Life Science Analytics Market Size, Share, Trends, Growth, Forecast Report 2022-2030

The global Life Science Analytics market size is expected to be worth around US$ 23.2 billion by 2030, according to a new report by Vision Research Reports.

The global Life Science Analytics market size was valued at US$ 10.2 billion in 2020 and is anticipated to grow at a CAGR of 9.9% during forecast period 2022 to 2030.

The application of analytics has emerged as a helpful tool for several pharmaceutical, biotechnological, and medical device enterprises, as these options help overcome challenges in data integration and enhance operational efficiency. The key applications of analytics in pharmaceutical and life sciences include regulatory compliance reporting, marketing/sales support, and product/service enablement.

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Growth Factors

Rising applications of advanced analytics in life science applications and increasing demand from the pharmaceutical and medical device industry are the major parameters driving the market. Analytics are used widely used in the life science analytics industry to assess risk, assessment of the effectiveness of clinical trials, provide personalized medicine, develop faster and more productive research and development pipeline, forecasting profits, budgeting, controlling product price, and predict virus evolution.

Life Science Analytics Market Size 2022 to 2030

The rising adoption of big data and artificial intelligence in the healthcare sector is estimated to drive the market during the forecast period. A survey conducted by Applied Clinical Trials in 2016 depicted that 58.0% of the clinical trials industry professionals consider big data in clinical trials as extremely important while 32.0% considered it moderately important. Furthermore, the growing impact of social media on the healthcare sector is fueling the growth of the market. As of 2016, the CDC has 18 Facebook profiles with a reach of 370,000 populations; a YouTube channel with over 8.8 million public views; 13 blogs; LinkedIn accounts; mobile apps, and many other reaches through social networking. The concept of social media is enabling the organizations to facilitate the integration of multiple information in a platform, rationalize the cost, & better target the providers and consumers (or patients).

mHealth, Electronic Health Records (EHR), eHealth, and mobile applications along with artificial and human intelligence data analytics are offering opportunities for customization of medical approaches, which in turn is increasing demand for data analytic tools in the life science industry over the forecast period. According to the Personalized Medicine Coalition, the number of drugs manufactured by personal medicine approaches has grown by 62% since 2012. Moreover, strategies adopted by key players such as partnerships, product launches, collaborations, mergers & acquisitions, and government initiatives are further boosting the market. For instance, in April 2016, IBM acquired Truven Health Analytics, a leading provider of cloud-based healthcare data and analytics, to strengthen its Watson Health portfolio. This was expected to give the company access to over 8,500 clients of Truven Health Analytics.

Report Scope

Report Coverage

Details

Market Size in 2021

USD 10.2 Billion

Revenue Forecast by 2030

USD 23.2 Billion

CAGR

9.9% from 2022 to 2030

Largest Market

North America

Fastest Growing Region

Asia Pacific

 

Pharmaceutical and Biotechnology Companies is Expected to Witness the Fastest Growth over the Forecast Period

The COVID-19 pandemic has affected the market studied positively. As pharmaceutical and biotech companies are working on developing new drugs or vaccines for this disease, they are also conducting trials for the same. Hence, analytics contributes to keeping track of trial results on a large scale, thus creating high demand in the COVID-19 pandemic. In April 2020, Henry Ford Health System incorporated a forte EDC (electronic data capture) system developed by Advarra for fast track COVID-19 clinical trial being conducted by it. It enables remote electronic signatures and document management monitoring, which is expected to accelerate the trials.​

Analytics in clinical research helps pharmaceutical companies analyze data for the comparison of ongoing trials at different sites and populations, prepare reports for submission to the regulatory authority, and get approvals.

The role of the pharmaceutical companies is to invest in the research and development of new compounds, commit to bringing new drugs to the market to enhance patients’ health and quality of life, strict governance to conduct clinical trials, and product development activities to work relations with patients and healthcare professionals, by ethical and legal principles.

In October 2021, Ever Fortune.AI and Medexprim announced their strategic partnership dedicated to improving healthcare analytics and medical AI development. This collaboration will expand both companies’ networks of hospitals, further connect healthcare innovations between Asia and Europe, bring value to Taiwanese and European hospitals, strengthen their research ecosystem, bringing a broader mix of General Data Protection Regulation data across Europe. It will also allow answering pharmaceutical companies’ needs for patient insights for clinical trials, particularly in oncology and cardiology.

Moreover, in the current scenario, where there is high competition from other major companies, analytics benefits the pharmaceutical and biotech industry. For instance, analytics has helped accelerate drug discovery, optimize clinical trials, and effectively target a specific patient population. For example, in March 2022, the leading research-driven biopharmaceutical company Boehringer Ingelheim and precision medicine software company Lifebit Biotech, Ltd. entered into a partnership in which Lifebit will support Boehringer Ingelheim in building a scalable data, analytics, and infrastructure platform within its IT environment.

In addition, analytics plays a vital role in getting insights into patient behavior to improve drug delivery and the effectiveness of healthcare. Hence all these factors mentioned above are contributing to the segment growth.

Component Insights

In 2021, the services segment dominated the market and accounted for a revenue share of over 55.0% owing to the growing trend of outsourcing services covering planning, training, staffing, implementation, and maintenance, since life science organizations lack the adequate expertise and resources, which is anticipated to boost the segment growth over the forthcoming years. The services segment is also anticipated to record the fastest growth rate over the forecast period. This lucrative growth is attributed to multi-services packages offered to key players by outsourcing companies.

The growing trend of digitalization of healthcare and advancements in healthcare IT infrastructure across developed and emerging economies is driving the demand for analytical solutions and related services. Growing digital literacy and favorable government initiatives are boosting the demand for analytical solutions. The growing trend of integrating artificial intelligence algorithms in analytical solutions and the adoption of big data analytics are driving the demand for services. The emergence of startups, growing technological collaborations, and favorable funding options are positively impacting the growth of the services segment.

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Type Insights

In 2021, the descriptive type segment dominated the market and accounted for a revenue share of over 35.0%owing to the rising demand for quantifiable, descriptive analysis based on historic datasets to derive data-driven analysis to better understand the current business scenario. Players use data mining techniques on descriptive datasets to derive future trends and outcomes. For instance, in December 2020, Accenture partnered with Trifacta to design efficient, advanced data mining techniques to support drug discovery procedures.

The predictive type segment is expected to register the fastest growth rate over the forthcoming years owing to the rapidly growing adoption rate of advanced analytical solutions in predicting future trends and supporting stakeholders in devising appropriate strategies and tactics to enhance market performance. For instance, in March 2021, Cleveland Clinic entered a 10-year partnership contract with IBM to introduce the Discovery Accelerator initiative to focus on discoveries in the healthcare and life sciences industries with the support of artificial intelligence, big data analytics, quantum computing, and cloud computing.

Application Insights

In 2021, the sales and marketing segment dominated the market and accounted for a revenue share of over 30.0% owing to the growing adoption rate of analytical solutions in sales and marketing functionalities of organizations to boost sales productivity and design effective and impactful marketing campaigns. For instance, in February 2021, Nemours Children’s Health System received analytical support from Oracle to adopt cloud business applications to be deployed in various business departments of the organization.

The research and development segment is anticipated to record the fastest growth rate over the forecast period owing to the rising adoption of analytical solutions in drug discovery and development and clinical trial management systems. Another key factor positively impacting the growth of the research and development segment is the growing pipeline of life science organizations. For instance, in January 2021, Oracle and Cognizant entered a technological collaboration to develop solutions to accelerate clinical trial studies using solutions based on a combination of Oracle’s Health Science solutions and Cognizant’s Shared Investigator Platform.

Delivery Insights

In 2021, the on-demand delivery segment dominated the market for life science analytics and accounted for a revenue share of over 50.0%. The growth of the segment can be attributed to the increased access from remote locations with minimized costs and reduced maintenance. Additionally, the on-demand delivery segment is anticipated to record the fastest growth rate during the forecast period.

This lucrative growth of on-demand delivery is attributed to the rising adoption rate of web-hosted and cloud-deployed analytical applications and solutions with advancements in internet connectivity, which is directly impacting the accessibility of these analytical solutions from remotest locations. On-demand delivered analytical solutions and applications save infrastructure space and allow data retrieval as per user’s needs. The benefits associated with on-demand delivered analytical solutions are storage capacity, ease of access, and enhanced security.

End-user Insights

In 2021, the pharmaceutical segment dominated the market and accounted for a revenue share of over 45.0% owing to the growing adoption of analytical solutions in efficient resource management, drug discovery and development, clinical trial designing and managing processes, and enhanced drug utilization. For instance, in November 2020, SAS Institute, Inc.’s SAS Life Science Analytics Framework was used in supporting Covid-19 vaccine clinical trial management by transforming data into real-time information to derive data-enriched insights.

Biotechnology companies are anticipated to register the fastest growth rate over the forthcoming years. This lucrative growth rate of biotechnology companies is attributable to the rising adoption of analytical solutions in genome sequencing and analysis. In addition, the implementation of personalized data analytical solutions is boosting the development and growth of the segment. For instance, in May 2021 Wipro and TranscellOncologies partnered to transform vaccine safety assessment using Transcell’s advanced stem cell technology and Wipro Holmes augmented intelligence platform.

Regional Insights

In 2021, North America dominated the market and accounted for a revenue share of over 50.0% owing to the growing digital literacy, advancements in healthcare IT infrastructure, the emergence of startups, the presence of key market players, growing geriatric population, the rising incidence rate of non-communicable diseases, growing demand for value-based care, and readiness to adopt analytical solutions. North American market players are constantly focusing on product development and partnership strategies to expand their business offerings in North America.

Asia Pacific is anticipated to register the fastest growth rate over the forecast period and this lucrative growth is attributed to the growing healthcare IT expenditures, developing healthcare infrastructure, the entry of key market players, and growing digital literacy. Moreover, economic development and the availability of low-cost and high-skilled personnel are expected to drive the market. Key players are devising market entry strategies to expand their business presence in Asia Pacific.

Key Players

  • Accenture
  • Cognizant
  • IBM
  • Oracle
  • SAS Institute, Inc.
  • Wipro Limited
  • IQVIA
  • TAKE Solutions Limited

Market Segmentation

  • Type Outlook
    • Reporting
    • Descriptive
    • Predictive
    • Prescriptive
  • Component Outlook
    • Software
    • Services
  • Application Outlook
    • Research and Development
    • Sales and Marketing
    • Regulatory Compliance
    • Supply Chain Analytics
    • Pharmacovigilance
  • Delivery Outlook
    • On-demand
    • On-premises
  • End-user Outlook
    • Medical Devices
    • Pharmaceutical
    • Biotechnology
    • Others
  • Regional Outlook
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

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