Increase in adoption of analytics solutions in clinical trials and sales & marketing applications, and surge in occurrence of chronic disease drive the global life science analytics software market
PORTLAND, Oregon, June 1, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Life Science Analytics Software Market by Product (Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics), by Application (Research and Development, Clinical Trials, Preclinical Trials, Sales and Marketing Support, Regulatory Compliance, Supply Chain Analytics, and Pharmacovigilance), by Component (Software and Services), by Delivery Model (On-Premise and On-Demand), by End-User [Pharmaceutical and Biotechnology Companies, Medical Device Companies, Research Centers, and Third-Party Administrators (TPAs)]: Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global life science analytics software market garnered $5.35 billion in 2019, and is estimated to reach $16.04 billion by 2027, registering a CAGR of 12.3% from 2020 to 2027.
Drivers, restraints, and opportunities
Rise in occurrence of chronic disease,focus to reduce healthcare expenditure,and increased demand for improved patient outcomes drive the global life science analytics software market. However, deficiency of skilled professionals in developing countries restrains the market growth. On the other hand, occurrence of big data analytics to increase R&D productivity creates new opportunities in the coming years.
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The descriptive analytics segment to maintain its lead status in terms of revenue throughout the forecast period
Based on product, the descriptive analytics segment accounted for more than two-fifths of the global life science analytics software market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due tothe significant use of descriptive analytics by life science stakeholders to gain a better understanding of past trends and events occurring in real-time.However, the predictive analytics segment is estimated to portray the highest CAGR of 15.6% from 2020 to 2027, owing to enhance the accuracy of diagnosis & treatment along with epidemiology to review possible risk factors for public health.
The research and development segment to maintain its leadership position during the forecast period
Based on application, the research and development segment has contributed to the highest market share with nearly three-fifths of the global life science analytics software market share in 2019, and is estimated to maintain its leadership position during the forecast period. This is attributed torise in research and development (R&D) activities for personalized medicine. However, the sales and marketing support segment is estimated to generate the fastest CAGR of 17.5% from 2020 to 2027. This is due torise in adoption of analytics by life science companies to align their sales & marketing campaigns.
North America to maintain its dominant during the forecast period
Based on region, North America, accounted for the highest share based on revenue, holding for nearly halfof the global life science analytics software market in 2019, and is projected to maintain its dominant position throughout the forecast period. This is attributed to high adoption rate of advanced technologies due to a large number of investments to boost the life science industry. However, Asia-Pacific is estimated to portray the fastest CAGR of 16.7% from 2020 to 2027, owing torise in adoption of advanced technologies in life science industry.
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