DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Life Science Analytics Market by Type (Descriptive, Prescriptive), Application (Marketing, R&D, Compliance, SCM), Component (Software, Service), Delivery, End user (Pharmaceutical, Biotechnology, Medical Device, CRO) - Forecasts to 2021" report to their offering.
The life science analytics market is expected to reach USD 24.73 Billion by 2021 from USD 13.26 Billion in 2016, at a CAGR of 13.3% from 2016 to 2021.
The market is mainly driven by factors such as technological advancements, availability of big data in the life science industry, growing adoption of analytics solutions for clinical trials, increasing adoption of analytics solutions for sales and marketing applications, growing need for improved data standardization, rising prevalence of chronic diseases, increasing pressure to curb healthcare spending, and growing need for improved patient outcomes.
The market is dominated by North America, followed by Europe, Asia, and the Rest of the World. North America is expected to dominate the market in 2016. Asia is expected to grow at a highest CAGR during the forecast period. Factors such as large population base, growing prevalence of chronic diseases, increasing need for innovative therapies, and low manufacturing costs in the region are expected to drive market growth in the region. Moreover, growing focus on the adoption of digital technology in life science manufacturing and R&D activities is expected to boost the market in Asia.
- Technological Advancements
- Availability of Big Data in the Life Science Industry
- Growing Adoption of Analytics Solutions in Clinical Trials
- Increasing Adoption of Analytics for Sales And Marketing Applications
- Need for Improved Data Standardization
- Increasing Prevalence of Chronic Diseases
- Growing Pressure to Curb Healthcare Spending And the Need for Improved Patient Outcomes
- Dearth of Skilled Personnel
- High Implementation Costs
- Increasing Focus On Value-Based Medicine
- Use of Analytics in Precision And Personalized Medicine
- Cloud-Based Analytics
- Use of Big Data Analytics to Increase R&D Productivity
- Emergence of Social Media And Its Impact On the Life Science Industry
- Data Privacy Issues
- Data Integration in the Life Science Ecosystem
- IBM Corporation
- Oracle Corporation
- Quintiles, Inc.
- SAS Institute Inc.
- SCIO Health Analytics
- TAKE Solutions
- Wipro Limited
For more information about this report visit http://www.researchandmarkets.com/research/t86q8c/life_science