2017 Report on Life Sciences Market Research Industry

Study Shows Tension Between Embrace of Tech Transformation and Institutional Barriers to Faster Market Research

BOSTON--()--According to a new study of life science market researchers by InCrowd, a pioneer of real-time market intelligence to the life science and healthcare industries, many are embracing nimble technologies as they grapple with barriers to receiving quick, high-quality data.

The 2017 Life Science Market Research—State of the Market Report asked 84 market research executives about emerging research approaches, investments, desired innovations, and challenges. A key takeaway is that there is a strong inclination for new ways of conducting tracking studies, while optimizing limited resources.

“The study results show an understanding of the important role technology plays in keeping up with competitive markets,” said Janet Kosloff, CEO and Co-Founder of InCrowd, “There really is a way to use technology to remove barriers on multiple levels and efficiently track your KPIs to stay ahead of market changes.”

The report shows:

  • Researchers want automated, qualitative research and text analytics: 40% say they wish they could invest in them, and 12% saying they are currently investing.
  • Automated tracking studies are also of interest: 31% say they wish they could invest in them; 15% say they already are.
  • Traditional tracking studies saw a drop between those already investing (44%) to those wishing they could (17%). 68% said they do not regularly conduct ATUs (awareness, trial, and usage), or other tracking studies.
  • 60% are already using online communities, and 63% are investing in big data analytics.

Top barriers to success:

  1. Lack of resources (57%)
  2. Corporate culture (46%)
  3. Inability to understand market (14%)
  4. Government regulations (9%)

For a copy of the report, or more information, please contact us.

About InCrowd
InCrowd provides a mobile microsurvey methodology and analytics engine that enables clients to reach targeted specialists and stakeholders easily among our extensive and diverse “Crowd” of healthcare professionals. These experts are available on-demand throughout the United States and around the globe, through the InCrowd platform, which is offered in 20 different languages. Nineteen of the top 20 pharmaceutical firms have relied upon InCrowd’s robust quality processes and verified experts to make fast, validated business decisions. For more information, visit www.incrowdnow.com.

Contacts

InCrowd Media Contact
Aaron Gouveia, 617-646-3309
agouveia@schneiderpr.com

Release Summary

InCrowd's 2017 Report on Life Sciences Market Research Industry shows tension between embrace of tech transformation and institutional barriers to faster market research.

Contacts

InCrowd Media Contact
Aaron Gouveia, 617-646-3309
agouveia@schneiderpr.com