The global life science analytics software market size in 2019 was $5.35 billion in 2019, and is expected to reach $16.04 billion by 2027 at a CAGR of 12.3% from 2020 to 2027. The market is derived completely on the basis of the revenue generated through software license, subscription and maintenance. These are used in research & development, clinical trials, preclinical trials, sales & marketing support, regulatory compliance, supply chain analytics and pharmacovigilance. The major factors driving the growth of the life science analytics software is rise in in prevalence of chronic disease; and pressure to reduce healthcare expenditure and increased demand for improved patient outcomes.
The life sciences industry is moving from treatment to preventive scenarios and management of patient’s health outcomes. In addition, early detection of disease patterns and strategic target is the key for effective business strategies. Thus, life science companies are demanding for analytics software that is used to transform data into useful insights. In addition, benefits of analytics software in life sciences such as early detection of prescription and treatment patterns, strategizing patient outcomes and achieving better operational quality that drives the intellectual journey of patient centricity further boosts the growth of the global life science analytics software market.
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In addition, increase in adoption of analytics solutions in clinical trials and sales & marketing applications further boosts the market growth. However, lack of skilled professionals in developing countries and data privacy issues hamper the market growth. On the contrary, emergence of big data analytics to increase R&D productivity is anticipated to provide significant profitable opportunities for manufacturers in the life science analytics software industry.
The life science analytics software market is segmented on the basis of product, application, delivery model, end user and region. By product, it is divided into descriptive analytics, prescriptive analytics and predictive analytics. On the basis of application, it is classified into research & development, sales & marketing support, regulatory compliance, supply chain analytics and pharmacovigilance. The research & development is further segmented into clinical trials and preclinical trials. On the basis of delivery model, it is bifurcated into on-premise and cloud. By end user, it is segmented into pharmaceutical & biotechnology companies, medical device companies, research centers and third-party administrators (TPAS). Region wise, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
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KEY BENEFITS FOR STAKEHOLDERS
? This report entails a detailed quantitative analysis along with the current global life science analytics software market trends from 2019 to 2027 to identify the prevailing opportunities along with the strategic assessment
? The market forecast is studied from 2020 to 2027
? The market size and estimations are based on a comprehensive analysis of key developments in the industry
? A qualitative analysis based on innovative products facilitates strategic business planning.
? The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the market
KEY MARKET PLAYERS
– Accenture Plc,
– ArisGlobal LLC,
– Chemical Abstracts Services (ACS)
– Certara, L.P
– Clarivate Analytics Plc.
– Cognizant Technology Solutions Corporation
– Dassault Systemes
– Deloitte Touche Tohmatsu Limited.
– IQVIA Holdings Inc
– Microsoft Corporation
– Oracle Corporation
– TIBCO Software Inc.
– Veeva Systems Inc.
– IBM Corporation
– Quintiles Inc
– SAS Institute Inc.
– SCIO Health Analytics
– TAKE Solutions
KEY MARKET SEGMENTS
By Product
– Descriptive Analytics
– Predictive Analytics
– Prescriptive Analytics
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By Application
– Research and Development
o Clinical Trials
o Preclinical Trials
– Sales and Marketing Support
– Regulatory Compliance
– Supply Chain Analytics
– Pharmacovigilance
By Delivery
– On-Premise
– Clouds
By End User
– Pharmaceutical and Biotechnology Companies
– Medical Device Companies
– Research Centers
– Third Party Administrators (TPAS)
By Region
– North America
o U.S.
o Canada
o Mexico
– Europe
o Germany
o France
o UK
o Italy
o Spain
o Rest of Europe
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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