Life Science Analytics Market Size, Share & Segmentation by Component (Software, Services), By Type (Reporting, Predictive, Descriptive, Prescriptive), By Application (Research and Development, Supply Chain Analytics, Regulatory Compliance, Pharmacovigilance, Sales and Marketing Support), By Delivery (On-demand, On-premises), By End-user (Medical Device, Pharmaceutical, Biotechnology), by Regions and Global Forecast 2024-2031

Report Scope & Overview:

The Life Science Analytics Market Size was esteemed at USD 9.89 billion out of 2023 and is expected to arrive at USD 18.96 billion by 2031, and develop at a CAGR of 7.61% over the conjecture period 2024-2031.

Pharmaceutical and life science companies primarily employ life science analytics software to deal with unanticipated demands, data integration issues, and improve operational efficiency. It simplifies the processing of third-party data and decrypts the complexity of the life science industry's organizational framework. Regulatory compliance reporting, marketing/sales support, and product/service enablement are the most common uses of analytics.

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Medical and health science organizations use health science analysis software to solve data integration problems, address changing needs, and improve efficiency. Globally, growing statistical growth in sales and marketing of clinical trials is expected to further the growth of the Life Science Analytics Marketplace. In addition, the increase in the prevalence of chronic diseases worldwide, as well as the increase in spending on health care through improved patient outcomes, drives market growth.

In addition, the use of analytics in precision and personalized medicine is propelling the global Life Science Analytics Market forward. Additionally, increased government expenditure in the development of healthcare infrastructure is expected to boost market growth. The high cost of implementing science analytics software, on the other hand, is expected to stifle the market's growth.

MARKET DYNAMICS: 

DRIVERS

• In the field of life sciences, big data is becoming increasingly important.

• In clinical trials, analytics tools are becoming more widely used.

• The use of analytics in sales and marketing applications is becoming more common.

• Improvements in data standardization are required.

• Chronic diseases are becoming more prevalent.

• Increasing demand to reduce healthcare spending, as well as the need for better patient outcomes

• Innovations in technology

RESTRAINTS

• Exorbitant implementation expenses

OPPORTUNITIES

• Value-based medicine is becoming more popular.

• Precision and tailored medicine make use of analytics.

• Increasing R&D productivity with big data analytics

• Social media's emergence and impact on the life sciences industry

CHALLENGES

• Concerns about personal data

• Manpower shortages

• In the life science ecosystem, data integration is crucial.

IMPACT OF COVID-19

Due to the current COVID-19 epidemic, a large number of patients are accessing health facilities on a daily basis. Telephone communication has become more common due to the outbreak of COVID-19. The integration of EHR with other IT healthcare solutions such as telemedicine and e-prescribing help health care professionals build a network that ensures the use of HCIT to diagnose and deliver patients to patients. Over the next five years, the growing number of COVID-19 cases, the shortage of health care workers, and the need for better patient data management are predicted to increase the demand for Life Science Analytics.

By Component

Due to the growing trend of outsourcing services including planning, training, staffing, implementation, and care because health science organizations lack the necessary skills and resources, part of the services dominated the market and accounted for revenue sharing, which is expected to boost segment growth. in the years to come. Over time, the service sector is also expected to grow at a faster pace. Multi-purpose software packages for key players of key players who are fighting for this lucrative expansion.

The need for analytical solutions and related services is driven by the growing trend of digital integration of healthcare and development into IT healthcare infrastructure in developed and emerging countries. The need for analytical solutions is growing as people learn digital and as government programs become more and more popular.

The use of big data analytics and the growing process of integrating smart algorithms into analytics solutions drives the need for services. The growth of the service sector is aided by increased startups, increased technical cooperation, and other funding mechanisms.

By Type

Because of the increased need for quantified, descriptive analysis based on prior datasets to create data-driven analysis to better understand the current business picture, the descriptive type segment led the market and accounted for over 35.0% of revenue. Players employ descriptive datasets and data mining techniques to predict future trends and results. Accenture, for example, teamed with Trifacta in December 2020 to build efficient, advanced data mining tools to help drug discovery procedures.

Because of the rapidly expanding acceptance rate of advanced analytical solutions in anticipating future trends and assisting stakeholders in creating appropriate plans and tactics to improve market performance, the predictive type sector is predicted to grow at the fastest rate in the coming years.

By Application

Due to the increased adoption rate of analytical solutions in sales and marketing functions of businesses to boost sales productivity and impactful marketing campaigns, build effective and the sales and marketing segment led the market and accounted for a revenue share.

Due to the growing adoption of analytical solutions in drug discovery and development as well as clinical trial management systems, the research and development segment is expected to grow at the quickest rate over the projected period. The rising pipeline of life science firms is another significant aspect that is favourably boosting the research and development segment's growth.

By Delivery

Part of the required supply dominated the health science statistics market, accounting for the bulk of revenue. Half increases can be attributed to improved access from remote locations at lower cost and less maintenance. In addition, during the proposed period, the much-needed service delivery sector is expected to grow at a rapid pace.

This beneficial growth in demand delivery could be attributed to the increasing adoption of cloud-enabled applications and solutions, which directly affect the accessibility of these analytics solutions even in remote areas, due to advances in internet connectivity. Required analytics solutions and applications reduce infrastructure capacity and enable data retrieval based on user needs. Storage capacity, easy access, and flexibility are all the benefits of analytical solutions needed.

By End-user

Due to the increasing use of analytical solutions in resource management, drug discovery and development, clinical trial design and management procedures, and improved drug use, the pharmaceutical sector dominated the market and had a share of revenue.

Over the next few years, biotechnology companies are expected to grow at the fastest rate. The increased usage of analytical solutions in genome sequencing and analysis is responsible for biotechnology companies' profitable growth rate. Furthermore, the deployment of personalized data analysis solutions is assisting the segment's development and expansion.

KEY MARKET SEGMENTATION:

By Component

• Software

• Services

By Type

• Reporting

• Predictive

• Descriptive

• Prescriptive

By Application

• Research and Development

• Supply Chain Analytics

• Regulatory Compliance

• Pharmacovigilance

• Sales and Marketing Support

By Delivery

• On-demand

• On-premises

By End-user

• Medical Device

• Pharmaceutical

• Biotechnology

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REGIONAL ANALYSIS

Due to the growth of digital literacy, the development of IT health care infrastructure, the emergence of startups, the presence of key market players, an increase in the number of older people, a growing rate of non-communicable diseases, a growing need for substance-based care, and readiness to accept analysis. solutions, North America dominated the market with a budget of more than 50.0%. To increase the supply of their business in North America, North American market participants remain focused on product development and collaboration strategies.

Over the projection period, Asia Pacific is expected to grow at the quickest rate, thanks to rising healthcare IT spending, building healthcare infrastructure, the entry of important market players, and increasing digital literacy. Furthermore, the industry is likely to be fueled by economic growth and the availability of low-cost, high-skilled labour. To grow their corporate footprint in Asia Pacific, key firms are developing market entrance strategies.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

Some of the major key players are as follows: Oracle, Cognizant, IQVIA, Wipro Limited, SAS Institute Inc., Accenture, IBM, and Take Solutions Limited and Other Players.

Wipro Limited-Company Financial Analysis