The size of the European life science analytics market is forecasted to be growing at a CAGR of 9.2% between 2023 to 2028.
Y-O-Y rise in the number of pharmaceutical companies, growing R&D activities, and increasing demand for personalized medicines are expected to boost the European Life science analytics market. The demand for innovative analytics in various applications is significantly growing, which is expected to promote the market's growth rate. The rising adoption of AI and big data in the healthcare sector, the growing requirement for advancing data standardization, and the rising adoption of analytical solutions in clinical trials and technological advancements are further expected to accelerate the market growth.
Analytics plays a crucial role in the development of healthcare, microbiology, and others. The growing number of life science applications in the pharmaceutical sector, especially in clinical trials, drug discovery, and risk management, is further expected to drive the market. Life science analytics aid in limiting healthcare costs, decreasing hospitalization and reducing required testing. Growing investments by the key market participants on the R&D applications to better the analytical solutions is a plus to the market growth.
High investment support required to develop and implement life science analytics is one of the significant factors hampering the market's growth rate. The market participants may face challenges with the research and development and regulatory changes.
Impact of COVID-19 on the Europe Life Science Analytics Market:
The sudden outbreak of COVID-19 has impacted all sectors, including the healthcare industry. The present coronavirus has resulted in the number of patients visiting healthcare services daily. The rising number of COVID-19 cases, the absence of healthcare providers, and better patient data management are expected to favor the European life sciences analytics market. Due to this, the teleconsultations number has also increased, and combining EHR with other healthcare IT solutions such as telemedicine and e-prescriptions, permitting healthcare providers to create an interconnected network to enable the use of healthcare information technology (HCIT) for the diagnosis and prescription of patient medicines.
This research report on the European life science analytics market has been segmented and sub-segmented based on the following categories.
By Analytics Type:
By Delivery Mode:
Geographically, the European life sciences analytics market accounted for a substantial market share in the global market in 2022 and is predicted to grow at a healthy rate during the forecast period.
In the European market, the German life science analytics market is expected to be a lucrative regional market during the forecast period. Social advancements such as census and technological advancements such as digitization are favoring the German market.
The rising adoption of IoT along with cloud computing is expected to support the life science analytics market. With the growing acceptance of technological advancements, the life science industry has reached new heights, which is a plus to the life science analytics market. The rising focus of key market participants is estimated to boost the market.
The life science analytics markets in the UK and France are projected to have notable growth during the forecast period.
KEY MARKET PLAYERS:
SAS Institute Inc., IBM Corporation, Oracle Corporation, Quintiles, Inc., Accenture, Cognizant, Wipro Limited, TAKE Solutions, MaxisIT, Inc., and SCIO Health Analytics are a few of the companies playing a leading role in the European life science analytics market.
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