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TMCNet:  Life Science Analytics Market Worth $33.2 Billion by 2024 - Exclusive Report by MarketsandMarkets™

[July 05, 2019]

Life Science Analytics Market Worth $33.2 Billion by 2024 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 5, 2019 /PRNewswire/ -- According to the new market research report "Life Science Analytics Market by Type (Predictive, Descriptive, Prescriptive), Application (Marketing, Compliance, R&D, Pharmacovigilance, SCM), Component (Software, Service), Delivery (On Premise, Cloud), End User - Global Forecast to 2024", published by MarketsandMarkets™, the Life Science Analytics Market is projected to reach USD 33.2 billion by 2024 from USD 19.3 billion in 2019, at a CAGR of 11.5% during the forecast period.

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Growth in this market is mainly driven by technological advancements, 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. On the other hand, high implementation costs are expected to restrain the growth of this market to a certain extent. 

"The on-demand model segment is expected to grow at the highest CAGR during the forecast period."

Based on delivery model, the Life Science Analytics Market is segmented into the on-demand model and on-premise model. The on-demand model segment is expected to grow at the highest CAGR during the forecast period, owing to advantages such as growing demand for self-driven analytics, lack of upfront capital investments for hardware, extreme capacity flexibility, and pay-as-you-go pricing of this model.

Browse in-depth TOC on "Life Science Analytics Market"

150 – Tables

31 – Figures  

166 – Pages

"The descriptive analytics segment accounted for the largest market share in 2018."

Based on type, the Life Science Analytics Market is segmented into descriptive analytics, predictive analytics, and prescriptive analytics. The descriptive analytics segmentaccounted for the largest share of the Life Science Analytics Market in 2018. The large share of this segment is attributed to the significant usage of descriptive analytics by stakeholders to gain a better understanding of the past trends and events occurring in real-time.

 "North America commanded the largest share of the Life Science Analytics Market in 2018."

In 2018, North America accounted for the largest market share, followed by Europe. The large share of this market can primarily be attributed to the strong economies in the US and Canada, which have allowed for significant investments in technology in this region. Growth in the North American market is supported by the growing adoption of IT in the life science industry, rising pressure to reduce healthcare costs, stringent regulations for the pharma-biotech and medical device industries, and the greater product and service availability in this region.

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The prominent players in the Life Science Analytics Market are IBM Corporation (US), Oracle Corporation (US), SAS Institute, Inc. (US),  Quintiles, Inc. (US), Accenture (Ireland), Cognizant (US), Wipro Limited (India), MaxisIT, Inc. (US), TAKE Solutions (India), and SCIO Health Analytics (US).

Browse Adjacent Markets: Medical Devices Market Research Reports & Consulting

Browse Related Reports:

Healthcare Analytics Market by Type (Predictive, Prescriptive, Cognitive) Application (Clinical, RCM, Claim, Fraud, Waste, Supply Chain, PHM) Component (Service, Software) Delivery (On-demand, Cloud) End User (Payer, Hospital) - Global Forecast to 2024

Healthcare IT Market by Product (EHR, RIS, PACS, VNA, CPOE, HIE, Telehealth, Healthcare Analytics, Population Health Management, Supply Chain Management, CRM, Fraud Management, Claims Management) End User (Provider, Payer) - Global Forecast to 2024

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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