According to research report the life science analytics market is projected to reach USD 33.2 billion by 2024 from USD 19.3 billion in 2019, at a CAGR of 11.5% during the forecast period. Growth in this market is mainly driven by technological advancements, big data in the life science industry, growing adoption of analytics solutions in clinical trials, increasing adoption of analytics for sales and marketing applications, need for improved data standardization, increasing prevalence of chronic diseases, growing pressure to curb healthcare spending, and the need for improved patient outcomes. On the other hand, high implementation costs are expected to restrain the growth of this market to a certain extent
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The life science analytics market has been segmented on the basis of type, component, delivery model, application, end user, and region. Based on type, the life science analytics market is segmented into descriptive, predictive, and prescriptive analytics. The descriptive analytics segment accounted for the largest share of the life science analytics market in 2018. Descriptive analytics forms the base for the effective application of predictive or prescriptive analytics. Thus, descriptive analytics is expected to continue to dominate the life science analytics market.
On the basis of component, the life science analytics market is segmented into software and services. The services segment accounted for the largest market share in 2018 and is expected to register the highest growth during the forecast period. The large share and high growth in this segment can be attributed to the recurring need for services such as software upgrades and maintenance.
On the basis of delivery model, the life science analytics market is segmented into the on-premise model and on-demand model. The on-demand model segment is expected to grow at the highest CAGR during the forecast period. A growing number of life science organizations are opting for on-demand models for analytics due to their various advantages—easy accessibility, flexibility, scalability, and cost-effectiveness. This is a key factor driving the growth of this segment.
Based on application, the life science analytics market is segmented into research & development, sales & marketing, regulatory compliance, supply chain optimization, and pharmacovigilance. The research & development segment accounted for the largest share of the life science analytics market in 2018. However, the sales & marketing segment is expected to register the highest growth during the forecast period. Growth in this segment can be attributed to the increasing adoption of analytics by life science companies to align their sales & marketing campaigns. The growing importance of post-marketing surveillance is also boosting the utilization of analytics for sales & marketing.
Based on end user, the life science analytics market is segmented into pharmaceutical & biotechnology companies, medical devices companies, research centers, and third-party administrators (TPAs). The pharmaceutical & biotechnology companies segment accounted for the largest share of the life science analytics market in 2018. The large share of this segment is attributed to the growing pharmaceutical industry across the globe; increasing use of analytics for research and development processes, pharma sales, and marketing; and the increasing importance of analytics in pharmacovigilance.
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Geographically, the life science analytics market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2018, North America accounted for the largest market share, followed by Europe. The rising pressure to reduce healthcare costs, stringent regulations for the pharma-biotech and medical device industries, and the greater product and service availability in this region (as compared to other regions) are the major factors responsible for the large share of North America in the global market.
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