Industry Background:
Life science industry has experienced various challenges which have influenced its operational environment in the past. This includes patent cliff, approval of generics, growing investments in R&D, and stringent regulatory guidelines & compliances. However, the challenges have created opportunities such as the use of analytical tools & techniques.The application of Life Science analytics has emerged as a helpful tool for several pharmaceutical, biotechnological, and medical device enterprises, as these applications are helping to overcome challenges in data integration and enhance operational efficiency. The Global life science analytics market is expected to witness significant growth during the forecast period due to increasing prevalence of chronic disease, increased demand for improved data standardization, and technological advancements. In addition, increasing adoption of analytics for sales and marketing applications and in clinical trials has further boosted the market growth.
According to AMA, the market for Life Science Analytics is expected to register a CAGR of 12.9% during the forecast period to 2027. This growth is primarily driven by Adoption of Analytic Solution in Clinical Trials, High Prevalence of Chronic Diseases, Increasing Healthcare Cost and Impact of Social Media on Healthcare.
Globally, a noticeable market trend is evident Increasing Digitalization in Pharmaceutical and Life Sciences Industry to Improve its Value Chain
. The Life Sciences Tools & Services sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Sanofi (France), Oracle Corporation (United States), IBM Corporation (United States), Google Inc. (United States), IQVIA (United States), Accenture (Ireland), Cognizant (United States), Wipro Ltd. (India) and Clarivate Analytics (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
February 2019, Clarivate Analytics launched a Life Science Alliances Program to provide drug and medical device developers with a new way to significantly advance their research and development (R&D) and commercialization initiatives.
May 2018, Accenture in Collaboration with Sanofi, a global biopharmaceutical leader, is working with Accenture Interactive to help enhance the experience of its healthcare consumers through the creation of UWell’s healthcare platform. and Accenture Interactive will be responsible for delivering services to enhance the end-to-end customer journey and build personalized, seamless experiences across Sanofi’s consumer brands.
Market Drivers
- Adoption of Analytic Solution in Clinical Trials
- High Prevalence of Chronic Diseases
- Increasing Healthcare Cost
- Impact of Social Media on Healthcare
Market Trend
- Increasing Digitalization in Pharmaceutical and Life Sciences Industry to Improve its Value Chain
- Demand for Personalised Medicine
Restraints
- Stringent Regulations
- High Cost of Implementation
Opportunities
Cloud Based Analytics and Implememtation of Big Data Analytics to Increase Productivity
Challenges
Data Privacy and Theft Issue and Political Instability, Economic Stress, and Lack of Proactive Initiatives
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Life Science Analytics Study Sheds Light on
The Life Science Analytics Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Life Science Analytics industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Life Science Analytics industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.