In the recent past, the life science industry has practiced various challenges which prejudiced its operational environment. This includes patent cliff, growing reserves in R&D, consent of generics and stringent regulatory guidelines and compliances. Though, these experiments have created various opportunities like the use of analytical tools and techniques. The use of these tools has developed as significant tool for pharmaceutical, medical devices, biotechnological, and associated enterprises. Specially in life sciences, such tools help to defeat challenges in data integration & solutions. These analytical solutions and services allow to translate in-house and third-party data into important visions to explain organizational research-related challenges. Some of the key applications of analytics in life science industries include regulatory compliance reporting, product enablement, sales support, marketing support and data integration.
Numerous life science institutes are accepting digital records as they have high standards, cleverness and offer minimal errors. Some of the key factors driving the growth of global life science analytics market include obtainability of big data in life science industry. In addition to this, technological progressions have also boosted the development of global life science analytics market in the recent years. The growing adoption of analytics resolutions for clinical trials, enlarge in adoption of analytics solutions for marketing as well as sales application and growing need for improved data standardization is predictable to result in the growth of this market over the forecast period. However, lack of skilled professionals is likely to hamper the growth of global life science analytics market over the forecast period.
The global market is classified on the basis of type, application, component, end-user and regions. Based on type, the life science analytics market is segmented into descriptive analytics, predictive analytics, prescriptive analytics. Based on application, the market is divided into research and development, preclinical trials, clinical trials, sales and marketing support, supply chain analytics, regulatory compliance, pharmacovigilance. Based on component, the market is segmented into software and services. Based on end-user, the life science analytics market is divided into pharmaceutical and biotechnology companies, medical device companies, research centers, third-party administrators (TPAs).
The market for life science analytics is bifurcated based on five regions namely North America, Europe, Asia-Pacific, Latin America and Middle East. Asia Pacific is the major player in the life science analytics market. This is mainly attributed to the extensively growing pharmaceutical industry in developing countries such as India and China. Latin America is expected to grow at significant rate over the forecast period.
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Some of the key players in global life science analytics market are SAS Institute Inc., MaxisIT, Inc., TAKE Solutions, Oracle Corporation, Quintiles, Inc., IBM Corporation, Cognizant, Accenture, Wipro Limited, and SCIO Health Analytics. Major players operating in the global market are absorbed on some of the major market schemes such as partnerships, mergers, collaborations and acquisitions to grip their position in competitive global market. Likewise, they are engaged on gaining grip on the local players to upkeep their product distribution and to develop their market stretch in the global market.
The Global Life Science Analytics market is classified
• Descriptive analytics
• Predictive analytics
• Prescriptive analytics
• Research and development
• Preclinical trials
• Clinical trials
• Sales and marketing support
• Supply chain analytics
• Regulatory compliance
• Software and Services
• Pharmaceutical and biotechnology companies
• Medical device companies
• Research centers
• Third-party administrators
• North America
• Latin America
• Middle East & Africa
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