Life Science Analytics Market Analysis, Global Industry Size, Value Projected to Expand by 2018 to 2026
Life science analytics helps healthcare organizations to overcome challenges such as to be more cost efficient, patient centric and improve the services or products. Life science analytics also helps to derive decisions on the product positioning and planning. The market for life science analytics is expected to grow due to increasing demand for standardization of data, availability of big data in life science industry, and greater application of analytical solutions in healthcare industry.
Thenbsp;market for life science analyticsnbsp;is expected to grow significantly during the forecast period. Government initiatives to develop and deploy healthcare IT globally is the principal drivers for the market growth. For instance, at the 58th World Health Assembly, the World Health Organization (WHO) urged member states to follow a few strategic actions to promote healthcare IT. One of them was to develop a long-term action plan for deployment of healthcare IT services in various areas of healthcare, and to develop the infrastructure for information and communication technologies with universal access. Another one was to establish and implement national electronic public health information system, which would improve the capacity of surveillance and get rapid response to disease and public health emergencies. However, data privacy issues, financial restrictions, and lack of skilled professionals are a few factors which might obstruct the growth of market in the long run.
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Market Classification and Overview
The life science analytics market is segmented on the basis of type, mode of delivery, end-user and geography. Based on type, the market is segmented into descriptive, prescriptive, and predictive. Prescriptive analytics is anticipated to grow at the fastest CAGR. Such analytics help healthcare organizations to effectively respond to challenges and consequently, convert them into opportunities to drive competitive advantage.
Based on mode of delivery, the life science analytics market is categorized into on-premise and on-demand. On-demand mode of delivery is capturing the largest market share as the data is stored on safe, updated, backed-up daily enterprise-class servers in an extremely secure data centers. Hence, the user does not have to be worried about any technical issues. These factors together will boost the growth of market segment during the forecast period.
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Regionally, the market for life science analytics is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa (MEA). North America is dominating the global market. Increasing incidence of diseases, greater demand for effective and affordable treatment options, and increasing demand to reduce the healthcare cost are few high impact-rendering drivers for the market in North America. However, Asia-Pacific is expected to grow at the fastest CAGR owing to low manufacturing cost, supportive government initiatives to improve medical infrastructure and economic developments in this region.
Analysis Period:nbsp;2015 ndash; 2026
Historic Data:nbsp;2015 ndash; 2016
Forecast Data:nbsp;2018 ndash; 2026
Market Stratification:nbsp;Type, Mode of Delivery, End-user, Geography
Regional Scope:nbsp;North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)
Report Coverage:nbsp;Market Trends, Drivers, Restraints, Porter's Five Forces Analysis, Competitive Analysis, Player Profiling, Value Chain Analysis
SAS Institute Inc., TAKE Solutions, SCIO Health Analytics, Quintiles, Inc., Accenture, Cognizant, Wipro Limited, Oracle Corporation, IBM Corporation, andnbsp;MaxisIT, Inc. are the key players in the life science analytics market. These players have undertaken mergers and acquisitions as one of their key strategies in order to maximize their share in the global market.
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Market By Type
Market By Mode of Delivery
Market By End-user
bull;nbsp; Pharmaceutical Companies
bull;nbsp; Biotechnology Companies
bull;nbsp; Medical Devices Companies
bull;nbsp; Research Centers
Market By Geography
bull;nbsp; North America
- Rest of Europe
- Rest of Asia-Pacific
bull;nbsp; Latin America
- Rest of Latin America
bull;nbsp; Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of MEA
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