The global Life Science Analytics Market report published by Reports and Data assesses the Life Science Analytics Market with regards to market size, market share, revenue growth, key segments, and regional bifurcation. The global Life Science Analytics Market is highly fragmented with numerous players operating on a global and regional level. The companies are engaged in mergers and acquisitions, joint ventures, and collaborations along with product advancements and RD activities to cater to the growing global demand and gain a robust footing in the market. Key companies operating in the market and profiled in the report include: SAS Institute, Infosys, Microsoft, Oracle, and IQVIA,
The global life science analytics market is estimated to expand at a magnificent growth rate in the forthcoming years. The burgeoning prevalence of chronic diseases, the growing adoption of AI and big data solutions in life science companies, the increasing usage of analytics in clinical and preclinical trials, the surging requirement for data standardization, increasing demand for analytics for precision medicine, rising need to curtail healthcare expenditure and improve patient outcomes, higher government funding for healthcare RD, and the emergence of advanced analytics solutions are among the pivotal factors expected to bolster the global market expansion.
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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. Combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription have significantly contributed to the revenue growth of the market.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register highest market growth over the forecast period attributed to increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
Growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and RD activities to hamper market growth
Imposition of strict government regulations and shortage of funds have put a halt on the product launches and RD activities and are expected to restrain market growth over the forecast period. In addition, launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering market growth.
For this report, Reports And Data has segmented the global life science analytics market based on type, component, delivery model, application, end-user, and region
By Type (Revenue, USD Million; 2017-2027)
By Component (Revenue, USD Million; 2017-2027)
By Delivery Model (Revenue, USD Million; 2017-2027)
- On-demand model
- On-premise model
By Application (Revenue, USD Million; 2017-2027)
- Clinical Trials
- Preclinical Trials
- Research Development
- Regulatory Compliance
- Sales Marketing
- Supply Chain Optimization
By End-User (Revenue, USD Million; 2017-2027)
- Research Centers
- Medical Device Companies
- Pharmaceutical Biotechnology Companies
- Third-party Administrators
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