According to a new report Global Life Science Analytics Market, published by KBV research, The Global Life Science Analytics Market size is expected to reach $12.5 billion by 2026, rising at a market growth of 8% CAGR during the forecast period.
The services market is expected to propagate at a lucrative rate, as there is a predominant trend of subcontracting these services. As healthcare firms' dearth in resources and skill set necessary for the disposition of analytics, these amenities are outsourced. The outsourcing can be a temporary project-based, or it can be a longstanding contract. The software in the life science analytic system is able to perform critical functions such as data capture, storage, interpretation, and analysis. Episodic up-gradation of this software is essential to be in sync with modern analytics methods.
The sales and marketing support segment in the year 2019 has the largest revenue share of the market. This is mainly due to the higher penetration of life science analytics in numerous marketing and sales applications like measuring marketing ROI, tracking market spending, and forecasting sales that are based on historical sales data. By using life science analytics, pharmaceutical companies can appreciate new markets for their products, can also identify operative distribution channels, appreciate the performance of sales representatives, identify emerging markets, and identity patient trends in order to develop effective marketing strategies.
The Descriptive analytics segment has the largest market share in 2019. This can be accredited to the substantial usage of Predictive analytics by life science shareholders to gain an enhanced understanding of the earlier trends and events happening in real-time.
In the year 2019, North America has the largest share of the market, and this is followed by Europe region. Though, Asia Pacific is anticipated to grow at the high growth during the forecast period owing to the increasing prevalence of chronic diseases, growth of the life science industry, increasing adoption of progressive technologies, and the rising focus of main players on increasing their existence in emerging Asian countries.
Structural Insights: https://www.kbvresearch.com/life-science-analytics-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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