Life Science Analytics Market -Overview

The massive implications of analytics in the life sciences sector have been made plain by the pandemic, thus promoting the life science analytics market. Reports created by MRFR detail the developments in the industry that can be expected in the market through the forecast period. The global market has the potential to achieve an 11.91% CAGR in the forecast period.

The frequency of chronic disease occurrence has become considerably shortened and reliance on analytics to help in managing the diseases is estimated to expand the life science analytics market companies in the future. The adoption of big data is predicted to further create prospects for the life science analytics market share.

Life Science Analytics Market Segmental Analysis

The segmental assessment of the life science analytics market is carried out on the basis of applications, components, deployment model, analytics, end-user, and region. The end-user segment of the life science analytics market comprises of pharmaceutical, biotechnology & medical device companies, hospitals & clinics, and others. The analytics segment of the life science analytics market comprises of segments such as descriptive analytics, predictive analytics, and prescriptive analytics. The application segment of the life science analytics market comprises of pharmacovigilance, research & development, sales & marketing, supply chain optimization, and regulatory compliance. The component segment of the life science analytics market comprises of software, hardware, and services. The deployment model segment of the life science analytics market comprises of cloud-based and on-premise.

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Detailed Regional Analysis

The regional scrutiny of the life science analytics market includes Asia Pacific, Europe, North America, and the MEA. The largest regional market is the Americas regional market, owing to growing healthcare expenditure and implementation of healthcare IT solutions is anticipated to drive the life science analytics market development. In 2017, the healthcare sector in the US had flourished by approximately 3.9% as associated with the preceding years. Thus, the requirement for life science analytics software has been growing in the region to beget healthcare expenditures. The life science analytics market in the European region held the second principal position in 2018 due to the technological advancements, expanding commonness of chronic illnesses, and better accessibility of healthcare services in the region. The Asia Pacific life science analytics market is the fastest flourishing regional market. The advance of the life science analytics market in this region is due to the presence of many healthcare IT companies in the APAC region. The MEA market is anticipated to show significant development due to the collective government backing to extend the healthcare IT industry and speedy technological improvements.

Life Science Analytics Market Competitive Analysis

The advancement of the market is spurred by the initiatives of the leaders in the global market, who are dedicating resources to the development of the overall market. The scale of innovation being observed in the market is another reason that is adding to the advancement of the global market in the future. The detrimental impact on the environment by the business practices is estimated to be a key component in the future growth strategies of the market. The funding scenario in the market is estimated to be optimistic and conducive to the development of the stakeholders in the market. The government policies in several regions are very conducive to the development of the market in the upcoming period. The advancement of production technology and processes is estimated to augment the global market. The establishment of clear long-term objectives by market titans is estimated to set the tone for the continuing expansion of the market. The identification of areas for sustainable enhancement in the supply chain is estimated to further fortify the market.

The vital contenders in the life science analytics market are Cerner Corporation (US), SAS Institute Inc. (US), McKesson Corporation (US), CitiusTech Inc. (US), Oracle (US), Health Catalyst (US), SCIOInspire, Corp. (US), Inovalon (US), Allscripts Healthcare, LLC (US), Saama Technologies, Inc. (US), Optum, Inc. (US), IBM (US), and IQVIA (US).

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Life Science Analytics Industry Updates:

Mar 2021 Sogeti Ireland, a section of the Capgemini Group, has introduced a devoted life sciences practice in Ireland with its lately procured engineering R&D partner, Altran. Sogeti Ireland delivers consulting and IT services to customers and is now increasing into the pharma and medtech sectors. The latest hires will bring Sogeti’s life sciences crew in Ireland to 60 individuals and its worldwide headcount in the division to 47,000.

Mar 2021 Saama declared that they have joined forces with Oracle to incorporate Saama’s smart applications with the Oracle Health Sciences Clinical One platform. This teamwork allows pharmaceutical corporations with artificial intelligence (AI)-driven insights to accelerate clinical experiments — a serious need that has been fortified in light of this year’s worldwide contagion. Saama’s smart applications will be accessible as combined add-ons to the Oracle Clinical One platform, counting Data Management Workbench (DMW) and Clinical One Data Collection.

Dec 2020 Lore IO Inc., suppliers of an AI-powered common data simulation that allows quicker vendor data onboarding and unified data views, announced the instant accessibility of Lore IO Life Sciences Cloud Analytics Packages, a group of build-as-you-grow offerings that aid pharmaceutical administrations in shortening development sequences and speed drug readiness from clinical trials to product introduction.