The life sciences industry is undergoing a transformative shift. Under the new paradigm, patients are seeking greater transparency, physicians are losing prescribing autonomy, hospital consolidation is growing, and value-based medicine is paramount. This new reality demands a complete re-imagination of commercial strategies.
Given these changes, 2018 must be the year that analytics fulfills its longstanding promise: to truly change decisions and drive tangible value. The application of analytics has emerged as a helpful tool for several pharmaceutical, biotechnological, and medical device enterprises, as these options help overcome challenges in data integration and enhance operational efficiency.
Due to increasing prevalence of chronic disease, increased demand for improved data standardization, and technological advancements.
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The global life science analytics market is expected to witness significant growth during the forecast period due to increasing prevalence of chronic disease, increased demand for improved data standardization, and technological advancements.
In addition, increasing adoption of analytics for sales and marketing applications and in clinical trials has further boosted the market growth. However, lack of skilled professionals and budget constraints hamper the market growth.
The life science analytics market is segmented based on product, application, component, delivery model, end-user, and region. Based on product, the market is divided into descriptive analytics, predictive analytics, and prescriptive analytics.
Based on application, the market is segmented into research and development, clinical trials, preclinical trials, sales and marketing support, regulatory compliance, supply chain analytics and pharmacovigilance. Based on component, the market is divided into software and services.
Based on delivery model, the market is segmented into on-premise and on-demand. On the basis of end-user, the market is divided into pharmaceutical and biotechnology companies, medical device companies, research centers, and third-party administrators (TPAs).
The market is analyzed based on four geographical regions, which include North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in this market include SAS Institute Inc., IBM Corporation, Oracle Corporation, Quintiles, Inc., Accenture, Cognizant, Wipro Limited, MaxisIT, Inc., TAKE Solutions, and SCIO Health Analytics.
Life Science Analytics Market Key Segments By Product
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Research and Development
- Clinical Trials
- Preclinical Trials
- Sales and Marketing Support
- Regulatory Compliance
- Supply Chain Analytics
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