The global life science analytics software market is anticipated to grow at a significant CAGR of 13.3% during the forecast period (2024-2031). The market growth is attributed to pivotal factors such as the growing prevalence of chronic diseases, the increasing demand to reduce healthcare spending, and the growing acceptance of analytics for sales and marketing applications. Healthcare organizations and life science companies are rapidly employing analytical solutions to improve operational, financial, and clinical results with reducing healthcare costs, which is driving market expansion.
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Accurate and easily accessible data is essential to the life sciences industry’s R&D and clinical trial advancement. Stronger stakeholder engagement from R&D through commercialization demands integrated, compliant, and trustworthy solutions driven by data and AI in the life sciences sector. to meet the growing demand for data analytics, in May 2023, Salesforce, Inc. launched a life science cloud for MedTech and Pharma companies to aid in accelerating the development of drugs and devices, recruiting and retaining patients throughout clinical trials, and utilizing AI to provide clients with tailored experiences. Utilizing data, automation, and reliable AI, Life Sciences Cloud optimizes clinical operations and patient engagement.
For instance, Further, n June 2023, IQVIA Inc. launched IQVIA RIM Smart Labeling, A comprehensive labelling solution for the life sciences sector. It offers an intelligence-driven method for more effective and compliantglobal label management. While increasing compliance operations across regions and stakeholders, life sciences businesses can concentrate on lowering the costs and complexity associated with label management. The product is specially launched for Life sciences companies to streamline workflows and regulatory label planning, tracking, and execution systems into a single, streamlined process by implementing smart labelling.
Various software uses self-learning networks, intelligent business applications, andcloud-based, open, and modular architecture and business-ready interfaces to corporate systems. For instance, in September 2021, ZSlaunched ZAIDYN platform to accelerate digital strategies in life sciences. ZSa platform for life sciences companies of all sizes to digitally transform and scale customer engagement, field performance, analytics and clinical capabilities.
Market Coverage
- The market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
- Segment Covered-
o By Component
o By Delivery Model
o By Application
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Cognizant Technology Solutions Corp., IQVIA Inc., Microsoft Corp., Oracle Corp., and Salesforce, Inc. among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Life Science Analytics Software Market Report Segment
By Component
- Services
- Software
By Delivery Model
- On-Premise Model
- On-Demand Model
By Application
- Research & Development
- Clinical Trials
- Sales & Marketing
- Supply Chain Optimization
- Pharmacovigilance
- Others (Regulatory Compliance)
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Life Science Analytics Software Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Accenture PLC
- ArisGlobal LLC
- Calico Life Sciences LLC.
- Cloud Software Group, Inc.
- Conduent, Inc.
- DassaultSystèmes
- Epic Systems Corp.
- GE HealthCare Technologies Inc.
- IBM Corp.
- Inovalon
- Microsoft Corp.
- Omnicell, Inc.
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