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Life Science Analytics Market Expected to reach $25.60 billion by 2023 with a CAGR of 15.3% | Accenture, Cognizant, IBM Corporation, Maxisit, Oracle Corporation, Quintiles, Inc, SAS Institute Inc

04-24-2019 02:17 PM CET | IT, New Media & Software

Press release from: ReportsWeb

ReportsWeb

ReportsWeb

The application of analytics has emerged as a helpful tool for several pharmaceutical, biotechnological, and medical device enterprises, as these options help overcome challenges in data integration and enhance operational efficiency. The key applications of analytics in pharmaceutical and life sciences include regulatory compliance reporting, marketing/sales support, and product/service enablement.

Life Science Analytics market is expected to grow from $9.45 billion in 2016 to reach $25.60 billion by 2023 with a CAGR of 15.3%.

Top players in Global Life Science Analytics market include:
Accenture, Cognizant, IBM Corporation, Maxisit, Oracle Corporation, Quintiles, Inc, SAS Institute Inc, Scio Health Analytics, Take Solutions and Wipro Limited.

Get sample copy of “Life Science Analytics Market” at: https://www.reportsweb.com/inquiry&RW0001888495/sample

The global life science analytics market is expected to witness significant growth during the forecast period due to increasing prevalence of chronic disease, increased demand for improved data standardization, and technological advancements.

Some of the factors propelling the market growth are raising demand for analytics in sales and marketing applications, increasing need of these solutions especially in clinical trials and improvements in technological advancements. However lack of skilled professionals, huge implementation costs, and financial limitations are some of the factors inhibiting the market growth.

In addition, increasing adoption of analytics for sales and marketing applications and in clinical trials has further boosted the market growth. However, lack of skilled professionals and budget constraints hamper the market growth.

Based on type, descriptive analytics segment leads the market with the highest market share and the growth of this segment is contributed to the adoption of this analytics by stakeholders in understanding the previous trends. By delivery model, on-demand segment is anticipated to be a largest segment as it has several advantages such as increasing demand for self-driven analytics and maximum capacity flexibility. North America leads the market globally followed by Asia Pacific and the growth is owed to the rising demand for innovative therapies and growing population in this region.

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Life Science Analytics Components Covered:
-Software
-Services

Life Science Analytics Applications Covered:
-Supply Chain Analytics
-Sales and Marketing Support
-Pharmacovigilance
-Regulatory Compliance
-Research and Development
- Clinical Trials
- Preclinical Trials

Life Science Analytics End Users Covered:
-Research Centers
-Pharmaceutical and Biotechnology Companies
-Third-Party Administrators
-Medical Device Companies

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