Some of the factors propelling the market growth are raising demand for analytics in sales and marketing applications, increasing need of these solutions especially in clinical trials and improvements in technological advancements. However lack of skilled professionals, huge implementation costs, and financial limitations are some of the factors inhibiting the market growth.
According to Stratistics MRC, the Global Life Science Analytics market is expected to grow from $9.45 billion in 2016 to reach $25.60 billion by 2023 with a CAGR of 15.3%.
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Based on type, descriptive analytics segment leads the market with the highest market share and the growth of this segment is contributed to the adoption of this analytics by stakeholders in understanding the previous trends. By delivery model, on-demand segment is anticipated to be a largest segment as it has several advantages such as increasing demand for self-driven analytics and maximum capacity flexibility.
North America leads the market globally followed by Asia Pacific and the growth is owed to the rising demand for innovative therapies and growing population in this region.
Some of the key players in Global Life Science Analytics market include Accenture, Cognizant, IBM Corporation, Maxisit, Oracle Corporation, Quintiles, Inc, SAS Institute Inc, Scio Health Analytics, Take Solutions and Wipro Limited.
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Supply Chain Analytics
Sales and Marketing Support
Research and Development
End Users Covered:
Pharmaceutical and Biotechnology Companies
Medical Device Companies
Delivery Models Covered:
Rest of Europe
Rest of Asia Pacific
Rest of the World
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