New York, USA, July 27, 2021 (GLOBE NEWSWIRE) -- The global life science analytics software market is estimated to generate a revenue of $13,375.8 million, growing at a CAGR of 12.4% during the forecast period (2021-2028), increasing from $5,331.9 million back in 2020. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Drivers: Artificial Intelligence is extensively used around the word due to the reliability and accuracy of the data it provides. In addition, AI reduces a great deal of healthcare expenses with a level of ease in the drug development processes. These factors are expected to surge the growth of the global life science analytics software market.
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Restraints: Extortionate price of implementing life science analytics software and lack of advanced infrastructure in under-developed countries are the major factors that are anticipated to impede the growth of the global life science analytics software market.
Opportunities: Technological advancements in AI centric life science analytics software are expected to expected to create a massive demand, leading to the growth of market.
Segments of the Market
The report has divided the market into different segments based on product, application, delivery model, end user, and regional outlook.
Product: Descriptive Analytics Sub-segment to be Most Lucrative
The descriptive analytics sub-segment is expected to generate a revenue of $5,354.7 million during the forecast period. Descriptive analytics significantly helps in collecting, analyzing, and providing data of paramount importance in a systematic manner. Thus, the sub-segment is anticipated grow exponentially.
Application: Sales and Marketing Support Sub-segment to be Most Profitable
The sales and marketing support sub-segment in expected to garner a revenue of $4,408.9 million during the forecast period, increasing from $1,784.0 million back in 2020. Increasing reliance on post-marketing analysis is subjected to boost the sales and marketing sub-segment.
Delivery Model: Cloud Sub-segment to be the Fastest Growing Sub-Segment
The cloud sub-segment is anticipated to be the fastest growing sub-segment by registering a revenue of $6,708.0 million during the forecast period, increasing from $2,615.3 million back in 2020. Due to the economic and security benefits of the cloud technology, this sub-segment is estimated to have the fastest growth.
End User: Pharmaceutical and Biotechnology Companies Sub-segment to be Most Lucrative
The pharmaceutical and biotechnology companies sub-segment is estimated to generate a revenue of $6,457.5 million during the forecast period, increasing from $2,606.0 million back in 2020. Increasing adoption of enhanced analytical tools for increasing the efficiency of drugs to treat grave disease is anticipated to drive the growth of global life science analytics software market.
Regional Outlook: North America to Dominate the Market
North America is estimated to generate a revenue of $6,634.4 million on during the forecast period, increasing from $2,692.6 million back in 2020. Rising geriatric population and continuous advancements in healthcare infrastructure are estimated to drive the growth of the market in this region.
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Impact of COVID-19 On the Market
The outbreak of COVID-19 has had a positive impact on the global life science analytics software market due to increasing use of life science analytics software to study the efficacy of the virus, and hence develop a potent drug for the effective treatment of COVID-infected patients.
Major Key Players
The major players of the Life Science Analytics Software Market include -
- ArisGlobal
- Accenture
- SAS Institute Inc.
- Microsoft
- IQVIA Holdings Inc.
- Oracle Corporation
- Veeva Systems Inc.
- American Chemical Society (ACS)
- TIBCO Software Inc.
- International Business Machines Corporation
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in May 2020, Saama Technologies Inc., a prominent AI-clinical analytics platform firm, and iNDX.Ai, a dominant software products company, proclaimed the launch of ‘COVID-19 Command Center’ to boost the efficiency of R&D projects for the treatment of COVID-19.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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