Life Science Analytics Market Research Report 2022-2030 | Share, Global Trends, Key Players, Growth Analysis to 2030

According to Nova one advisor, the global Life Science Analytics market gathered revenue around USD 7.1 Billion in 2020 and market is set to grow USD 15.2 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 8.2% during the prediction period 2021 to 2027.

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The growing need to improve patient outcomes and reduce healthcare costs is contributing to the growing demand for life science analytical solutions. The growing demand for personalized medicine and the rising impact of social media and the internet on shaping the healthcare industry are boosting growth. Furthermore, the growing adoption of analytical solutions and the emergence of advanced analytics for the life science industry is further driving the market during the forecast period.

The ongoing Covid-19 pandemic has burdened healthcare systems across the globe and is anticipated to drive the demand for analytics in the life science industry. Technological advancements during the pandemic have enabled healthcare systems to develop solutions to overcome physical limitations of capital and labor and open up new sources of value and growth. For instance, Moderna and IBM utilized artificial intelligence, cloud computing, and blockchain solutions to support Covid-19 vaccine management.

Based on component, the services segment accounted for the largest revenue share in 2020 owing to the increasing trend of outsourcing these services since healthcare and life science companies lack resources and capabilities to deploy analytical software and services. Additionally, the services segment is expected to exhibit the fastest growth during the forecast period owing to multi-package services offered by these outsourced companies.

In 2020, the descriptive type segment accounted for the largest revenue share owing to the growing demand for descriptive and quantifiable analysis using historic data. The growing need of understanding past behavior of consumers and serviceable audience to predict future market dynamics using data mining techniques are contributing to the growth of the descriptive type segment. On the other hand, the predictive type segment is anticipated to register the fastest-growing during the forecast period owing to the increasing adoption of advanced analytics to predict possible future outcomes and aids stakeholders in designing strategies and devise appropriate tactics to sustain and improve performance.

Based on the application, the sales and marketing support segment accounted for the largest revenue share in 2020 owing to the increasing adoption of big data analytics in the sales and marketing vertical of life science companies to attain higher consumer responsiveness and gain consumer insight to enhance sales productivity. On the other hand, the research and development segment is expected to exhibit the fastest growth during the forecast period owing to the growing pipeline of pharmaceutical and medical device companies. In addition, the segment is expected to experience an increase in demand for licensing products and technologies and would eventually contribute to the growth and development of the market.

In 2020, the on-premise delivery segment accounted for the highest revenue share owing to the ease of access from remote locations with minimized costs and maintenance. On the other hand, the on-demand delivery segment is anticipated to grow fast during the forecast period owing to the increasing adoption of cloud computing solutions. In addition, increased usage of the internet and web-based services and its enhanced accessibility from the most remote locations are contributing to segment growth.

Based on end-user, pharmaceutical companies accounted for the largest revenue share in 2020 owing to the rising adoption of analytical software solutions to enhance the efficiency of clinical trials and increase drug utilization. On the other hand, the biotechnology segment is anticipated to grow fast during the forecast period owing to the increasing adoption of analytics in genome analysis and sequencing to curb expenditure. In addition, the availability of personalized data analytic solutions is increasing the growth and development of the segment.

Report Coverage

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Regional analysis:

North America dominated the life science analytics market and accounted for the largest revenue share of 51.2% in 2020, owing to factors such as developed and evolving healthcare infrastructure, growing geriatric population and rising prevalence of non-communicable diseases, widespread adoption of analytics and technological advancements, presence of key players, and evolving care models. Moreover, the adoption and implementation of advanced analytical solutions are increasing in various life science organizations.

In Asia Pacific, the market for life science analytics is anticipated to register the fastest growth rate during the forecast period. Developing healthcare infrastructure and facilities, increased healthcare expenditures, adoption of advanced technologies, and the presence of renowned players are factors propelling the market growth. In addition, infrastructure investments, regional expansion, economic development, and low-cost and high skilled workforce are few more factors driving the market for life science analytics in the region. Moreover, companies are devising entry strategies and mergers and acquisitions to cater to the European healthcare logistics and delivery services market. For instance, in April 2021, Wipro Limited acquired Ampion, Australian cybersecurity, DevOps, and quality engineering services, provider. The combined capabilities of the two companies will enable Wipro to cater to its clients with market agility solutions.

Some of the prominent players in the Life Science Analytics Market include:  Accenture; Cognizant; IBM; Wipro Limited; Take Solutions Limited; IQVIA; Oracle; SAS Institute, Inc

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:

• By Component
  • Software
  • Services
• By Type
  • Reporting
  • Descriptive
  • Predictive
  • Prescriptive
• By Application
  • Research and Development
  • Sales and Marketing Support
  • Regulatory Compliance
  • Supply Chain Analytics
  • Pharmacovigilance
• By Delivery
  • On-demand
  • On-premise

• By End-user
  • Medical Device
  • Pharmaceutical
  • Biotechnology
  • Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Life Science Analytics industry analysis from 2022 to 2030 to identify the prevailing Life Science Analytics industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Life Science Analytics industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Life Science Analytics industry trends, key players, market segments, application areas, and market growth strategies.

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