In the recent past, the life science industry has experienced various challenges which influenced its operational environment. This includes patent cliff, approval of generics, growing investments in R&D, and stringent regulatory guidelines & compliances. However, these challenges have created various opportunities such as the use of analytical tools & techniques. The use of these tools has developed as significant tool for medical devices, biotechnological, pharmaceutical, and associated enterprises. Especially in life sciences, these tools help to conquer challenges in data integration and solutions. These analytical solutions & services allow to translate in-house and third-party data into important insights to solve organizational research-related challenges. Some of the key applications of analytics in life science industries include product enablement, marketing support, regulatory compliance reporting, sales support, and data integration.

Various life science institutes are adopting digital records as they have high standards, sophistication and offer minimal errors. Some of the key factors driving the growth of global life science analytics market include availability of big data in life science industry. In addition to this, technological advancements has also boosted the growth of global life science analytics market in the recent years. The increasing adoption of analytics solutions for clinical trials, augment in adoption of analytics solutions for marketing as well as sales application and increasing need for improved data standardization is analyzed to fuel the market over the forecast period. However, lack of skilled professionals is analyzed to hamper the growth of global life science analytics market over the forecast period.

The life science analytics market is classified on the basis of type, application, component, end-user and regions. On the basis of type, the life science analytics market is segmented into descriptive analytics, predictive analytics, prescriptive analytics. By application, the life science analytics market is segmented into research and development, preclinical trials, clinical trials, sales and marketing support, supply chain analytics, regulatory compliance, and pharma covigilance. On the basis of component, the life science analytics market is segmented into software and services. On the basis of end-user, the life science analytics market is segmented into medical device companies, pharmaceutical and biotechnology companies, research centers, and third-party administrators (TPAs).

The market for life science analytics is bifurcated based on five regions namely North America, Europe, Asia-Pacific, Central and South America (CSA) and Middle East. Asia Pacific is the major player in the life science analytics market. This is mainly attributed to the extensively growing pharmaceutical industry in developing countries such as India and China. Latin America is analyzed to grow at significant rate over the forecast period.

Some of the key players in global life science analytics market are SAS Institute Inc., MaxisIT, Inc., TAKE Solutions, Oracle Corporation, Quintiles, Inc., IBM Corporation, Cognizant, Accenture, Wipro Limited, and SCIO Health Analytics.