(PharmaNewsWire.Com, June 09, 2020 ) 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%
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.
The life science analytics market is a highly diversified and competitive market, with a large number of players, including mid-tier companies and startup firms, competing for market shares. SAS Institute, Inc. (US), IBM Corporation (US), Oracle Corporation (US), Quintiles, Inc. (US), Accenture (Ireland), Cognizant (US), Wipro Limited (India), MaxisIT, Inc. (US), TAKE Solutions (India), and SCIO Health Analytics (US) are some of the key players in this market.
IBM Corporation (US): IBM Corporation is one of the leading players in the life science analytics market. The company’s strong position in the market can be attributed to its brand recognition and extensive product offerings. The company focuses on inorganic as well as organic growth strategies such as acquisitions, collaborations, expansions, and product launches in order to expand its existing product portfolio and strengthen its market position.
Recent Developments -
> In May 2019, SAS Institute (US) opened its SAS Cloud offering in an Amazon Web Services’ Data Center in Singapore. > In July 2017, Accenture (Ireland) acquired LabAnswer (US). This acquisition strengthened Accenture’s product portfolio in digital technologies. > In March 2017, Cognizant (US) acquired Brilliant Service Co. Ltd. (Japan) to expand its capabilities in digital strategy, product design and engineering, the Internet of Things (IoT), and enterprise mobility
“The on-demand model segment is expected to grow at the highest CAGR during the forecast period.”
“The descriptive analytics segment accounted for the largest market share 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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