. Regional Market Analysis
12.1.Regional Market Trends
12.2.Regional Market: Comparative Analysis
13. North America Life Science Analytics Market
14. Europe Life Science Analytics Market
15. Asia Pacific Life Science Analytics Market
16. Latin America Life Science Analytics Market
17. MEA Life Science Analytics Market
18. Competitor Analysis
18.1.Market Share Analysis, 2021 & 2029
18.3.Key Players Market Place Analysis
18.4.Major Recent Developments
19. Company Profiles
19.1.Oracle Corporation (US)
19.3.SAS Institute Inc. (US)
19.4.IBM Corporation (US)
19.8.SCIO Health Analytics (US)
19.9.Allscripts Healthcare Solutions (US)
19.10.Cerner Corporation (US)
19.11. Microsoft (US)
19.12.Infosys Limited (US)
19.15. Cotiviti (US)
19.16.Others Prominent Players
20. Conclusion & Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/9qo7t8
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