Global Life Science Analytics Market Report and Forecast 2021-2026

Global Life Science Analytics Market to be Driven by the Growing Digitisation in the Forecast Period of 2021-2026

The new report 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 products, end uses, applications, 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.

The key highlights of the report include:

• Market Overview (2016-2026)
• Historical Market Size (2020): USD 20 Billion
• Forecast CAGR (2021-2026): 13%
• Forecast Market Size (2026): USD 35 Billion

Pharmaceutical companies have been increasingly considering digitisation as a growth 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 R&D efficiency, manufacturing skills, sales and marketing effectiveness, and compliance management with the aid of digital technology like big data and analytics. Analytics technologies are being incorporated into manufacturing processes to automatically capture unit operations data, and several R&D 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 life science analytics market over the forecast period.

Industry Definition and Major Segments

Life science 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.

Based on product, the industry is divided as:

• Descriptive Analytics
• Predictive Analytics
• Prescriptive Analytics

By 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

Recently, some key industrial developments have shown the potential to become drivers of the growth of the market over the forecast period. For instance, Cognizant bought Brilliant Service Co. Ltd. in March 2017 to boost its digital strategy, product design and engineering, Internet of Things (IoT), and business connectivity capabilities. In another case, in February 2020, IQVIA unveiled the Avacare Clinical Research Network, a global site network that will help provide more opportunities and patient options for clinical trials. Such trends are expected to positively aid the market growth.

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.