[ad_1]
NEW YORK, USA, Jan. 31, 2024 (GLOBE NEWSWIRE) — Life science analytics is used in clinical research organizations, pharmaceutical and medical device companies, research, supply chain, marketing, pharmacovigilance, and many other sectors. Refers to the analysis tools used. . The key factors driving the life sciences analytics market are the need to improve patient outcomes, increasing adoption of analytical solutions in pharmaceuticals and clinical trials, pressure to reduce healthcare costs, and emergence of advanced analytical technologies in life sciences companies .
Download free sample report PDF @ https://straitsresearch.com/report/life-science-analytics-market/request-sample
Increased use of analytical solutions in pharmacies and clinical trials drives global market
According to Straits Research, “The global life science analytics market size is valued at USD 9,481.05 million in 2022. It is expected to reach USD 19,610.13 million by 2031, growing at a CAGR of 8.41% during the forecast period (2023-2031).” The market is growing as analytical tools are used more frequently in pharmaceuticals and clinical trials. Pharmaceutical analytics solutions help companies accelerate clinical trials by identifying and analyzing a variety of data points such as participant demographic and historical information, data from remote patient monitoring, and details of past clinical trial events. We will help you to become As a result, many pharmaceutical companies are using analytical solutions more frequently. For example, in December 2021, Amazon Web Services, Inc. (AWS), a division of Amazon.com, Inc., collaborated with Pfizer to create a cutting-edge cloud-based solution that can improve development procedures. Then he announced. Manufacture and distribution of new drugs for use in clinical trials.
Development of new analytics-based products and solutions creates huge opportunities
The global life science analytics market is expected to grow significantly in the coming years, increasing the growth potential of the market. This can be attributed to the introduction of new technologies, the demand for early diagnosis, and an increased emphasis on research and development, leading to the development of new analytical-based products and solutions for the life science industry. For example, in April 2021, Clarivate PLC reported improvements to Cortellis Deals Intelligence, its leading source of information on life science deals. Clarivate PLC is a world leader in providing trusted information and insights to accelerate innovation. With the help of two new features, users can now monitor their trading environment with confidence and quickly understand the potential value of their assets. These features include predictive analytics and trading trend visualization.
regional analysis
North America is the largest contributor to the market and is expected to grow at a CAGR of 7.40% during the forecast period. The US life sciences analytics market is expected to grow significantly during the forecast period due to the introduction of new data and analytics solutions in the country and strategic initiatives taken by market players. The country’s introduction of data and analytics solutions is expected to enhance data management services, improve patient outcomes and shorten research and development cycles. For example, in March 2022, Databricks announced its Databricks Lakehouse platform for healthcare and life sciences. A single platform supports data management, analytics, and cutting-edge AI use cases such as disease prediction, medical image classification, and biomarker detection. Furthermore, strategic actions by market participants, such as launching partnerships and awareness campaigns, are also expected to increase future adoption of data and analytics solutions.
Europe is expected to grow at a CAGR of 7.88% during the forecast period. This market is expected to expand due to several factors such as increased product launches, expansion of distribution agreements among key market participants, expansion of corporate services, and increased R&D expenditures by life science companies. The expansion of distribution agreements between life sciences companies and suppliers of analytical solutions could lead to increased adoption of life sciences analytical solutions in Germany, which would support market expansion in this country. For example, in June 2021, JADBio and QIAGEN agreed to market and sell each other’s services as part of the QIAGEN Digital Insights portfolio. This collaboration gives JADBio access to unparalleled industry resources and a team of experts around the world.
Main highlights
- Based on this product, the global life sciences analytics market is divided into descriptive analytics, predictive analytics, and prescriptive analytics. The descriptive analytics segment contributes the most to the market and is expected to grow at a CAGR of 7.23% during the forecast period.
- Based on application, the global life science analytics market is segmented into research and development, supply chain analytics, and sales and marketing. Sales and marketing sector accounts for the highest market share and is expected to grow at a CAGR of 7.34% during the forecast period.
- Based on component, the global life science analytics market is bifurcated into software and services. The services segment contributes the most to the market and is expected to grow at a CAGR of 8.40% during the forecast period.
- The global life sciences analytics market is segmented based on end user into clinical research institutions, pharmaceutical and biotechnology companies, and medical device companies. Pharmaceutical and biotechnology companies segment accounts for the highest market share and is expected to grow at a CAGR of 7.46% during the forecast period.
- North America is the largest contributor to the market and is expected to grow at a CAGR of 7.40% during the forecast period.
competitive player
The key key players in the global life science analytics market are Accenture, Cognizant, IBM Corporation, MaxisIT, Oracle Corporation, IQVIA, Sas Institute Inc., EXL Service (Scioinspire Corp.), Take Solutions Limited, Wipro Limited, Dynata, M3 (Eu). Ltd, Therma Group, and Apollo Intelligence.
market news
- In January 2023, Trinity Life Sciences, a global leader in life science solutions, and Havas Health & You (HHY&Y), part of the Havas Group, the world’s largest global health and wellness network and Vivendi (VIV) business, announced that ) announced a strategic partnership. This will enable both companies to offer a consistent end-to-end commercial solution to the life sciences industry.
Global Life Science Analytics Market: Segmentation
By product type
- descriptive analysis
- Predictive analytics
- prescriptive analysis
By application
- Research and Development
- supply chain analysis
- sales and marketing
By component
By end user
- clinical research institute
- Pharmaceutical and biotech companies
- medical device companies
By region
- North America
- Europe
- Asia Pacific
- middle east and africa
- south america
Get detailed market segmentation @ https://straitsresearch.com/report/life-science-analytics-market/segmentation
About Straits Research Pvt. Ltd.
Straits Research is a market intelligence company providing global business intelligence reporting and services. Our unique combination of quantitative forecasting and trend analysis provides forward-looking insights to thousands of decision makers. Straits Research Private Ltd. provides actionable market research data specifically designed and presented for decision making and his ROI.
Whether you’re considering a business sector in the next town over or across a continent, we understand the importance of knowing our clients’ purchases. We solve our clients’ problems by recognizing and deciphering target groups and generating leads with utmost precision. We strive to work with our clients to combine market research and business research approaches to deliver a wide range of results.
For more information on our target markets, please contact us below.
phone: +1 646 480 7505 (USA)
+91 8087085354 (Asia Pacific)
+44 208 068 9665 (UK)
Email: sales@straitsresearch.com
Please follow us: linkedin | Facebook | Instagram | twitter
[ad_2]
Source link
