(I-BusinessNews.Com, September 11, 2020 ) Growth in this market is mainly driven by technological advancements, big data in the life science industry, growing adoption of analytics solutions in clinical trials, increasing adoption of analytics for sales & marketing applications, need for improved data standardization, increasing prevalence of chronic diseases, growing pressure to curb healthcare spending, and the need for improved patient outcomes.
According to research report the life science analytics market is projected to reach USD 33.2 billion by 2024 from USD 19.3 billion in 2019, at a CAGR of 11.5% during the forecast period.
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The life science analytics market is a highly diversified and competitive market, with a large number of players, including mid-tier companies and startup firms, competing for market shares. SAS Institute, Inc. (US), IBM Corporation (US), Oracle Corporation (US), Quintiles, Inc. (US), Accenture (Ireland), Cognizant (US), Wipro Limited (India), MaxisIT, Inc. (US), TAKE Solutions (India), and SCIO Health Analytics (US) are some of the key players in this market. These players have adopted various growth strategies, such as product launches & upgrades; expansions; mergers & acquisitions; and partnerships, agreements, and collaborations, to further expand their presence in the global market.
• IBM Corporation (US)
IBM Corporation is one of the leading players in the life science analytics market. The company’s strong position in the market can be attributed to its brand recognition and extensive product offerings. The company focuses on inorganic as well as organic growth strategies such as acquisitions, collaborations, expansions, and product launches in order to expand its existing product portfolio and strengthen its market position.
• Oracle Corporation (US)
Oracle, with its broad customer base of over 430,000 customers and geographic presence in over 175 countries, is a key player in a range of IT software, hardware, and service-related markets, including the life science analytics market. The company focuses on continuously updating its products and meeting customer expectations.
• SAS Institute, Inc. (US)
SAS Institute is one of the key players in the life science analytics market. In order to maintain its leading position in the market, the company adopts organic as well as inorganic growth strategies such as expansions, partnerships, and collaborations. For example, in March 2019, SAS collaborated with NVIDIA to design artificial intelligence (AI) for industries such as healthcare, life sciences, manufacturing, and financial services. In May 2019, SAS launched its SAS Cloud offering in an Amazon Web Services’ Data Center in Singapore. Such developments enable the company to enhance its presence in this market.
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North America accounted for the largest life science analytics market share, followed by Europe. The large share of this market can primarily be attributed to the strong economies in the US and Canada, which have allowed for significant investments in technology in this region. Growth in the North American market is supported by the growing adoption of IT in the life science industry, rising pressure to reduce healthcare costs, stringent regulations for the pharma-biotech and medical device industries, and the greater product and service availability in this region.
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