The Global Life Science Analytics Market size is expected to reach $12. 5 billion by 2026, rising at a market growth of 8% CAGR during the forecast period. Life science and healthcare groups can put their data into prompt, significant usage with artificial intelligence (AI) analytics platforms.
New York, Dec. 23, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Life Science Analytics Market By Component, By Application, By End User, By Delivery Mode, By Type, By Region, Industry Analysis and Forecast, 2020 - 2026" - https://www.reportlinker.com/p05999869/?utm_source=GNW
Life sciences analytics tools allow biopharma companies to keep their data protected while allowing their researchers and scientists to analyze drug outcomes in seconds and therefore clinical trial results can be easily compared with historical genomics data.
Analytics platforms have not up till now reached the level of complete maturity necessary to act as a separate enterprise solution and these are still seen as modest assets within pharmaceutical companies. As the surge in the volume of data delivered through the new biological, clinical process, chemical, epidemiological, economic, and some other channels endures to grow, a novel era of analytics is evolving with more demand for analytics compute services. The analytics service supplier landscape external to the pharmaceutical companies is various and will keep growing till pharma itself catches up with some other industries.
Based on Component, the market is segmented into Services and Software. In the year 2019, the services segment has the largest revenue share in the market. Due to the growing penetration of analytics services, like preventive maintenance, social media analytics, manufacturing process, projecting life science analytics for medical devices and equipment, and benchmarking services, the services segment has the bulk market share.
Based on Application, the market is segmented into Sales & Marketing Support, Research and Development (R&D), Pharmacovigilance, Supply Chain Analytics and Regulatory Compliance. The R&D segment is expected to propagate at the fast rate in the coming years. Growing R&D cost, reduction in innovations, and the influence of digitalization in research and development are among the few factors that are anticipated to drive the usage of life science analytics in research activities in order to increase its productivity.
By End User
Based on End User, the market is segmented into Pharmaceutical, Medical Devices, Biotechnology and Other End Users. The pharmaceutical segment in the year 2019 has led the market and has the largest revenue share of the market. This is accredited to the growing applications of life science analytics in the pharmaceutical sector like reduction in clinical trials, drug discovery, sales and marketing, and risk management.
By Delivery Mode
Based on Delivery Mode, the market is segmented into On-Premise and On-demand. The on-demand segment is anticipated to be the fastest-growing segment due to the growing requirement for on-demand disposition to decrease the overall cost acquired in the server and also to get personalized services as per the business requirements.
Based on Type, the market is segmented into Descriptive, Predictive, Reporting and Prescriptive. The Predictive life science analytics segment is anticipated to show rapid growth in the market, due to the enormous customer pool that is fascinated in accepting the existing market scenario. Furthermore, the cost connected with acquiring Predictive data or reports is relatively lower than that of prescriptive life science analytics, due to which these reports can be acquired by stakeholders across the market range.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia Pacific is anticipated to grow at the high growth during the forecast period owing to the increasing prevalence of chronic diseases, growth of the life science industry, increasing adoption of progressive technologies, and the rising focus of main players on increasing their existence in emerging Asian countries.
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation, Oracle Corporation, and IBM Corporation are the forerunners in the Life Science Analytics Market. Companies such as Accenture PLC, AllScripts Healthcare Solutions, Inc., and IQVIA Holdings, Inc., Cerner Corporation, SAS Institute, Inc., Cognizant Technology Solutions Corporation, and Infosys Limited are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, IBM Corporation, Microsoft Corporation, Accenture PLC, Cognizant Technology Solutions Corporation, Infosys Limited, IQVIA Holdings, Inc., AllScripts Healthcare Solutions, Inc., Cerner Corporation and SAS Institute, Inc.
Recent strategies deployed in Life Science Analytics Market
Partnerships, Collaborations, and Agreements:
Oct-2020: Oracle partnered with FHI Clinical, a contract research organization. The partnership aimed to improve clinical trial efficiency and help sponsors in availing therapies faster.
Oct-2020: IQVIA collaborated with Medvarsity Online Ltd, Asia’s largest healthcare Ed-tech Company. They aimed to provide healthcare professionals (HCPs) with flexible, on-demand medical e-training solutions, using IQVIA’s collaborative learning platform HCP Space to carry training compliance.
Oct-2020: IQVIA partnered with the U.S. Food and Drug Administration. It aimed to provide agile analytics from IQVIA’s CARE Project COVID-19 to help in a better understanding of how people are affected by the coronavirus. IQVIA’s research showed the symptoms that individual’s experience, the length, and intensity of any medications or vitamin supplements they take that affect the intensity of their coronavirus symptoms.
Sep-2020: IBM entered into a partnership with Pharmaspectra, the world’s largest collection of medical science. The partnership enabled Pharmaspectra to further develop their LINK KOL management solution and IBM has withdrawn IBM Stakeholder Manager from its portfolio and offered an altered path for its clients to Pharmaspectra’s product LINK.
Jul-2020: IQVIA collaborated with LMC Manna Research, the largest network of fully-owned and integrated clinical research sites in Canada. The collaboration aimed to launch IQVIA’s first Prime Site in Canada and added more than 980 Prime and Partner clinical sites to IQVIA’s network.
Jul-2020: IQVIA came into collaboration with AstraZeneca, a British multinational pharmaceutical and Biopharmaceutical Company. This collaboration accelerated the development of a potential new vaccine for COVID-19 that was initiated as a part of the U.S. government’s announced Operation Warp Speed project. The collaboration aimed to drive faster delivery of clinical studies in the U.S to demonstrating the effectiveness of AstraZeneca’s potential COVID-19 vaccine, AZD1222.
May-2020: Oracle collaborated with Peachtree BioResearch Solutions, a full-service clinical research organization (CRO). The collaboration aimed to optimize Peachtree’s clinical startup and management activities, using Oracle Health Sciences cloud services.
May-2020: Cerner collaborated with Hospital IQ, a company specialized in automation technology. The collaboration aimed to offer health systems near real-time analytics and predictive capabilities that help them to understand better where resources are being used and how they can be used more efficiently.
Feb-2020: SAS partnered with Wolters Kluwer, an American Dutch information services company. This partnership allowed the compliance of information aggregated from the formation of real-world sources and established a foundation of regulatory-grade data quality to guide the use of RWE in life science.
Jan-2020: Accenture collaborated with Google Cloud that will provide its cloud technology for Accenture’s INTIENT life sciences industry platform. The agreement helped Accenture’s life sciences services and platforms to assist life sciences organizations to build their data more accessible, secure, and valuable.
Oct-2019: Microsoft collaborated with Novartis, a Swiss multinational pharmaceutical company. The collaboration aimed to support Novartis AI capabilities from research through commercialization and helped to boost the discovery and development of transformative medicines for patients worldwide.
Aug-2019: Oracle collaborated with HCL Technologies (HCL), a leading global technology company. The collaboration aimed to assist life sciences companies to execute and scale the next generation of digital clinical trials that decreases the time and cost of drug development.
Acquisition and Mergers:
Nov-2020: Accenture acquired OpusLine, the leading consulting company. This acquisition would help Accenture in better positioning to offer health industry clients with the innovations in domains such as data analytics and artificial intelligence (AI) and carry the health ecosystem with highly differentiated services.
Aug-2019: Cognizant acquired Zenith Technologies, a privately-held life science manufacturing technology Services Company. This acquisition extended Cognizant’s capabilities of designing, implementing, and managing end-to-end operational and information technology systems for linked biopharmaceutical and medical device manufacturers.
May-2019: Accenture acquired Enterprise System Partners (ESP), a consulting and manufacturing services provider. This acquisition strengthened Accenture’s capabilities to convert manufacturing for pharmaceutical, biotech, and medical device clients around the globe.
Oct-2018: AllScripts took over a cloud-based platform, Evalytica. The acquisition aimed to advance the Evalytica technology that enabled the platform to expand and refine its capabilities, functionality, and reach for fast growth.
Jan-2018: AllScripts acquired Practice Fusion, a health IT vendor. This acquisition allowed AllScripts to extend its huge data analytics capabilities, earn clientele among smaller physician practices, and continue to carry on data-driven solutions to the life science sector.
Apr-2016: IBM acquired Truven Health Analytics, a leading provider of cloud-based healthcare data, analytics, and insights. Together, the companies started the process of using Watson Health’s capabilities for gathering insights from Truven’s health data.
Product Launches and Product Expansions:
Nov-2020: SAS launched an updated SAS Life Science Analytics Framework. The newly updated framework helped in the transformation of data into life-changing insights and deliver better and safer therapies to patients. It is designed to minimize development timelines and direct the modernization of clinical trials, span ensuring regulatory compliance.
Jun-2020: Infosys introduced a Personalized Medicine solution. The solution supports SAP S/4HANA, the SAP C/4HANA suite, the SAP, Analytics Cloud solution, and the SCI platform to obtain intelligent insights. It enabled pharma companies to digitally modify their processes and direct stronger business outcomes.
Mar-2020: AllScripts Healthcare Solutions introduced Veradigm’s AccelRx, a unique software solution for specialty medication management. It helps providers to spend less time on phone calls and managing faxes while handling higher patient medication adherence.
Feb-2020: Oracle unveiled its Oracle Cloud Data Science Platform. The platform improves the power of data science teams with capabilities like model catalogs, shared projects, team security policies, reproducibility, and auditability.
May-2019: Accenture launched INTIENT, a technology platform. It improved the continuity and movement of data across life sciences enterprises, assisting the delivery of ground-breaking treatments for patients. INTIENT enables the swift integration of new technology, and advanced analytics powered by Accenture Applied Intelligence.
Jan-2019: IQVIA introduced Software as a Service (SaaS), a safety platform. The platform aimed to direct the drug safety and surveillance challenges of life sciences organizations, starting from emerging biopharma to large pharmaceutical companies.
Scope of the Study
Market Segments Covered in the Report:
• Sales & Marketing Support
• Research and Development (R&D)
• Supply Chain Analytics
• Regulatory Compliance
By End User
• Medical Devices
• Other End Users
By Delivery Mode
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Oracle Corporation
• IBM Corporation
• Microsoft Corporation
• Accenture PLC
• Cognizant Technology Solutions Corporation
• Infosys Limited
• IQVIA Holdings, Inc.
• AllScripts Healthcare Solutions, Inc.
• Cerner Corporation
• SAS Institute, Inc.
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