Global Life Science Analytics Market, By Type (Predictive, Descriptive, Prescriptive), Component (Software, Service), Delivery Model (On Premise, On-Demand Model), Application (Research and Development, Sales and Marketing, Pharmacovigilance, Regulatory Compliance, Supply Chain Optimization), End Use (Pharmaceutical and Biotechnology Companies, Medical Device Companies, Research Centers, Third-Party Administrators) – Industry Trends and Forecast to 2030.
Life Science Analytics Market Analysis and Size
The life science industry is hugely adopting analytics that depends on descriptive and reporting analysis in building databases and also uses prescriptive and predictive analysis in assessing future trends and results. There is an increase in the use of analytics in clinical trials since conducting clinical trials is complex because it includes numerous activities and generates high volumes of data from multiple systems.
Data Bridge Market Research analyses that the life science analytics market, which was USD 9 billion in 2022, would rise to USD 16.78 billion by 2030 and is expected to undergo a CAGR of 8.1% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Life Science Analytics Market Scope and Segmentation
2023 to 2030
2021 (Customizable to 2015 - 2020)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Type (Predictive, Descriptive, Prescriptive), Component (Software, Service), Delivery Model (On Premise, On-Demand Model), Application (Research and Development, Sales and Marketing, Pharmacovigilance, Regulatory Compliance, Supply Chain Optimization), End Use (Pharmaceutical and Biotechnology Companies, Medical Device Companies, Research Centers, Third-Party Administrators)
U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
Market Players Covered
SAS Institute Inc.(U.S.), IBM Corporation (U.S.), Oracle (U.S.), IQVIA Inc (U.S.)., Accenture (Ireland), Cognizant (U.S.), Wipro (India), Applexus Technologies (India), Saama Technologies, LLC (U.S.)., Incedo Inc.(U.S.), CitiusTech Inc (U.S.)., Siemens (Germany), Rockwell Automation (U.S.), Infosys Limited (India), and Navitas Life Sciences (India)
Life sciences analytics is defined as any analytical application used in the pharmaceutical medical device companies, clinical research organizations, and numerous divisions, including research, marketing, pharmacovigilance, supply chain, and others. It is a process of clinical data analysis that offers predictive tools for better patient care.
Global Life Science Analytics Market Dynamics
- Increasing Strategic Acquisitions by Market Players
Market players invest in mergers, acquisitions, and partnership strategies to increase their business footprint and product portfolios. For instance, Accenture entered into an agreement to acquire AppsPro which is an Oracle Cloud implementation service provider based in Saudi Arabia, in 2020. Accenture would amplify its presence and expand its capabilities across the Middle East markets through this acquisition. Thus, this factor boosts market growth.
- Increasing Trend of Advanced Analytical Solutions
The rapidly increasing adoption rate of advanced analytical solutions in foreseeing upcoming trends and supporting stakeholders’ increases market performance. For instance, Cleveland Clinic entered into a 10-year partnership with IBM to launch the Discovery Accelerator initiative in 2021. The main aim is to primarily focus on discoveries in the life sciences and healthcare industries with the help of big data analytics, artificial intelligence, quantum computing, and cloud computing.
- Increasing Number of Chronic Diseases
Globally, about 1 in 3 adults suffer from multiple chronic conditions. 6 in 10 adults in the U.S. suffer from a chronic disease, and 4 in 10 adults have two or more. Also, as per the National Health Council, in 2020, more than 157 million Americans suffered from chronic disorders. The increasing burden of chronic disorders increases workloads on FDA and other firms associated with the drug approval process to support market growth. These processes demand the high use of advanced analytics. Thus, this factor boosts market growth.
- Massive Demand for Personalized Data Analytical Solutions
There is a huge demand for personalized data analytical solutions in organizations and research institutes lately. The implementation of customized data analytical solutions is enhancing the Development and growth of the segment. For instance, Wipro and TranscellOncologies partnered to transform vaccine safety assessment with the help of Transcell's advanced stem cell technology, and Wipro Holmes augmented intelligence platform in 2021. Thus, it is helping in the market growth.
- Complications With Data Invasion and Privacy
Life science analytics are in higher demand, but still, there is a huge issue with data invasion. Data scientists help companies make data-driven decisions. However, the data used in the process may invade customers' privacy. Client's data are visible to the parent company and often lead to data leaks. Thus, this acts as a major factor in the market hindrance.
This life science analytics market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the life science analytics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
- In 2022, Charles River Associates launched the company's new data analytics suite, the Healthcare Claims Analytics Platform (HCAP), at the World Orphan Drug Congress USA 2022 in Boston. HCAP offers the power of machine learning and patient analytics to inform about market understanding and support intelligent decision-making.
- In 2022, Databricks launched the Databricks Lakehouse for Healthcare and Life Sciences. It is a single platform for analytics, data management, and advanced A.I. use cases such as medical image classification, disease prediction, and biomarker discovery.
Global Life Science Analytics Market Scope
The life science analytics market is segmented on the basis of type, component, delivery model, application and end use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- On Premise
- On-Demand Model
- Research and Development
- Sales and Marketing
- Regulatory Compliance
- Supply Chain Optimization
- Pharmaceutical and Biotechnology Companies
- Medical Device Companies
- Research Centers
- Third-Party Administrators
Life Science Analytics Market Regional Analysis/Insights
The life science analytics market is analyzed and market size insights and trends are provided by type, component, delivery model, application and end use as referenced above.
The countries covered in the life science analytics market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the life science analytics market due to its advanced and developing healthcare infrastructure. Additionally, an increase in the elderly population and the growing occurrence of non-communicable diseases will further boost the market growth in the region during the forecast period.
Asia-Pacific is expected to witness significant growth due to the huge technological developments and the incidence of major market players. Developing care models is further expected to boost the life science analytics market's growth in the coming years.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The life science analytics market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for life science analytics market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the life science analytics market. The data is available for historic period 2011-2021.
Competitive Landscape and Life Science Analytics Market Share Analysis
The life science analytics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and Development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to life science analytics market.
Some of the major players operating in the life science analytics market are:
- SAS Institute Inc.(U.S.)
- IBM Corporation (U.S.)
- Oracle (U.S.)
- IQVIA Inc (U.S.).
- Accenture (Ireland)
- Cognizant (U.S.)
- Wipro (India)
- Applexus Technologies (India)
- Saama Technologies, LLC (U.S.).
- Incedo Inc.(U.S.)
- CitiusTech Inc (U.S.)
- Siemens (Germany)
- Rockwell Automation (U.S.)
- Infosys Limited (India)
- Navitas Life Sciences (India)