Life Science Analytics Market is estimated to be US$ 48.63 billion by 2030 with a CAGR of 7.50% during the forecast period
Life Science Analytics Market accounted for US$ 23.65 billion in 2020 and is estimated to be US$ 48.63 billion by 2030 and is anticipated to register a CAGR of 7.50%. Life science analytical is the software used to overcome data integration, unpredictable demand and to enhance operational efficiency in the pharmaceutical and life science companies. They helps to standardize the clinical trials data and also validates its adherence. Advanced analytical aids are in early detection of potential risk and also enables to proactively address them. Life Science Analytics are ensures patient safety and also maintains regulatory compliance. It helps in suggesting the ways to reduce the trial costs without data compromising and study requirement. Life science analytics are contain Analytics module and Risk module. It ensures patient safety and maintains regulatory compliance and also helps in suggesting ways to reduce the trial costs without compromising data and study requirements. It has an Analytics module and an Integrated Risk Module.
The report " Global Life Science Analytics Market, By Component (Software and Services), By Type (Reporting, Descriptive, Predictive, and Prescriptive), By Delivery Model (On-demand and On-premises), By Application (Research and Development, Sales and Marketing, Regulatory Compliance, Supply Chain Analytics, and Pharmacovigilance), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030”
Key Highlights:
· A real world patient data analytics platform for the life science and healthcare industries, Sensyne launches SENSIGHT in 2021.SENSIGHT is the first data analytical platform, they provide industrial scale access to de-identified real world data insights.
· Accenture and Trifacta, a worldwide data preparation provider, announced a partnership in December 2020 to develop efficient data mining solutions for improved drug development procedures.
· In January 2021, Cognizant and Oracle inked a collaboration agreement to use a combined solution of Cognizant's Shared Investigator Platform and Oracle's Health Sciences solution to accelerate and streamline clinical research processes.
Analyst View:
Pharmaceutical companies are increasingly considering digitization as they use the strategic initiative that potentially help to transform different components of their value chain to become more profitable and productive. The use of digital technologies, such as pervasive and mobility computing, analytics, big data, and analytics , companies can improve their R & D productivity, sales and marketing effectiveness, manufacturing capabilities, and compliance management. In analytics technologies, manufacturing processes, are integrated to capture unit operations data automatically. These approaches help to reduce process time and minimize errors. Due to High cost these solutions are less affordable for small and medium size pharma companies with limited budgets.
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Key Market Insights from the report:
Global Life Science Analytics Market accounted for US$ 23.65 billion in 2020 and is estimated to be US$ 48.63 billion by 2030 and is anticipated to register a CAGR of 7.50%. The Global Life Science Analytics Market is segmented by crop type, application, form and region. On the basis of crop type, the global potash fertilizers market is sub segmented into cereals & grains, oilseeds & pulses, fruits & vegetables and others.
· By Component, the Global Life Science Analytics Market is segmented into Software and Services.
· By Type, the Global Life Science Analytics Market is segmented into Reporting, Descriptive, Predictive, and Prescriptive.
· By Delivery Model, the Global Life Science Analytics Market is segmented into On-demand and On-premises.
· By Application, the Global Life Science Analytics Market is segmented into Research and Development, Sales and Marketing, Regulatory Compliance, Supply Chain Analytics, and Pharmacovigilance.
· By region, the Global Life Science Analytics Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape:
· The key operators of the Global Life Science Analytics Market are Accenture PLC,SAS Institute, Inc.,IBM Corporation,MaxisIT, Inc.,Oracle Corporation,Wipro Limited,Cognizant Technology Solutions Corporation,SAP SE,Take Solutions, Inc.,IQVIA, Inc.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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