Increase in prevalence of chronic diseases, increased demand for enhanced patient outcomes, and surge in adoption of analytics solutions in clinical trials and sales & marketing applications drive the global life science analytics software market.
Portland, OR, Nov. 25, 2020 (GLOBE NEWSWIRE) -- The global life science analytics software market garnered $5.35 billion in 2019, and is estimated to reach $16.04 billion by 2027, registering a CAGR of 12.3% from 2020 to 2027. The report offers an extensive analysis of changing market trends, top winning strategies, drivers & opportunities, key segments, and competitive landscape.
Increase in prevalence of chronic diseases, increased demand for enhanced patient outcomes, and surge in adoption of analytics solutions in clinical trials and sales & marketing applications drive the global life science analytics software market. However, scarcity of skilled professionals in developing nations and issues related to data privacy hinder the market growth. On the other hand, advent of big data analytics to raise R&D productivity creates new opportunities in the coming years.
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The demand for life science analytics software has been increased in pharmaceutical and biotechnology companies for the diagnosis and research of vaccine on COVID 19 in the global lockdown.
Research & development activities, on the other hand, in life science analytics software has been increased during the global lockdown, owing to fulfill the demand in health care services.
The report offers a detailed segmentation of the global life science analytics software market based on product, application, delivery model, end user, and region.
Based on product, the descriptive analytics segment contributed to the highest contribution in 2019, accounting for more than two-fifths of the total revenue, and is expected to maintain its lead position during the forecast period. However, the predictive analytics segment is projected to portray the largest CAGR of 15.6% from 2020 to 2027.
Based on application, the research and development segment accounted for the largest share in 2019, holding more than half of the total share, and is estimated to maintain the highest contribution during the forecast period. However, the sales and marketing support segment is estimated to register the fastest CAGR of 17.5% during the forecast period.
Based on region, Asia-Pacific is expected to grow at the fastest CAGR of 16.7% from 2020 to 2027. However, North America accounted for the highest share, holding nearly half of the total share in 2019, and will maintain its lead status during the forecast period.
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Leading market players analyzed in the research Accenture Plc, Chemical Abstracts Services(ACS), ArisGlobal LLC, Clarivate Analytics Plc, Certara, L.P., Dassault Systemes, Cognizant Technology Solutions Corporation, IQVIA Holdings Inc., Deloitte ToucheTohmatsu Limited, Oracle Corporation, Microsoft Corporation, TIBCO Software Inc., and Veeva Systems Inc.
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