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The growth of this market is mainly driven by factors such as technological advancements, availability of big data in the life science industry, growing adoption of analytics solutions for clinical trials, increasing adoption of analytics solutions for sales and marketing applications, growing need for improved data standardization, rising prevalence of chronic diseases, increasing pressure to curb healthcare spending, and growing need for improved patient outcomes.
Moreover, increasing focus on value-based medicine, use of analytics in precision and personalized medicine, cloud-based analytics, use of big data analytics to increase R&D productivity, and emergence of social media and its impact on the life science industry provide significant growth opportunities in the market. However, lack of skilled professionals and financial constraints may hinder the growth of this market during the forecast period.
The report segments the life science analytics market based on type, application, component, delivery model, end user, and region. Based on type, the market is segmented into descriptive analytics, predictive analytics, and prescriptive analytics. The descriptive analytics segment is expected to account for the largest share of the life science analytics market in 2016.
The significant usage of descriptive analytics by stakeholders to gain a better understanding of the past trends and event occurring in real-time is expected to drive the growth of this segment. Based on delivery model, the life science analytics market is segmented into on-demand models and on-premise models. The on-demand models segment is expected to grow at the highest CAGR during the forecast period due to advantages such as growing demand for self-driven analytics, lack of upfront capital investments for hardware, extreme capacity flexibility, and pay-as-you-go pricing of this model.
Based on region, the life science analytics market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2016, North America is expected to dominate the market, followed by Europe. Asia is poised to be the fastest-growing region during the forecast period. Factors such as large population base, growing prevalence of chronic diseases, increasing need for innovative therapies, and low manufacturing costs in the region are expected to drive market growth of this region. Moreover, growing focus on the adoption of digital technology in life science manufacturing and R&D activities is expected to boost the life science analytics market in Asia.
The life science analytics market is a highly fragmented market, with several big and emerging players. Key market players include SAS Institute Inc. (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Quintiles, Inc. (U.S.), Accenture (Ireland), Cognizant (U.S.), Wipro Limited (India), MaxisIT Inc. (U.S.), TAKE Solutions (India), and SCIO Health Analytics (U.S.).
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