Life Science Analytics Market - Snapshot

In recent years, there has been an increase in the volume and variety of medical information generated regarding patients’ profiles, compliance and regulatory requirements, and scientific research. Increase in the use of mobile devices and sensors in pharmaceutical and life science organizations has increased data volume, velocity, and variety, driving the need for a new data management and data analytics approach. Traditional collection and processing of such data leads to increased cost and does not improve outcomes. Data analytics plays a crucial role in segregating and managing data in an efficient manner. Companies such as Oracle Corporation, IBM Corporation, and Google Inc. are emphasizing on developing new data analytics tools for various operations in the life science industry. Furthermore, pharmaceutical and biomedical companies have begun to realize real benefits from this evolving data ecosystem, using cloud-based storage and distributed computing power platforms. With the implementation of data analytics tools, drug manufacturers and other stakeholders in the life science industry are developing insightful diagnoses and treatments, delivering higher quality care at lower costs, and achieving better overall outcomes. Furthermore, data analytics tools have made integration of genomic and clinical data easier, which can help manufacturers develop advance personalized medicines. Rapidly changing and increasingly complex regulatory requirements become a critical risk to the life science sector. Analytics is helping companies in accurate regulatory reporting. The increasing volume of data generated in the life science industry and need to generate value from this data are driving the life science analytics market.

life science analytics market

The global life science analytics market has been segmented based on type, component, application, end-user, and region. In terms of component, the market has been classified into software and services. The software segment has been bifurcated into on-premise and on-demand. The on-demand segment is expected to offer significant growth opportunities to the life science analytics market. The services segment has been bifurcated into professional and managed services. Based on application, the market has been categorized into clinical and preclinical trials, regulatory compliance, research and development, sales and marketing, and supply chain management. The research and development and regulatory compliance segments are anticipated to continue to dominate the market over the forecast period. In terms of end-user, the market has been divided into biomedical companies, laboratory and pharmaceutical companies, and medical device companies. The laboratory and pharmaceutical companies segment is expected to offer significant growth opportunities to the market. Based on type, the market has been classified into descriptive analytics, prescriptive analytics, and predictive analytics.

In terms of region, the global life science analytics market has been segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is projected to dominate the market in the near future due to the availability of necessary infrastructure and rapid technological advancements in the pharmaceutical and biotechnology sectors. The market in Asia Pacific is expected to expand rapidly due to rising investments in the life science industry, mainly in China, Japan, and India.

Key players in the life science analytics market are Accenture PLC, SAS Institute, Inc., IBM Corporation, MaxisIT, Inc., Oracle Corporation, Wipro Limited, Cognizant Technology Solutions Corporation, SAP SE, Take Solutions, Inc., IQVIA (Quintiles, Inc.), and SCIOInspire, Corp. (Scio Health Analytics).

Life Science Analytics Market: Overview

The life science analytics market report provides analysis of the life science analytics market for the period 2016 to 2026, wherein the years from 2018 to 2026 is the forecast period and 2017 is considered as the base year. The report covers all the major trends and technologies playing a major role in the growth of the life science analytics market over the forecast period. It highlights the drivers, restraints, and opportunities expected to influence the market growth during this period. The study provides a holistic perspective on the market’s growth in terms of revenue (in US$ Mn) across different geographical regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South America.

The market overview section of the report demonstrates market dynamics such as the drivers, restraints, and opportunities that influence the current nature and future status of this market, key trends, regulations and policies, global IT spending analysis, ecosystem analysis, Porter’s Five Force analysis, and PESTEL analysis of the market. A market attractiveness analysis has been provided for every segment in the report in order to provide a thorough understanding of the overall scenario in the life science analytics market. The report also provides an overview of various strategies adopted by key players in the market.

Global Life Science Analytics Market: Scope of the Report

The life science analytics market has been segmented based on type, component, application, end-user, and region. Based on component, the life science analytics market has been classified into software and services. The software segment has been further bifurcated into on-premise and on-demand based on deployment type. The services segment has been bifurcated into professional and managed services. In terms of application, the market has been categorized into clinical and preclinical trials, regulatory compliance, research and development, sales and marketing, and supply chain management. Based on end-user, the life science analytics market has been categorized into biomedical companies, laboratory and pharmaceutical companies, and medical device companies. The laboratory and pharmaceutical companies segment is expected to offer significant growth opportunities for the life science analytics market over the forecast period. In terms of type, the market has been segmented into descriptive analytics, prescriptive analytics, and predictive analytics. The report provides in-depth segment analysis of the global life science analytics market, thereby providing valuable insights at the macro as well as micro levels.

The report also provides the competitive landscape for the life science analytics market, listing all the major players according to their geographic presence, market attractiveness, and developments. The competitive landscape section of the report offers an overview of the market share of several key players for the year 2017. Life science analytics market data estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the market growth. Moreover, the key takeaways section provided at the end of the competitive landscape section would help companies to make the best moves in this market.  

This report provides all the essential information required to understand the key developments in the life science analytics market and growth trends of each segment and region. It also includes a basic overview and revenue and strategic analysis under the company profile section. Additionally, the report provides insights related to trends and their impact on the market. Furthermore, Porter’s Five Forces analysis explains the five forces, namely buyers bargaining power, suppliers bargaining power, threat of new entrants, threat of substitutes, and degree of competition in the market. This report also provides a comprehensive ecosystem analysis of the life science analytics market.

Global Life Science Analytics Market: Research Methodology

The research methodology is a perfect combination of primary research, secondary research, and expert panel reviews. Secondary research sources such as annual reports, company websites, broker reports, financial reports, SEC filings, investor presentations, national government documents, internal and external proprietary databases, statistical databases, relevant patent and regulatory databases, market reports, government publications, statistical databases, World Bank database and industry white papers are referred to.

Primary research involves telephonic interviews, e-mail interactions, and face-to-face interviews for detailed and unbiased reviews on the life science analytics market, across geographies. Primary interviews are usually conducted on an ongoing basis with industry experts and participants in order to get the latest market insights and validate the existing data and analysis. Primary interviews offer first-hand information on important factors such as market trends, market size, competitive landscape, growth trends, outlook etc. These factors help to validate and strengthen secondary research findings and also help to develop the analysis team’s expertise and market understanding. Moreover, the data collected and analyzed from secondary and primary research is again discussed and examined by our expert panel.

Global Life Science Analytics Market: Competitive Dynamics

Accenture PLC, SAS Institute, Inc., IBM Corporation, MaxisIT, Inc., Oracle Corporation, Wipro Limited, Cognizant Technology Solutions Corporation, SAP SE, Take Solutions, Inc., IQVIA (Quintiles, Inc.), and SCIOInspire, Corp. (Scio Health Analytics) are some of the key players that have been profiled in this study. Details such as financials, business strategies, and other such strategic information pertaining to these players has been provided as part of company profiling.

The global life science analytics market is segmented as below:

Type

  • Descriptive
  • Predictive
  • Prescriptive

Component

  • Software
    • On-premise
    • On-demand
  • Services
    • Professional
    • Managed

Application

  • Clinical and Preclinical Trials
  • Research and Development
  • Regulatory Compliance
  • Sales and Marketing
  • Supply Chain Management

End-user

  • Medical Device Companies
  • Biomedical Companies
  • Laboratory and Pharmaceutical Companies

Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South America

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Life Science Analytics Market

Buy Now