The demand for value-based medicines has risen significantly over the last few years, creating an environment conducive to the growth of the global life science analytics market. To gauge the prospects held by the market, MarketResearchReports.biz has added a report, titled “Global Life Science Analytics Detailed Analysis Report 2017-2022,” to its expanding repository. The report presents insights into the various factors enabling growth in the global life science analytics market. It segments the market based on regions, by consumer, and products for the purpose of the study. The study is therefore intended at giving a holistic overview of the global life science analytics market.
Recently, several technological advancements have taken place that have boosted the availability of big data in the industry. In addition, the market is expected to gain from the rising adoption of analytical solutions in clinical trials, the rising need for improved data standardization, increasing incidence of chronic ailments, and rising adoption of analytics solutions in sales and marketing applications.
Also with the rising focus on value-based medicines, the report expects the use of analytics to scale higher in precision and personalized medicines. The report has noted that the adoption of life science analytics will pick further pace in big data analytics due to the rising research and development activities. The emergence of social media had a positive influence on the overall market as well.
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While the aforementioned factors will enable growth in the global life science analytics market, growth will be restrained to an extent due to the lack of skilled professionals. According to the report, the market is also expected to reel under financial constraints during the forecast period. The study presents a detailed overview of the various factors aiding the market’s expansion and also identifies key restraints it may face in the forthcoming years. To present a comprehensive overview is has segmented the marked based on application, type, component, end user, delivery model, and region.
On the basis of type, the market can be segmented into predictive, prescriptive analytics, and descriptive. Of these, the prescriptive analytics market is expected to showcase most growth on account of its ability to offer synergistic integration of prescriptions and predictions. Regionally, North America is forecast to emerge as one of the lucrative markets, on account of the rising implementation of life science analytics across the US. The rising incidence of chronic ailments, investment in research and development of novel therapeutics, and low manufacturing cost witnessed in the region will stoke the demand for life science analytics in North America.
Overall, the market exhibits a fragmented vendor landscape, on account of the presence of several companies. The report profiles a few of these enterprises in order to provide information on the prevailing competitive landscape. Some of the companies profiled in the report are IBM Corporation (U.S.), SAS Institute Inc. (U.S.), Oracle Corporation (U.S.), Cognizant (U.S.), Quintiles, Inc. (U.S.), TAKE Solutions (India), SCIO Health Analytics (U.S.), and Yingbio (China). These companies are profiled on the basis of recent strategies, financial overview, product portfolio, and other criteria. The impact of the strategies adopted by the companies on the overall market is analyzed in detail for the purpose of the study. The report therefore makes an all-encompassing guidebook for the market players and those who want to have a holistic overview on the global life science analytics market.