Global Life Science Analytics Market to be Driven by the Growing Use of Digitisation as a Strategy in the Forecast Period of 2021–2026
By: Sofia Williams
Tags: Market Analysis, Market Research Reports, Market, Market Report, Life Science Analytics

Global Life Science Analytics Market to be Driven by the Growing Use of Digitisation as a Strategy in the Forecast Period of 2021–2026 Sofia Williams Dec 27, 2021·4 min read

The new report by Expert Market Research titled, ‘Global Life Science Analytics Market Report and Forecast 2021–2026’, gives an in-depth analysis of the global life science analytics market, assessing the market based on its segments like product, end-use, application, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2016–2026)

Historical Market Size (2020): USD 23 Billion

Forecast CAGR (2021–2026): 12.7%

Forecast Market Size (2026): USD 47 Billion

Pharmaceutical companies have been increasingly considering digitisation as a strategy in recent years which can help transform various components of their value chain and make them more efficient and profitable. Companies are increasing their manufacturing skills, sales and marketing effectiveness, and compliance management with the aid of digital technology like mobility and ubiquitous computing, big data, and analytics. Analytics technologies are being incorporated into manufacturing processes to automatically capture unit operations data, and several research and development labs are going paperless. This method has aided in the reduction of process times and errors, which is expected to be a major factor that will drive the growth of the market over the forecast period.

Industry Definition and Major Segments

Analytics has emerged as a useful tool for a number of pharmaceutical, biotechnological, and medical device companies, as these options help solve data integration problems and improve operational performance.

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Based on product, the industry is divided as:

Descriptive Analytics

Predictive Analytics

Prescriptive Analytics

Based on end-use, the industry can be segmented as:

Clinical Research Institution

Pharmaceuticals and Biotechnology Companies

Medical Device Companies

Others

Based on application, the industry can be divided into:

Research and Development

Supply Chain Analytics

Sales and Marketing

Others

Regionally, the market is classified into:

North America

Latin America

Europe

Middle East and Africa

Asia Pacific

Market Trends

One of the primary drivers driving the market’s favourable outlook is significant growth in the life science industry, which is accompanied by an increased demand for analytical insights for clinical trials. Other growth-inducing factors include technological advancements such as the creation of new telemedicine, mhealth, and e-prescribing systems. These analytics solutions are also commonly used to generate precision and tailored medicines, which rely on precise genomic data from patients with specific medical needs. Improvements in existing healthcare infrastructure, and intensive research and development (R&D) operations, are expected to propel the industry even further. The market is also growing due to the extensive usage of life science analytics solutions for data standardisation in the management of chronic diseases.

Key Market Players

The major players in the market are Accenture PLC, Cognizant Technology Solutions Corp, IBM Corporation, MaxisIT Inc., Oracle Corporation, IQVIA Holding Inc., SAS Institute Inc., SCIOInspire Corp., TAKE Solutions Limited, and Wipro Limited. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

About Us:

Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.

At Expert Market Research, we tailor our approach according to our clients’ needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.

Media Contact

Company Name: EMR Inc.

Contact Person: Sofia Williams, Corporate Sales Specialist — U.S.A.

Email: sales@expertmarketresearch.com

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.