DUBLIN--(BUSINESS WIRE)--The "Global Life Science Analytics Market - Segmented by Product Type, Application, End User and Geography - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The Global Life Science Analytics Market is expected to register a CAGR of nearly 12.5% during the forecast period, 2018-2023. The key applications of analytics in pharmaceutical and life sciences include regulatory compliance reporting, marketing and product or service enablement.
Increasing Adoption of Analytics Solutions in Pharmaceuticals & Clinical Trials
There is a rise in use of analytics in clinical trials as the clinical trials conduction has become a complex process where it involves many activities and generates high volumes of data from different systems.
With changing regulatory protocol requirements for clinical trial conduction and challenge in data collection, analyzing and report preparation for quick submission to health authority, hence the use of analytics in clinical trials is rising.
Other factors that drive this market include advancements in technology, and growing pressure to reduce healthcare spending.
High Implementation Costs
Life science companies that include Pharma, contract research organization (CRO) and others face increasing pressure to allocate budget in establishing infrastructure for analytics division. Many companies in the past never had a clear understanding about the role of analytics in Pharma or clinical trials. Those companies that recognized the importance of analytics have established their own in house analytics department or outsourced to third party their requirement.
Costs increase sometimes if a company they have bought a subscription-based analytical tool for their business and after a period of time realize that the selected analytical tool doesn't meet their business needs. All the costs associated with installation and implementation processes are lost investment for the company.
Major companies like Pfizer with deep pockets to invest already have their own Real World Data and Analytics centers and applying those analytics-generated insights to deliver personalized care services. Mid-size and small companies pose high cost for partnering with established analytics companies to explore their strategy for business development opportunities. Hence, high implementation costs are restraining the growth of life science analytics market.
Another factor impeding this market is the lack of skilled personnel.
US Dominates the North American Region for Life Science Analytics
The US accounts for the largest share in the North America region for the market studied. This can be primarily attributed to presence of more number of pharmaceutical companies and even more number of clinical trials are occurring in this region, which are expected to augment the growth of the market studied over the forecast period.
Market Developments
- Sanofi Chooses Accenture Interactive to Create UWell's Healthcare Platform to Better Serve Consumers.
Market Dynamics
Drivers
- Advancements in Technology
- Increasing Adoption of Analytics Solutions in Pharmaceuticals and Clinical Trials
- Growing Pressure to Reduce Healthcare Spending and the Need for Improved Patient Outcomes
Restraints
- Lack of Skilled Personnel
- High Implementation Costs
Key Topics Covered
1. Introduction
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Life Science Analytics Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
6. Life Science Analytics Market Drivers, Restraints, Opportunities and Challenges Analysis (DROC)
6.1 Life Science Analytics Market Drivers
6.2 Life Science Analytics Market Restraints
6.3 Opportunities
6.4 Challenges
7. Life Science Analytics Market Segmentation
7.1 By Product Type
7.2 By Application
7.3 By End User
7.4 By Geography
8. Competitive Landscape
8.1 Mergers & Acquisition Analysis
8.2 Agreements, Collaborations, and Partnerships
8.3 New Products Launches
9. Key Players
9.1 Oracle Corporation
9.2 Quintiles, Inc.
9.3 SAS Institute Inc.
9.4 IBM Corporation
9.5 Maxisit
9.6 Scio Health Analytics
9.7 Take Solutions
9.8 Wipro Limited
9.9 Accenture
9.10 Cognizant
*List not Exhaustive
10. Future of the Market
For more information about this report visit https://www.researchandmarkets.com/research/xx2ptp/global_life?w=4
