HOME Top Market Reports Life Science Analytics Market by Type (Descriptive, Prescriptive), Application (Marketing, R&D, Compliance, SCM), Component (Software, Service), Delivery (On premise, Cloud), End user (Pharmaceutical, Biotechnology, Medical Device, CRO) - Forecasts to 2021

Life Science Analytics Market by Type (Descriptive, Prescriptive), Application (Marketing, R&D, Compliance, SCM), Component (Software, Service), Delivery (On premise, Cloud), End user (Pharmaceutical, Biotechnology, Medical Device, CRO) - Forecasts to 2021

By: marketsandmarkets.com
Publishing Date: January 2017
Report Code: HIT 4869

 

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The life science analytics market is expected to reach USD 24.73 Billion by 2021 from USD 13.26 Billion in 2016, at a CAGR of 13.3% from 2016 to 2021. Major factors driving the growth of this market include technological advancements, availability of big data in the life science industry, growing adoption of analytics solutions for clinical trials, increasing adoption of analytics solutions for sales and marketing applications, growing need for improved data standardization, rising prevalence of chronic diseases, increasing pressure to curb healthcare spending, and growing need for improved patient outcomes. Moreover, increasing focus on value-based medicine, use of analytics in precision and personalized medicine, cloud-based analytics, use of big data analytics to increase R&D productivity, and emergence of social media and its impact on the life science industry provide significant growth opportunities in the market. However, lack of skilled professionals and financial constraints may hinder the growth of this market during the forecast period.

The life science analytics market is categorized on the basis of type, application, component, delivery model, end user, and region. Based on type, the market is categorized into descriptive, predictive, and prescriptive analytics. The prescriptive analytics segment is projected to grow at the highest CAGR during the forecast period due to its ability to ensure the synergistic integration of predictions and prescriptions.

North America is expected to dominate the global market in 2016, with the U.S. accounting for a major share of this regional market. Asia is expected to grow at the highest CAGR during the forecast period. Factors such as large population base, growing prevalence of chronic diseases, increasing need for innovative therapies, and low manufacturing costs in the region are expected to drive market growth.

The life science analytics market is fragmented with several global as well as local players. Players offer several products across different subsegments of this market. Key players in this market include SAS Institute Inc. (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Quintiles, Inc. (U.S.), Accenture (Ireland), Cognizant (U.S.), Wipro Limited (India), MaxisIT, Inc. (U.S.), TAKE Solutions (India), and SCIO Health Analytics (U.S.).

Target Audience:

  • Pharmaceutical and biotechnology companies
  • Medical device companies
  • Contract research organizations (CROs)
  • Life science analytics vendors
  • Venture capitalists
  • Research and consulting firms

To know about the assumptions considered for the study, download the pdf brochure

Scope of the Report

This report categorizes the life science analytics market into the following segments and subsegments.

Life Science Analytics Market, by Type

  • Descriptive Analytics
  • Predictive Analytics
  • Prescriptive Analytics

Life Science Analytics Market, by Application

  • Research and Development
  • Clinical Trials
  • Preclinical Trials
  • Sales and Marketing Support
  • Regulatory Compliance
  • Supply Chain Analytics
  • Pharmacovigilance

Life Science Analytics Market, by Component

  • Software
  • Services

Life Science Analytics Market, by Delivery Model

  • On-premise
  • On-demand 

Life Science Analytics Market, by End User

  • Pharmaceutical and Biotechnology Companies
  • Medical Device Companies 
  • Research Centers
  • Third-party Administrators (TPAs)

Life Science Analytics Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • RoE (Rest of Europe)
  • Asia
  • Rest of the World (Pacific countries, LATAM, the Middle East, and Africa)

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company‘s specific needs.

The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to 5)

Further Split of the Asian Life Science Analytics Market

Life science analytics market size and growth rate estimates of Japan, China, India, and Rest of Asia

Table of Contents

1 Introduction (Page No. - 18)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 21)
    2.1 Market Size Estimation
    2.2 Market Breakdown and Data Triangulation
    2.3 Key Industry Insights
    2.4 Assumptions for the Study

3 Executive Summary (Page No. - 29)
    3.1 Introduction
    3.2 Conclusion

4 Premium Insights (Page No. - 34)
    4.1 Life Science Analytics Market Overview
    4.2 Life Science Analytics Market, By Type
    4.3 Life Science Analytics Market, By Application
    4.4 Life Science Analytics Market, By Component
    4.5 Life Science Analytics Market, By Delivery Model
    4.6 Life Science Analytics Market, By End User
    4.7 Geographic Snapshot: Life Science Analytics Market

5 Market Overview (Page No. - 38)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Technological Advancements
                    5.2.1.2 Availability of Big Data in the Life Science Industry
                    5.2.1.3 Growing Adoption of Analytics Solutions in Clinical Trials
                    5.2.1.4 Increasing Adoption of Analytics for Sales and Marketing Applications
                    5.2.1.5 Need for Improved Data Standardization
                    5.2.1.6 Increasing Prevalence of Chronic Diseases
                    5.2.1.7 Growing Pressure to Curb Healthcare Spending and the Need for Improved Patient Outcomes
           5.2.2 Restraints
                    5.2.2.1 Dearth of Skilled Personnel
                    5.2.2.2 High Implementation Costs
           5.2.3 Opportunities
                    5.2.3.1 Increasing Focus on Value-Based Medicine
                    5.2.3.2 Use of Analytics in Precision and Personalized Medicine
                    5.2.3.3 Cloud-Based Analytics
                    5.2.3.4 Use of Big Data Analytics to Increase R&D Productivity
                    5.2.3.5 Emergence of Social Media and Its Impact on the Life Science Industry
           5.2.4 Challenges
                    5.2.4.1 Data Privacy Issues
                    5.2.4.2 Data Integration in the Life Science Ecosystem

6 Life Science Analytics Market, By Type (Page No. - 49)
    6.1 Introduction
    6.2 Descriptive Analytics
    6.3 Predictive Analytics
    6.4 Prescriptive Analytics

7 Life Science Analytics Market, By Application (Page No. - 57)
    7.1 Introduction
    7.2 Research and Development
           7.2.1 Preclinical Trials
           7.2.2 Clinical Trials
    7.3 Sales and Marketing Support
    7.4 Regulatory Compliance
    7.5 Supply Chain Analytics
    7.6 Pharmacovigilance

8 Life Science Analytics Market, By Component (Page No. - 73)
    8.1 Introduction
    8.2 Services
    8.3 Software

9 Life Science Analytics Market, By Delivery Model (Page No. - 81)
    9.1 Introduction
    9.2 On-Premise Delivery Models
    9.3 On-Demand Delivery Models

10 Life Science Analytics Market, By End User (Page No. - 88)
     10.1 Introduction
     10.2 Pharmaceutical and Biotechnology Companies
     10.3 Medical Device Companies
     10.4 Research Centers
     10.5 Third-Party Administrators

11 Life Science Analytics Market, By Region (Page No. - 97)
     11.1 Introduction
     11.2 North America
             11.2.1 U.S.
             11.2.2 Canada
     11.3 Europe
             11.3.1 Germany
             11.3.2 France
             11.3.3 U.K.
             11.3.4 Rest of Europe
     11.4 Asia
     11.5 Rest of the World

12 Competitive Landscape (Page No. - 132)
     12.1 Overview
     12.2 Market Analysis
     12.3 Competitive Situation and Trends
             12.3.1 Product and Service Launches, Upgrades, and Enhancements
             12.3.2 Partnerships, Agreements, and Collaborations
             12.3.3 Expansions
             12.3.4 Mergers and Acquisitions

13 Company Profiles (Page No. - 139)
(Introduction, Products & Services, Strategy, & Analyst Insights, Developments, MnM View)*
     13.1 Introduction
     13.2 SAS Institute Inc.
     13.3 IBM Corporation
     13.4 Oracle Corporation
     13.5 Quintiles, Inc.
     13.6 Accenture
     13.7 Cognizant
     13.8 Maxisit
     13.9 Scio Health Analytics
     13.10 Take Solutions
     13.11 Wipro Limited

*Details on Marketsandmarkets View, Introduction, Product & Services, Strategy, & Analyst Insights, New Developments Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 163)
     14.1 Insights From Industry Experts
     14.2 Discussion Guide
     14.3 Other Developments
     14.4 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.5 Introducing RT: Real-Time Market Intelligence
     14.6 Available Customizations
     14.7 Related Reports
     14.8 Author Details


List of Tables (135 Tables)

Table 1 Global Life Science Analytics Market: Geographic Snapshot
Table 2 Recent Product Launches
Table 3 Adoption of Analytics Solutions for Clinical Trials and Technological Advancements are Major Drivers for Market Growth
Table 4 Dearth of Skilled Personnel is A Major Restraint for Market Growth
Table 5 Recent Developments in Personalized Medicine
Table 6 Increasing Focus on Value-Based Medicine is A Major Opportunity for Market Growth
Table 7 Data Privacy is A Major Challenge
Table 8 Market Size, By Type, 2014-2021 (USD Million)
Table 9 Descriptive Analytics Market Size, By Region, 2014-2021 (USD Million)
Table 10 North America: Descriptive Analytics Market Size, By Country, 2014-2021 (USD Million)
Table 11 Europe: Descriptive Analytics Market Size, By Country, 2014-2021 (USD Million)
Table 12 Predictive Analytics Market Size, By Region, 2014-2021 (USD Million)
Table 13 North America: Predictive Analytics Market Size, By Country, 2014-2021 (USD Million)
Table 14 Europe: Predictive Analytics Market Size, By Country, 2014-2021 (USD Million)
Table 15 Prescriptive Analytics Market Size, By Region, 2014-2021 (USD Million)
Table 16 North America: Prescriptive Analytics Market Size, By Country, 2014-2021 (USD Million)
Table 17 Europe: Prescriptive Analytics Market Size, By Country, 2014-2021 (USD Million)
Table 18 Market Size, By Application, 2014–2021 (USD Million)
Table 19 Research and Development Analytics Market Size, By Region, 2014–2021 (USD Million)
Table 20 North America: Research and Development Analytics Market Size, By Country, 2014–2021 (USD Million)
Table 21 Europe: Research and Development Analytics Market Size, By Country, 2014–2021 (USD Million)
Table 22 Research and Development Analytics Market Size, By Type, 2014–2021 (USD Million)
Table 23 Preclinical Trial Analytics Market Size, By Region, 2014–2021 (USD Million)
Table 24 North America: Preclinical Trial Analytics Market Size, By Country, 2014–2021 (USD Million)
Table 25 Europe: Preclinical Trial Analytics Market Size, By Country, 2014–2021 (USD Million)
Table 26 Clinical Trial Analytics Market Size, By Region, 2014–2021 (USD Million)
Table 27 North America: Clinical Trial Analytics Market Size, By Country, 2014–2021 (USD Million)
Table 28 Europe: Clinical Trial Analytics Market Size, By Country, 2014–2021 (USD Million)
Table 29 Sales and Marketing Analytics Market Size, By Region, 2014–2021 (USD Million)
Table 30 North America: Sales and Marketing Analytics Market Size, By Country, 2014–2021 (USD Million)
Table 31 Europe: Sales and Marketing Analytics Market Size, By Country, 2014–2021 (USD Million)
Table 32 Regulatory Compliance Analytics Market Size, By Region, 2014–2021 (USD Million)
Table 33 North America: Regulatory Compliance Analytics Market Size, By Country, 2014–2021 (USD Million)
Table 34 Europe: Regulatory Compliance Analytics Market Size, By Country, 2014–2021 (USD Million)
Table 35 Supply Chain Analytics Market Size, By Region, 2014–2021 (USD Million)
Table 36 North America: Supply Chain Analytics Market Size, By Country, 2014–2021 (USD Million)
Table 37 Europe: Supply Chain Analytics Market Size, By Country, 2014–2021 (USD Million)
Table 38 Pharmacovigilance Analytics Market Size, By Region, 2014–2021 (USD Million)
Table 39 North America: Pharmacovigilance Analytics Market Size, By Country, 2014–2021 (USD Million)
Table 40 Europe: Pharmacovigilance Analytics Market Size, By Country, 2014–2021 (USD Million)
Table 41 Market Size, By Component, 2014–2021 (USD Million)
Table 42 Life Science Analytics Services Market Size, By Region, 2014–2021 (USD Million)
Table 43 North America: Life Science Analytics Services Market Size, By Country, 2014–2021 (USD Million)
Table 44 Europe: Life Science Analytics Services Market Size, By Country, 2014–2021 (USD Million)
Table 45 Life Science Analytics Software Market Size, By Region, 2014–2021 (USD Million)
Table 46 North America: Life Science Analytics Software Market Size, By Country, 2014–2021 (USD Million)
Table 47 Europe: Life Science Analytics Software Market Size, By Country, 2014–2021 (USD Million)
Table 48 Market Size, By Delivery Model, 2014–2021 (USD Million)
Table 49 On-Premise Delivery Models Market Size, By Region, 2014–2021 (USD Million)
Table 50 North America: On-Premise Delivery Models Market Size, By Country, 2014–2021 (USD Million)
Table 51 Europe: On-Premise Delivery Models Market Size, By Country, 2014–2021 (USD Million)
Table 52 On-Demand Delivery Models Market Size, By Region, 2014–2021 (USD Million)
Table 53 North America: On-Demand Delivery Models Market Size, By Country, 2014–2021 (USD Million)
Table 54 Europe: On-Demand Delivery Models Market Size, By Country, 2014–2021 (USD Million)
Table 55 Market Size, By End User, 2014-2021 (USD Million)
Table 56 Market Size for Pharmaceutical and Biotechnology Companies, By Region, 2014-2021 (USD Million)
Table 57 North America: Market Size for Pharmaceutical and Biotechnology Companies, By Country, 2014-2021 (USD Million)
Table 58 Europe: Market Size for Pharmaceutical and Biotechnology Companies, By Country, 2014-2021 (USD Million)
Table 59 Market Size for Medical Device Companies, By Region, 2014-2021 (USD Million)
Table 60 North America: Market Size for Medical Device Companies, By Country, 2014-2021 (USD Million)
Table 61 Europe: Market Size for Medical Device Companies, By Country, 2014-2021 (USD Million)
Table 62 Market Size for Research Centers, By Region, 2014-2021 (USD Million)
Table 63 North America: Market Size for Research Centers, By Country, 2014-2021 (USD Million)
Table 64 Europe:Market Size for Research Centers, By Country, 2014-2021 (USD Million)
Table 65 Market Size for Third-Party Administrators, By Region, 2014-2021 (USD Million)
Table 66 North America: Market Size for Third-Party Administrators, By Country, 2014-2021 (USD Million)
Table 67 Europe: Market Size for Third-Party Administrators, By Country, 2014-2021 (USD Million)
Table 68 Market Size, By Region, 2014–2021 (USD Million)
Table 69 North America: Market Size, By Country, 2014–2021 (USD Million)
Table 70 North America: Market Size, By Type, 2014–2021 (USD Million)
Table 71 North America: Market Size, By Application, 2014–2021 (USD Million)
Table 72 North America: Market Size for Research and Development, By Type, 2014–2021 (USD Million)
Table 73 North America: Market Size, By Component, 2014–2021 (USD Million)
Table 74 North America: Market Size, By Delivery Model, 2014–2021 (USD Million)
Table 75 North America: Market Size, By End User, 2014–2021 (USD Million)
Table 76 U.S.: Market Size, By Type, 2014–2021 (USD Million)
Table 77 U.S.: Market Size, By Application, 2014–2021 (USD Million)
Table 78 U.S.: Market Size for Research and Development, By Type, 2014–2021 (USD Million)
Table 79 U.S.: Market Size, By Component, 2014–2021 (USD Million)
Table 80 U.S.: Market Size, By Delivery Model, 2014–2021 (USD Million)
Table 81 U.S.: Market Size, By End User, 2014–2021 (USD Million)
Table 82 Canada: Market Size, By Type, 2014–2021 (USD Million)
Table 83 Canada: Market Size, By Application, 2014–2021 (USD Million)
Table 84 Canada: Market Size for Research and Development, By Type, 2014–2021 (USD Million)
Table 85 Canada: Market Size, By Component, 2014–2021 (USD Million)
Table 86 Canada: Market Size, By Delivery Model, 2014–2021 (USD Million)
Table 87 Canada: Market Size, By End User, 2014–2021 (USD Million)
Table 88 Europe: Market Size, By Country, 2014–2021 (USD Million)
Table 89 Europe: Market Size, By Type, 2014–2021 (USD Million)
Table 90 Europe: Market Size, By Application, 2014–2021 (USD Million)
Table 91 Europe: Market Size for Research and Development, By Type, 2014–2021 (USD Million)
Table 92 Europe: Market Size, By Component, 2014–2021 (USD Million)
Table 93 Europe: Market Size, By Delivery Model, 2014–2021 (USD Million)
Table 94 Europe: Market Size, By End User, 2014–2021 (USD Million)
Table 95 Germany: Market Size, By Type, 2014–2021 (USD Million)
Table 96 Germany: Market Size, By Application, 2014–2021 (USD Million)
Table 97 Germany: Market Size for Research and Development, By Type, 2014–2021 (USD Million)
Table 98 Germany: Market Size, By Component, 2014–2021 (USD Million)
Table 99 Germany: Market Size, By Delivery Model, 2014–2021 (USD Million)
Table 100 Germany: Market Size, By End User, 2014–2021 (USD Million)
Table 101 France: Market Size, By Type, 2014–2021 (USD Million)
Table 102 France: Market Size, By Application, 2014–2021 (USD Million)
Table 103 France: Market Size for Research and Development, By Type, 2014–2021 (USD Million)
Table 104 France: Market Size, By Component, 2014–2021 (USD Million)
Table 105 France: Market Size, By Delivery Model, 2014–2021 (USD Million)
Table 106 France: Market Size, By End User, 2014–2021 (USD Million)
Table 107 U.K.: Market Size, By Type, 2014–2021 (USD Million)
Table 108 U.K.: Market Size, By Application, 2014–2021 (USD Million)
Table 109 U.K.: Market Size for Research and Development, By Type, 2014–2021 (USD Million)
Table 110 U.K.: Market Size, By Component, 2014–2021 (USD Million)
Table 111 U.K.: Market Size, By Delivery Model, 2014–2021 (USD Million)
Table 112 U.K.: Market Size, By End User, 2014–2021 (USD Million)
Table 113 RoE: Market Size, By Type, 2014–2021 (USD Million)
Table 114 RoE: Market Size, By Application, 2014–2021 (USD Million)
Table 115 RoE: Market Size for Research and Development, By Type, 2014–2021 (USD Million)
Table 116 RoE: Market Size, By Component, 2014–2021 (USD Million)
Table 117 RoE: Market Size, By Delivery Model, 2014–2021 (USD Million)
Table 118 RoE: Market Size, By End User, 2014–2021 (USD Million)
Table 119 Asia: Market Size, By Type, 2014–2021 (USD Million)
Table 120 Asia: Market Size, By Application, 2014–2021 (USD Million)
Table 121 Asia: Market Size for Research and Development, By Type, 2014–2021 (USD Million)
Table 122 Asia: Market Size, By Component, 2014–2021 (USD Million)
Table 123 Asia: Market Size, By Delivery Model, 2014–2021 (USD Million)
Table 124 Asia: Market Size, By End User, 2014–2021 (USD Million)
Table 125 RoW: Market Size, By Type, 2014–2021 (USD Million)
Table 126 RoW: Market Size, By Application, 2014–2021 (USD Million)
Table 127 RoW: Life Science Analytics Market Size for Research and Development, By Type, 2014–2021 (USD Million)
Table 128 RoW: Life Science Analytics Market Size, By Component, 2014–2021 (USD Million)
Table 129 RoW: Life Science Analytics Market Size, By Delivery Model, 2014–2021 (USD Million)
Table 130 RoW: Life Science Analytics Market Size, By End User, 2014–2021 (USD Million)
Table 131 Life Science Analytics Market Ranking, By Key Player, 2015
Table 132 Product and Service Launches, Upgrades, and Enhancements (2013–2016)
Table 133 Partnerships, Agreements, and Collaborations (2013–2016)
Table 134 Expansions (2013–2016)
Table 135 Mergers and Acquisitions (2013–2016)


List of Figures (49 Figures)

Figure 1 Research Design
Figure 2 Market Size Estimation : Bottom-Up Approach
Figure 3 Market Size Estimation: Top-Down Approach
Figure 4 Breakdown of Primary Interviews: By Company Type, Designation, and Region
Figure 5 Data Triangulation Methodology
Figure 6 Key Data From Secondary Sources
Figure 7 Key Data From Primary Sources
Figure 8 Descriptive Analytics Segment to Dominate the Market, By Type, During the Forecast Period
Figure 9 Sales and Marketing Support Segment to Register the Highest Rate During the Forecast Period
Figure 10 Services Segment to Dominate the Life Science Analytics Market During the Forecast Period
Figure 11 On-Demand Delivery Model to Register the Highest Growth Rate During the Forecast Period
Figure 12 Pharmaceutical and Biotechnology Companies Form Major End Users of Life Science Analytics
Figure 13 Asia to Register the Highest Growth in the Life Science Analytics Market During 2016-2021
Figure 14 Technological Advancements and Growing Adoption of Analytics Solutions for Clinical Trials are Driving Market Growth
Figure 15 Descriptive and Predictive Analytics to Dominate the Market in 2016
Figure 16 Research and Development Segment Forms the Largest Application Segment in 2016
Figure 17 Services Segment to Grow at the Highest Rate During the Forecast Period
Figure 18 On-Demand Delivery Model to Offer High Growth Opportunities During the Forecast Period
Figure 19 Pharmaceutical and Biotechnology Companies to Hold the Largest Share of the End User Market in 2016
Figure 20 Asia to Register the Highest Growth During the Forecast Period
Figure 21 Life Science Analytics Market: Drivers, Restraints, Opportunities, and Challenges
Figure 22 Healthcare Spending, 2014 (% GDP)
Figure 23 Prescriptive Analytics Segment to Grow at the Highest Rate During the Forecast Period
Figure 24 Descriptive Analytics Market, By Region: Asia to Grow at the Highest CAGR During the Forecast Period
Figure 25 Sales and Marketing Support Analytics to Register the Highest CAGR During the Forecast Period
Figure 26 Preclinical Trials Segment to Register the Highest Growth During the Forecast Period
Figure 27 The Services Segment to is Expected to Dominate the Life Science Analytics Market From 2016 to 2021
Figure 28 North America to Account for the Largest Share of the Life Science Analytics Services Market (2016-2021)
Figure 29 On-Demand Delivery Models to Witness Highest Growth During the Forecast Period
Figure 30 Asia to Grow at the Highest CAGR in the On-Premise Delivery Models Market During the Forecast Period
Figure 31 Pharmaceutical and Biotechnology Companies to Dominate the Life Science Analytics Market in the Forecast Period
Figure 32 North America to Dominate the Pharmaceutical and Biotechnology Companies Segment During 2016-2021
Figure 33 North America to Dominate the Life Science Analytics Market During the Forecast Period
Figure 34 North America: Life Science Analytics Market Snapshot
Figure 35 Europe: Life Science Analytics Market Snapshot
Figure 36 Asia: Life Science Analytics Market Snapshot
Figure 37 RoW: Life Science Analytics Market Snapshot
Figure 38 Key Developments in the Life Science Analytics Market, 2013–2016
Figure 39 Market Evolution Framework - Product & Service Launches, Upgrades, and Enhancements Fueled Market Growth (2013-2016)
Figure 40 Battle for Market Share: Product Launches, Service Launches, Product Upgrades, Product Enhancements and Service Enhancements are the Key Strategies Adopted By Market Players
Figure 41 Geographic Revenue Mix of the Top 5 Players in the Life Science Analytics Market
Figure 42 Company Snapshot: SAS Institute Inc.
Figure 43 Company Snapshot: IBM Corporation
Figure 44 Company Snapshot: Oracle Corporation
Figure 45 Company Snapshot: Quintiles, Inc.
Figure 46 Company Snapshot: Accenture
Figure 47 Company Snapshot: Cognizant
Figure 48 Company Snapshot: Take Solutions
Figure 49 Company Snapshot: Wipro Limited

The life science analytics market is expected to reach USD 24.73 Billion by 2021 from USD 13.26 Billion in 2016, at a CAGR of 13.3% from 2016 to 2021. The market is mainly driven by factors such as technological advancements, availability of big data in the life science industry, growing adoption of analytics solutions for clinical trials, increasing adoption of analytics solutions for sales and marketing applications, growing need for improved data standardization, rising prevalence of chronic diseases, increasing pressure to curb healthcare spending, and growing need for improved patient outcomes.

On the basis of type, the market is segmented into descriptive, predictive, and prescriptive analytics. The descriptive analytics segment is expected to account for the largest market share in 2016. This can be attributed to the significant usage of descriptive analytics by life science stakeholders to gain a better understanding of the past trends and event occurring in real-time.

On the basis of application, the life science analytics market is segmented into research and development (clinical trials and preclinical trials), sales and marketing support, regulatory compliance, supply chain analytics, and pharmacovigilance. The sales and marketing support segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment can be attributed to the increasing adoption of analytics by life science companies to align their sales and marketing campaigns. The growing importance of post-marketing surveillance is also boosting the utilization of analytics for sales and marketing.

On the basis of component, the market is segmented into services and software. The services segment is expected to grow at the highest CAGR during the forecast period due to increasing need for business analytics services and the introduction of technologically advanced life science analytics software, which requires extensive training to use as well as regular upgradation.

On the basis of delivery model, the market is segmented into on-demand and on-premise model. The on-demand segment is expected to grow at highest CAGR during the forecast period due to rise in demand for self-driven analytics, lack of upfront capital investments for hardware, extreme capacity flexibility, and the pay-as-you-go pricing of this model.

On the basis of end user, the life science analytics market is segmented into pharmaceutical and biotechnology companies, medical device companies, research centers, and third-party administrators (TPAs). The pharmaceutical and biotechnology companies segment is estimated to dominate the market in 2016. This can primarily be attributed to high utilization of analytics solutions by pharmaceutical and biotechnology companies.

Life Science Analytics Market

The market is dominated by North America, followed by Europe, Asia, and the Rest of the World. North America is expected to dominate the market in 2016. Asia is expected to grow at a highest CAGR during the forecast period. Factors such as large population base, growing prevalence of chronic diseases, increasing need for innovative therapies, and low manufacturing costs in the region are expected to drive market growth in the region. Moreover, growing focus on the adoption of digital technology in life science manufacturing and R&D activities is expected to boost the market in Asia.

Key players in the life science analytics market include SAS Institute Inc. (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Quintiles, Inc. (U.S.), Accenture (Ireland), Cognizant (U.S.), Wipro Limited (India), MaxisIT, Inc. (U.S.), TAKE Solutions (India), and SCIO Health Analytics (U.S.).

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