Life Science Analytics Market By Component (Services, Software); By Type (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics); By Delivery Model (On-premise model, On-demand model); By Application (Research & Development, Preclinical Trials, Clinical Trials, Sales & Marketing, Regulatory Compliance, Supply Chain Optimization, Pharmacovigilance, Others); By End-User (Pharmaceutical & Biotechnology Companies, Medical Device Companies, Research Centers, Third-party Administrators, Others); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032
Life Science Analytics Market Overview
The global life science analytics market size was valued at around USD 9.8 billion in 2022 and is projected to grow at a compound annual rate of growth (CAGR) of around 9.7% from 2022 to 2032.The market size is projected to succeed in USD 24.8 billion by 2032.
Life science is a branch of science that deals with the study of living organisms and which includes include botany, zoology, biology, microbiology, etc. Healthcare industry and life science have been generating large amount of data related to patient profiles, scientific research, compliance and regulatory requirements.
Life science analytical tools manage the transformation, analysis, and reporting of clinical trials of these data sets with a single and cloud-based life science analytics framework in an efficient manner and provide ease in data management, enhanced work efficiency, increased global collaboration, improved patient care, all at comparatively lower costs than conventional systems. Advanced analytics aids in early detection of potential risks and also enables to comprehensively address them.
The key applications of analytics in pharmaceutical and life sciences include regulatory compliance reporting, marketing/sales support, and product/service enablement etc.
With the huge data generated from the R&D process and clinical research, pharma companies can identify potential drug candidates with higher probabilities of them successfully developing into drugs.
The global life science analytics market is anticipated to grow at a sharp and robust CAGR in the upcoming years.
Life Science Analytics Market Drivers
The growth of this market is attributed towards major pertaining factors including; the worldwide increasing prevalence of chronic diseases, increased demand for improved data standardization, technological advancements, growing adoption of analytics solutions in clinical trials, increasing adoption of analytics for sales and marketing applications, growing pressure to curb healthcare spending, the need for improved patient outcomes coupled with the increasing need for improved data regularization, the emergence of advanced analytics methods in life science companies and the increasing use of analytics in precision & personalized medicine etc.
Additionally, mHealth, Electronic Health Records (EHR), eHealth, and mobile applications along with artificial and human intelligence data analytics are offering endless opportunities for customization of medical approaches, which in turn is increasing demand for data analytic tools in the life science industry and propelling the growth of the market.
Moreover, biomedical and pharmaceutical firms have ultimately realized the potential of this ecosystem by using distributed computing power platforms and cloud-based storages. With the use of these tools, stakeholders and drug manufacturers in the life science sector are achieving better overall outcomes, delivering higher quality care at affordable costs and developing informative treatments and diagnoses worldwide.
Furthermore, the increasing adoption of flexible electronics in smart applications such as flexible wearable’s, smart watches, and flexible displays, the growing impact of social media on the healthcare sector, strategies adopted by key players such as partnerships, product launches, collaborations, mergers & acquisitions, and government initiatives, rising R&D expenditures spending towards development of healthcare infrastructure, failing FDA approvals, and deteriorating outcomes has increased the adoption of life science analytics solutions globally.
However, high implementation costs, fluctuating raw material prices, lack of skilled professionals, budgetary constraints and issues related to data privacy are a few factors that are affecting the growth of this market negatively.
Life Science Analytics Market Segmentation
By Component
- Services
- Software
By Type
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
By Delivery Model
- On-premise model
- On-demand model
By Application
- Research & Development
- Preclinical Trials
- Clinical Trials
- Sales & Marketing
- Regulatory Compliance
- Supply Chain Optimization
- Pharmacovigilance
- Others
By End-User
- Pharmaceutical & Biotechnology Companies
- Medical Device Companies
- Research Centers
- Third-party Administrators
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
REGIONAL INSIGHT:
The North American is the largest and the dominating regional market for life sciences analytics and is expected to keep the position for the next few years. This can be attributed to the increasing public & private R&D initiatives on life science research, increasing demand for use of big data analytics, vastly growing healthcare spending and adoption of healthcare IT solutions by different industries for various purposes etc. The major contributor in the region is the U.S.
The European region holds the second largest share in the life science analytics market and is also anticipated to witness growth at a substantial rate in the forthcoming years owing to the high prevalence of technological advancements, chronic diseases, and better availability of healthcare solutions and services in the region etc. The major contributors in the region include Germany, U.K , France and Spain.
The Asia Pacific region is expected to be the fastest growing regional market for life science analytics and is expected to grow at the highest CAGR owing to the increasing prevalence of chronic diseases, growth of the life science industry, the increasing presence of healthcare IT companies, rising adoption of advanced technologies, and the growing focus of major players on increasing their presence, and on better profiling & targeting of clients and medical practitioners in the region etc. The major contributors in the region include India, China, and Japan.
FEW KEY PLAYERS IN LIFE SCIENCE ANALYTICS MARKET:
- IBM Corporation
- Optum
- Cotiviti
- TAKE Solutions Limited
- Wipro Limited
- IQVIA
- Cognizant
- SCIO Health Analytics
- Allscripts Healthcare Solutions
- Oracle Corporation
- Accenture
- SAS Institute Inc.
- Cerner Corporation
- Microsoft
- Infosys Limited
- SCIOInspire
- Quintiles Inc.
- MaxisIT Inc.
- TAKE Solutions
- Other Players
RECENT DEVELOPMENTS:
- In December 2020, Cerner Corporation, a global health care technology company, announced an agreement to acquire Kantar Health, a division of Kantar Group, for $375 million in cash, subject to adjustment. Kantar Health is a leading data, analytics and real-world evidence and commercial research consultancy serving the life science industry. With this acquisition, Cerner, according to reports, plans to harness data to improve the safety, efficiency and efficacy of clinical research across life sciences, pharmaceuticals and health care at large.
- In December 2020, Aktana, the pioneer in AI-driven intelligent engagement for the life sciences industry, announced major milestones of 2020, including key executive hires, expanded customer partnerships, and the launch of its next-generation Contextual Intelligence Engine.
Timeline Considered for Analysis:
- 2021: Base Year
- 2022 to 2032: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global life science analytics market by the following segments:
- Component
- Type
- Delivery Model
- Application
- End-User
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Life Science Analytics Industry Report
- What is the overall market size in 2021? What will be the market growth during the forecast period i.e. 2022-2032?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?
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- Publication date: 19th January 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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