The Latin America, Middle East and Africa Life Science Analytics Market would witness market growth of 11.4% CAGR during the forecast period (2020-2026).
Rising demand for better patient outcomes is also expected to boost the market for life science analytics in the coming years. Appropriate analysis and efficient processes are improving operational efficacies and patient outcomes. Some of the main instances are population health management along with self-service analytics. Real-time analytics boosts the revenue cycle management by automating ad hoc visual analysis and overall productivity.
The swift adoption of analytics in clinical trials is also resulting in market growth. Life science companies using analytics to improve the effectiveness of clinical trials and progress clinical trial data management. As per a survey piloted by ERT in May the year 2020, a supplier of clinical services and medical devices, more than 82% of organizations are integrating virtual clinical trial technology. Such implementation of advanced technologies is anticipated to boost the market.
Globally, healthcare expenditure is growing rapidly. As per the report circulated by the World Health Organization (WHO), global health spending augmented from USD 7.6 trillion to USD 7.8 trillion. Moreover, it indicates that the cost of healthcare also augmented drastically. Life science analytics can help in decreasing healthcare costs in numerous ways. It can assist in a decrease in the clinical decision while or more rapidly time to treatment, risk mitigation, improved performance of healthcare professionals, condensed hospitalization and readmissions, modified medication, and removal of redundant testing. This in turn is expected to boost the market.
Based on Component, the market is segmented into Services and Software. Based on Application, the market is segmented into Sales & Marketing Support, Research and Development (R&D), Pharmacovigilance, Supply Chain Analytics and Regulatory Compliance. Based on End User, the market is segmented into Pharmaceutical, Medical Devices, Biotechnology and Other End Users. Based on Delivery Mode, the market is segmented into On-Premise and On-demand. Based on Type, the market is segmented into Descriptive, Predictive, Reporting and Prescriptive. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: Life Science Analytics Market in LAMEA is expected to register a CAGR of 11.4% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, IBM Corporation, Microsoft Corporation, Accenture PLC, Cognizant Technology Solutions Corporation, Infosys Limited, IQVIA Holdings, Inc., AllScripts Healthcare Solutions, Inc., Cerner Corporation and SAS Institute, Inc.
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Companies Profiled
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