Life Science Analytics Market Size to Worth Around USD15.2 Billion by 2027

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New York, United States: The Report on Life Science Analytics Market by Decisive Markets Insights was released in the middle of Covid -19 after a thorough analysis of the top players and primary interviews with key industry figures. A market study from Life Science Analytics Market examines the market size, segmentation, future trends, growth rate, drivers and challenges, as well as the sales channels and distributors.

The global Life Science Analytics market gathered revenue around USD 7.1 Billion in 2020 and market is set to grow USD 15.2 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 8.2% during the prediction period 2021 to 2027.

Overview of Life Science Analytics Market Study

Life Science Analytics market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

The growing need to improve patient outcomes and reduce healthcare costs is contributing to the growing demand for life science analytical solutions. The growing demand for personalized medicine and the rising impact of social media and the internet on shaping the healthcare industry are boosting growth. Furthermore, the growing adoption of analytical solutions and the emergence of advanced analytics for the life science industry is further driving the market during the forecast period.

The ongoing Covid-19 pandemic has burdened healthcare systems across the globe and is anticipated to drive the demand for analytics in the life science industry. Technological advancements during the pandemic have enabled healthcare systems to develop solutions to overcome physical limitations of capital and labor and open up new sources of value and growth. For instance, Moderna and IBM utilized artificial intelligence, cloud computing, and blockchain solutions to support Covid-19 vaccine management.

Based on component, the services segment accounted for the largest revenue share in 2020 owing to the increasing trend of outsourcing these services since healthcare and life science companies lack resources and capabilities to deploy analytical software and services. Additionally, the services segment is expected to exhibit the fastest growth during the forecast period owing to multi-package services offered by these outsourced companies.

In 2020, the descriptive type segment accounted for the largest revenue share owing to the growing demand for descriptive and quantifiable analysis using historic data. The growing need of understanding past behavior of consumers and serviceable audience to predict future market dynamics using data mining techniques are contributing to the growth of the descriptive type segment. On the other hand, the predictive type segment is anticipated to register the fastest-growing during the forecast period owing to the increasing adoption of advanced analytics to predict possible future outcomes and aids stakeholders in designing strategies and devise appropriate tactics to sustain and improve performance.

Based on the application, the sales and marketing support segment accounted for the largest revenue share in 2020 owing to the increasing adoption of big data analytics in the sales and marketing vertical of life science companies to attain higher consumer responsiveness and gain consumer insight to enhance sales productivity. On the other hand, the research and development segment is expected to exhibit the fastest growth during the forecast period owing to the growing pipeline of pharmaceutical and medical device companies. In addition, the segment is expected to experience an increase in demand for licensing products and technologies and would eventually contribute to the growth and development of the market.

In 2020, the on-premise delivery segment accounted for the highest revenue share owing to the ease of access from remote locations with minimized costs and maintenance. On the other hand, the on-demand delivery segment is anticipated to grow fast during the forecast period owing to the increasing adoption of cloud computing solutions. In addition, increased usage of the internet and web-based services and its enhanced accessibility from the most remote locations are contributing to segment growth.

Based on end-user, pharmaceutical companies accounted for the largest revenue share in 2020 owing to the rising adoption of analytical software solutions to enhance the efficiency of clinical trials and increase drug utilization. On the other hand, the biotechnology segment is anticipated to grow fast during the forecast period owing to the increasing adoption of analytics in genome analysis and sequencing to curb expenditure. In addition, the availability of personalized data analytic solutions is increasing the growth and development of the segment.

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COVID-19 Impact on Life Science Analytics Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Life Science Analytics market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Life Science Analytics market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Life Science Analytics market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Life Science Analytics market include:

Accenture; Cognizant; IBM; Wipro Limited; Take Solutions Limited; IQVIA; Oracle; SAS Institute, Inc

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:

  • By Component
    • Software
    • Services
  • By Type
    • Reporting
    • Descriptive
    • Predictive
    • Prescriptive
  • By Application
    • Research and Development
    • Sales and Marketing Support
    • Regulatory Compliance
    • Supply Chain Analytics
    • Pharmacovigilance
  • By Delivery
    • On-demand
    • On-premise
  • By End-user
    • Medical Device
    • Pharmaceutical
    • Biotechnology
    • Others

Why Buy this Report?

The purpose of Nova one advisor’s Life Science Analytics market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

Download This Full Research Report, Click Here@ https://www.novaoneadvisor.com/report/checkout/6083

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