Global Life Science Analytics Software market to recah US$ 5.35 Bn by 2027 at a CAGR of 12.3%
Noida, Uttar Pradesh, India, March 25 2021 (Wiredrelease) Report Ocean Pvt Ltd –:The rising adoption of big data and AI in the healthcare sector is estimated to drive the market during the forecast period. According to the Applied Clinical Trials in 2016 represented that 58.0% of the clinical trials industry professionals contemplate big data in clinical trials as important, while 32.0% considered it moderately important. Moreover, the growing impact of social media on the healthcare sector is propelling the growth of the life science analytics software market. Following these promising developments, the Global Life Science Analytics Software Market is estimated to see healthy growth, pegged at a CAGR of around 12.3% throughout the forecast period 2020-2027.
In June 2020, Infosys announced an all-new, personalized medicine solution for the pharmaceutical industry. The solution leverages SAP S/4HANA, the SAP Analytics Cloud solution, and SCI platform to develop intelligent insights, enabling pharmaceutical companies to deliver critical business and regulatory requirements while providing personalized experiences to patients.
In October 2020, Capgemini, helping life sciences companies adopt data science and AI and embed them into their R&D processes, was expertise. The Molecularly Informed Lung Cancer Treatment in a Community Cancer Network: A Pragmatic Consortium (MYLUNG) study will examine NSCLC patients over five years in one of the first broad collaborative research efforts on lung cancer.
In November 2020, SAS introduced a clinical analysis software that assists in improving the development and safety of new pharmaceuticals, including COVID-19 vaccines. Facing COVID-19, health and pharmaceutical organizations globally are inventing and digitally transforming clinical research analytics, from getting trials up and running, delivering new therapies and vaccines faster, and modernizing trial designs. Supporting clinical-trial modernization is the updated SAS Life Science Analytics Framework, which aids in transforming data into life-changing insights and deliver better, safer therapies to patients in a highly regulated landscape.
In February 2021, in a collaborative study among life sciences companies, oncology providers, and patient advocacy groups, researchers will assess up to 12,000 community-based, metastatic non-small cell lung cancer (NSCLC) patients to develop precision medicine treatments.
Segmentation Overview of the Global Life Science Analytics Software Market
The life science analytics software market is segmented on the product type, application, component, deployment model, and end user. These major market segments are further categorized into various sub-segments to study the market in detail.
By Product Type Outlook (Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics)
By Application Outlook (Research and Development, Clinical Trials, Preclinical Trials, Sales and Marketing Support, Regulatory Compliance, Supply Chain Analytics, and Pharmacovigilance)
By Component Outlook (Software and Services)
By Delivery Model (On-Premises and On-Demand)
By End User Outlook: Pharmaceutical and Biotechnology Companies, Medical Device Companies, Research Centers, and Third-Party Administrators (TPAs)
Key Players Insights
SAS Institute Inc., Quintiles, Inc., Accenture, Cognizant, Wipro Limited, IBM Corporation, Oracle Corporation, MaxisIT, Inc., TAKE Solutions, and SCIO Health Analytics, among others, are some significant players included in the research study of the global life science analytics software market.
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