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.
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According to the new market research report "Life Science Analytics Market by Type (Predictive, Descriptive, Prescriptive), Application (Marketing, Compliance, R&D, Pharmacovigilance, SCM), Component (Software, Service), Delivery (On Premise, Cloud), End User - Global Forecast to 2024", published by MarketsandMarkets™.
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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.
Based on delivery model, the Life Science Analytics Market is segmented into the on-demand model and on-premise model.
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The on-demand model segment is expected to grow at the highest CAGR during the forecast period, owing to advantages such as growing demand for self-driven analytics, lack of upfront capital investments for hardware, extreme capacity flexibility, and pay-as-you-go pricing of this model.
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Based on type, the Life Science Analytics Market is segmented into descriptive analytics, predictive analytics, and prescriptive analytics. The descriptive analytics segment accounted for the largest share of the Life Science Analytics Market in 2018.
The large share of this segment is attributed to the significant usage of descriptive analytics by stakeholders to gain a better understanding of the past trends and events occurring in real-time.
In 2018, North America accounted for the largest market share, followed by Europe. The large share of this market can primarily be attributed to the strong economies in the US and Canada, which have allowed for significant investments in technology in this region.
Growth in the North American market is supported by the growing adoption of IT in the life science industry, 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.
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The prominent players in the Life Science Analytics Market are IBM Corporation (US), Oracle Corporation (US), SAS Institute, Inc. (US), Quintiles, Inc. (US), Accenture (Ireland), Cognizant (US), Wipro Limited (India), MaxisIT, Inc.
(US), TAKE Solutions (India), and SCIO Health Analytics (US).
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