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2020
Life Science Analytics Software Market

Life Science Analytics Software Market by Product (Descriptive Analytics, Prescriptive Analytics, and Predictive Analytics), Application (Research & Development, Sales & Marketing Support, Regulatory Compliance, Supply Chain Analytics, and Pharmacovigilance), Delivery Model (On-Premise and Cloud), and End User (Pharmaceutical & Biotechnology Companies, Medical Device Companies, Research Centers and Third-Party Administrators): Global Opportunity Analysis and Industry Forecast, 2020-2027
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A06209
Pages: 289
Apr 2020 | 4851 Views
Author(s) : Surabhi Pandey
Tables: 151
Charts: 53
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Life Science Analytics Software Market Overview:

The global life science analytics software market size was $5.35 billion in 2019, and is expected to reach $16.04 billion by 2027 at a CAGR of 12.3% from 2020 to 2027.Analytical software executes statistical and quantitative analysis. It creates and exports predictive and exploratory models for decision making. Thus, the life science industry is adapting data analytics to make best possible decisions. This analytics software can be used in research and development, clinical trials, preclinical trials, sales and marketing support, pharmacovigilance and other purposes by different biotechnology firms, pharmaceutical companies, medical device enterprises, and other end users. This analytics tool overcomes challenges in operational efficiency and data integration, which helps life science companies to improve lives of their customers and maintain leadership in the market.

Life-Science-Analytics-Software-Market-2020-2027

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Further, such analytics capabilities improve the performance of pharmaceutical manufacturing so that they can deliver safe, effective drugs and other therapies to patients with greater efficiency and confidence. The key applications of analytics software in the life science industry include research & development, clinical trials, sales and marketing support, and regulatory compliance. The software helps to over come challenges in data integration and enhance operational efficiency. Moreover, the integration of artificial intelligence (AI) and machine learning approaches within the life science industry is making drug discovery and development more innovative, time-effective, and cost-effective. Thus, these factors boostthe demand for life science analytics software market.

Growth of the global life science analytics software market is majorly driven by surge in prevalence of chronic diseases, pressure to reduce healthcare expenditure, and increased demand for improved patient outcomes. In addition, rise in adoption of analytics for sales and marketing applications and clinical trials further boosts the market growth. However, lack of skilled professionals and high implementation costshamper the market growth. On the contrary, emergence of big data analytics to increase R & D productivityare expected to provide significant profitable opportunities for manufacturers in the life science analytics software industry.

The life science analytics software market is segmented on the basis of product, application, delivery model, end user, and region. By product, it is divided into descriptive analytics, prescriptive analytics, and predictive analytics. On the basis of application, it is classified into research & development, sales & marketing support, regulatory compliance, supply chain analytics, and pharmacovigilance. The research & development is further segmented into clinical trials and preclinical trials. On the basis of delivery model, it is bifurcated into on-premise and cloud. By end user, it is segmented into pharmaceutical & biotechnology companies, medical device companies, research centers, and third-party administrators (TPAS). Region wise, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA. 

Product segment review

By product, the descriptive analytics segment accounted for the largest life science analytics software market share in 2019. This was attributed to the significant useof descriptive analytics by life science stakeholders to gain a better understanding of past trends and events occurring in real-time.

Life Science Analytics Software Market
By Product

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Descriptive Analytics holds the dominant position in 2019 and would continue to maintain the lead over the forecast period.

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Application segment review

On the basis of application, the sales & marketing segment is expected to grow at the highest CAGR during the forecast period. The is attributed to the rise in adoption of analytics by life science companies to align their sales & marketing campaigns. Surge in importance of post-marketing surveillance also propels the utilization of analytics for sales & marketing in the life science industry

Life Science Analytics Software Market
By Application

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Sales and Marketing Support segment is projected as one of the most lucrative segments.

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North America held the major share of the life science analytics software market in 2019, and is expected to continue this dominance during the forecast period, owing to strong economies in the U.S. and Canada; high adoption rate of advanced technologies due to large number of investments to boost the life science industry; and presence of major players and their products across the region. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, owing to the surge in prevalence of chronic diseases, growth of the life science industry, rise in adoption of advanced technologies, andgrowth in focus of major players on increasing their presence in emerging countries

Life Science Analytics Software Market
By Region

2027
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific region would exhibit the highest CAGR of 16.7% during 2020-2027.

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Some of the key players operating in the life science analytics software market include Accenture Plc, ArisGlobal LLC, Chemical Abstracts Services(ACS), Certara, L.P., Clarivate Analytics Plc, Cognizant Technology Solutions Corporation, Dassault Systemes, Deloitte ToucheTohmatsu Limited, IQVIA Holdings Inc., Microsoft Corporation, Oracle Corporation, TIBCO Software Inc., andVeeva Systems Inc. 

Key Benefits For Stakeholders

  • This report entails a detailed quantitative analysis along with the current global life science analytics software market trends from 2019 to 2027 to identify the prevailing opportunities along with the strategic assessment.

  • The life science analytics software market forecast is studied from 2020 to 2027.

  • The market size and estimations are based on a comprehensive analysis of key developments in thelife science analytics software industry.

  • A qualitative life science analytics software market analysis based on innovative products facilitates strategic business planning.

  • The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the life science analytics software market.

Key Market Segments & Key Market Players

Segments Sub-segments
BY PRODUCT
  • Descriptive analytics
  • Predictive Analytics
  • Prescriptive analytics

BY APPLICATION
  • Research and development
    • Clinical Trials
    • Preclinical Trials
  • Sales and marketing support
  • Regulatory compliance
  • Supply chain analytics
  • Pharmacovigilance

BY DELIVERY MODEL
  • On-premise
  • Cloud

BY END USER
  • Pharmaceutical and biotechnology companies
  • Medical device companies
  • Research centers
  • Third-party administrators

BY REGION
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-pacific
    • Japan
    • China
    • .Australia
    • India
    • Rest of Asia-Pacific
  • LAMEA
    • Brazil
    • Saudi Arabia
    • .South Africa
    • Rest of LAMEA

Key Market Players
  • ACCENTURE PLC
  • ARISGLOBAL LLC
  • CHEMICAL ABSTRACTS SERVICES (ACS)
  • CERTARA, L.P.
  • CLARIVATE ANALYTICS PLC
  • COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
  • DASSAULT SYSTEMES
  • DELOITTE
  • IQVIA HOLDINGS INC
  • MICROSOFT CORPORATION
  • ORACLE CORPORATION
  • TIBCO SOFTWARE INC
  • VEEVA SYSTEMS INC
 

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In the field of life science analytics software is still young and has gained significant attention over past few years. The life science analytics software market has piqued the interest of pharmaceutical, biotechnology and medical device companies as well as research centers, owing to several benefits offered by this software to reduce healthcare expenditure, improve patient outcomes and manage sales & marketing and supply chain. There have been remarkable technological advancements in the development of novel drugs and life science analytics software applications provide advanced data management options and improves R & D productivity. As the market is growing at a constant rate in developed nations, Asia-Pacific and LAMEA regions are expected to offer high growth opportunities to the key players in this market.

Moreover, big data in the life science industry is projected to increase the adoption rate of life science analytics software globally. Presently, growth in adoption of these software is witnessed in developing economies for development of novel drugs and to increase R & D efficiency, clinical trials and preclinical trials.

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FREQUENTLY ASKED QUESTIONS?

A. The market value of global Life Science Analytics market was $5,360 million in 2019.

A. The forecast period is from 2020 to 2027.

A. The market value of global Life Science Analytics market in 2020 is $6,188 million.

A. the adoption of big data in Life Science industry and growing Adoption of Analytics Solutions in Clinical Trials is expected to increase due to rise in incidence of chronic diseases. This would help researchers to take better decision.

A. The base year is 2019 in Life Science Analytics market

A. Increasing focus on value-based medicine and use of analytics in precision and personalized medicine

A. The North America market held a major share in the Life Science Analytics market in 2018 and is expected to continue the trend in the forecasting period, owing to strong economies in the U.S. and Canada; high adoption rate of advanced technologies, attributed to a large number of investments to boost the life science industry; and presence of major players and their products across the region.

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