Global Life Science Analytics Market Industry Trends and Forecast to 2031

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 2031.

Life Science Analytics Market 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 analyzes that the global life science analytics market which was USD 5.80 billion in 2023, is likely to reach up to USD 7.32 billion by 2031, and is expected to undergo a CAGR of 8.1% during the forecast period. “Software” dominates the component segment of the market due to the rising technological advancements. 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.

Report Scope and Market Segmentation

Market Definition

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.

Life Science Analytics Market Dynamics

Drivers

• Increasing Healthcare Expenditure

Rising healthcare spending globally is driving the need for analytics to optimize operational costs, resource allocation, and inventory management. Analytics solutions help healthcare organizations in cost containment and efficiency improvements and driving the market growth.

• Increasing Demand for Improved Patient Outcomes

Healthcare providers and pharmaceutical companies are increasingly focused on enhancing patient outcomes and delivering personalized care. Analytics tools help in deriving insights for better treatment strategies, disease management, and personalized therapies, driving their adoption.

Opportunities

• Increasing Technological Advancements

Advancements in AI and machine learning offer significant opportunities. Implementing these technologies in life science analytics can enhance predictive modeling, drug discovery, and clinical trial optimization, revolutionizing the industry. Integration of IoT devices and wearables generates vast amounts of patient-generated data. Analyzing this data can offer insights into patient behaviors, treatment adherence, and disease management, creating opportunities for analytics-driven healthcare solutions.

• Increasing Focus on Personalized Medicines

The increasing focus on personalized medicine opens avenues for analytics-driven approaches. Analyzing vast patient datasets can enable tailored treatments and therapies, driving the demand for analytics solutions in precision medicine.

Restraints/ Challenges

• Strict Regulations and Guidelines

Adhering to complex and evolving regulatory standards across different regions presents a hurdle. Life science analytics solutions need to stay updated and compliant with regulatory changes, which requires continuous monitoring and adjustments.

• Lack of Skilled Workforce

The shortage of skilled professionals well-versed in both life sciences and analytics poses a challenge. It's crucial to have professionals who understand the nuances of life sciences and possess analytical expertise to derive valuable insights.

• Data Security and Privacy Concerns

Handling sensitive patient data and maintaining compliance with stringent data privacy regulations (like GDPR and HIPAA) poses a significant challenge. Ensuring robust data security measures while leveraging analytics tools is crucial but challenging.

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.

Recent Developments

• In July 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 February 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

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.

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 User

• 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 country, type, component, delivery model, application and end use as referenced above.

The countries covered in the market report are U.S., Canada, Mexico, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, rest of Middle East and Africa , Brazil, Argentina and rest of South America.

North America is expected to dominate the market due to its advanced and developing healthcare infrastructure. In addition, 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)