The life science industry has been experiencing several challenges which impact its operational environment including adoption of generics, patent cliff, increasing investments in research & developments, and strict regulatory guidelines & compliances. These challenges also offer multiple opportunities to create better solutions such as the usage of analytical tools & techniques which has developed as an important tool for biotechnological, pharmaceutical, medical devices, and related enterprises. Specifically in life sciences, these tools allow researchers to conquer challenges in data integration and data solutions. In simple terms, these analytical solutions & services help translate in-house and third-party data into meaningful insights to solve organizational research-related challenges. Product/service enablement, marketing/sales support, regulatory compliance reporting, and data integration are the key applications of analytics in the pharmaceutical and life science industries.
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Life science institutes and industries are adopting digital records due to their ease of integration, higher standardization, sophistication, and minimized errors. For instance, the health care industry is moving at a greater pace due to EHR (Electronic Health Records) which follow a standard format. The personal property security (PPSA) regulation influences pharmaceutical industries or firms to bring about easy analysis of market expenditure and competitor data to gain significant insights, as it allows data collation across various organizations in a standard format. Also, technological advancements in voice and text analytics help convert important points and recordings to well-structured and managed digital formats. With digitalization of data, organizations are trending to bring about integration across various technology systems. For instance, the clinical trial data of pharmaceutical firms is being integrated with pharmacovigilance (PV) data for better analytics.
The global life science analytics market is anticipated to witness substantial growth in the next few years, driven by the availability of big data in the life science industry, technological adoption & acceptance of clinical trials, usage of analytical solutions in sales & marketing, rise in demand for standardization of data, and increasing prevalence of chronic diseases. The growing need for accuracy in treatment & therapeutic solutions, focus on personalized & precision medicines, cloud-based analytics, rise in investments in R&D, developments in social media, and the effects on the health care industry are other factors which provide major opportunities to the global life sciences analytics market. Consequently, the high cost, financial restrictions, lack of awareness, and shortage of skilled professionals are major restrains for this market.
The global life sciences analytics market can be segmented on the basis of product into the following categories: descriptive analytics, predictive analytics, and prescriptive analytics. Predictive analytics are anticipated to dominate the market. By application, the market can be divided into the following groups: research & development, preclinical trials, clinical trials, regulatory compliance, supply chain analytics, pharmacovigilance, and others. Research & development and regulatory compliance are expected to dominate the market in the next few years due to the rising investments and advancements in health care infrastructure. Based on delivery model, the market can be classified into the following sections: on-premise, on-demand, component, and software & services. The latter is projected to hold a major market share. In terms of end-user, the market can be categorized into the following sections: pharmaceutical & biotechnology companies, hospitals & diagnostic centers, academic & research centers, and others.
Key players operating in this market include SAS Institute Inc., IBM Corporation, Oracle Corporation, Quintiles, Inc., Accenture, Cognizant, Wipro Limited, MaxisIT, Inc., TAKE Solutions, and SCIO Health Analytics.
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