The global life science analytics market size was exhibited at USD 9.34 billion in 2022 and it is expected to hold around USD 18.12 billion by 2030, growing at a CAGR of 8.68% from 2022 to 2030.
The global life science analytics market size was exhibited at USD 9.34 billion in 2022 and it is expected to hold around USD 18.12 billion by 2030, growing at a CAGR of 8.68% from 2022 to 2030.
Life science organizations are under pressure to cut medical expenses, boost productivity, and implement analytics solutions in clinical trials and drug development as they adopt sophisticated analytics techniques. The rapid change in the life sciences is being accompanied by international competitiveness. People everywhere can look forward to a better future thanks to scientific and medical advancements. Since customer behavior is evolving, regulations are becoming more stringent, and new companies are entering the market, industry executives need to keep on top of the newest trends and problems.
The increasing use of analytics tools in medicines and clinical trials, mounting pressure to cut healthcare costs, the demand for better patient outcomes, and the development of sophisticated analytics techniques are some of the key drivers of the life sciences analytics market.
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Market Growth
The life science sector is quickly embracing analytics, relying on descriptive and reporting analysis for database construction and on prescriptive and predictive analysis to forecast future trends and outcomes, which is expected to drive market growth. The growing influence of social media and the internet, which directly affects patient interaction and propels the adoption of analytical solutions, is another major factor having a huge impact on the life sciences sector. The market will be driven by the ease with which healthcare institutions and life science companies are implementing analytical solutions to improve clinical, financial, and operational outcomes and reduce healthcare spending.
Life Science Analytics Market Report Scope
| Report Coverage | Details |
| Market Size In 2022 | USD 9.34 Billion |
| Market Size By 2030 | USD 18.12 Billion |
| Growth Rate From 2022 to 2030 | CAGR of 8.63% |
| Base Year | 2022 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | By Type, By Component, By Delivery Model, By Application, By End Users |
| Companies Mentioned | SAS Institute Inc., Oracle Corporation, Accenture, IBM Corporation, Cognizant, IQVIA, Wipro, Cerner Corporation, MaxisIT, Optum, Microsoft, Infosys Limited |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Regional Analysis
The market was dominated by North America in 2021, with a revenue share of over 50.0%, as a result of factors such as rising digital literacy, improvements in healthcare IT infrastructure, the emergence of startups, the presence of major market players, an ageing population, an increase in the incidence of non-communicable diseases, a rise in the demand for value-based care, and a willingness to adopt analytical solutions. Over the course of the forecast period, Asia Pacific is predicted to grow at the highest rate, and this profitable growth is due in large part to rising healthcare IT spending, expanding healthcare infrastructure, important market entrants, and rising digital literacy. In addition, the market is anticipated to be driven by economic growth and the availability of highly skilled workers at reasonable prices.
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Market Dynamics
Drivers
Pharmaceutical businesses are rapidly utilizing digital transformation to enhance their value chain operations and boost market productivity and profitability. Organizations may greatly enhance their R&D productivity, product development, sales growth, CRM, and governance with the help of contemporary technology breakthroughs like ubiquitous computing, big data, analytics, and mobile technologies. By integrating analytics tools to automatically gather operational data in the market, a number of firms and R&D companies are automating operational activities. The global market for life science analytics will be further boosted by technological developments that combine AI and ML.
Restraints
The expanding number of databases shared by academic institutions, clinical research organizations, and software businesses increases the possibility of unauthorized parties learning private patient information. As more patient databases are kept online, worries about data security and privacy are growing. Pharmaceutical companies face a serious issue in adhering to privacy policies and using analytics tools.
Small and medium-sized biotech firms, pharmaceutical firms, and contract research organizations (CROs) with restricted resources struggle to finance these solutions due to their high costs. This trend makes it difficult for emerging economies, especially, to gain resources for medical equipment over IT. The availability of enormous amounts of data from numerous sources, spanning diverse forms and quality levels, might make it challenging to streamline analytics. This presents a significant issue.
Opportunities
The requirement for better data standardization is expected to drive additional growth in the life science analytics market. As new businesses appear, technology partnerships are expanding and funding opportunities are good, aiding in the expansion of services. With the rise in chronic diseases, the market for life science analytics is anticipated to expand. In contrast, rising application costs over time may impede the development of life science analytics.
In the upcoming years, biotech firms are anticipated to have the fastest growth. This growth pace for biotech enterprises has been made possible by the abundance of genome sequencing and analysis tools.
Type Insights
Descriptive, predictive, diagnostic, discovery and prescriptive analytics are among the various categories examined in this paper. In 2020, the descriptive sectors commanded the majority of the market. Analytics for the life sciences always uses description methods to respond to life sciences queries. Descriptive analytics give overviews of the topics for a better explanation and comprehension of the incidence and previous trend data. Additionally, it has been noted that when compared to descriptive analytics, predictive health analytics has proven to be more complex. The majority of healthcare businesses seek to look into performance gaps and create room for better strategy development.
Component Type Insights
The market is divided into two categories, software, and services, depending on the type of component. The services sector attracted a revenue share of roughly 56% in 2021. Costlier services are those offered by qualified professionals and cloud management services. The majority of these services are offered by businesses like Microsoft, Clodera, and others. Its execution is significantly influenced by the analytics services’ effective operation.
End-user Type Insights
The market is divided into pharmaceutical and biotechnology firms, medical device firms, research institutions, and third-party administrators based on the end users. The largest end users in terms of revenue generation and consumption volume are the pharmaceutical and biotechnology industries. The same market segment had the most market share (46%), in 2021. Life science analytics is used to manage patient safety and risk more effectively, to speed up the process of drug discovery and development, maximize the effectiveness of clinical trials, to concentrate on a particular patient population, observe the effects of the drug, and to focus on a specific patient population.
Application Insights
Research and development, supply chain optimization, clinical trials, sales and marketing, regulatory compliance, preclinical trials, and pharmacovigilance are the market segments that are broken down by application. In 2021, the sales and marketing category dominated the market for life science analytics and held a 31% revenue share.
Sales and marketing have improved significantly in recent years, and they will continue to do so at a significant CAGR during the forecast period. For the healthcare company, marketing initiatives and post-marketing research are crucial. The market for life sciences analytics is also helped by market surveillance.
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Recent Development
- In September 2021, Through Sensyne’s research partnerships with NHS Trusts and U.S. Health Systems, which encompass 22.5 million people across a wide spectrum of disorders, SENSIGHT created a substantial amount of anonymized and de-identified patient data. The data analytics platform also comes with integrated, user-friendly research algorithms. As the platform advances toward its objective of having 100 million patient records by 2024, it will add researchable illness areas, analytical tools, and patient data in the upcoming years.
- By April 2022, Leaps by Bayer, the impact investing division of Bayer AG, will receive more than 1.3 billion euros in funding. With the use of cutting-edge pharmaceutical technology platforms like Cell & Gene Therapy, the company’s main emphasis will be to provide treatments for patients in regions with a high unmet medical need. Agritech business will exhibit its technologies for decarbonizing agriculture and ensuring food security.
Here are some of the leading market players in the Life Science Analytics Market
- SAS Institute Inc.
- Oracle Corporation
- Accenture
- IBM Corporation
- Cognizant, SCIO Health Analytics
- IQVIA
- Wipro
- Allscripts Healthcare Solutions
- Cerner Corporation
- MaxisIT
- Optum
- Microsoft
- Infosys Limited
- Cotiviti
- Others
Market Segmentation
By Type
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Diagnostic Analytics
- Discovery Analytics
By Component Type
- Services
- Software
By Delivery Model
- On-premise model
- On-demand model
By Application Type
- Research & Development
- Preclinical Trials
- Clinical Trials
- Sales & Marketing
- Regulatory Compliance
- Supply Chain Optimization
- Pharmacovigilance
By End Users Type
- Pharmaceutical & Biotechnology Companies
- Medical Device Companies
- Research Centers
- Third-party Administrators
Regional Segmentation
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
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