image

Report Scope & Overview:

The Life Science Analytics Market Size was esteemed at USD 9.56 billion out of 2022 and is expected to arrive at USD 17.06 billion by 2030, and develop at a CAGR of 7.5% over the conjecture period 2023-2030.

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.

Life Science Analytics Market Revenue Analysis

To get more information on Life Science Analytics Market - Request Sample Report

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

Life Science Analytics Market Segmentation Analysis

Need any customization research on Life Science Analytics Market - Enquiry Now

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

Company Landscape Analysis

Life Science Analytics Market Report Scope:
Report Attributes Details
Market Size in 2022  US$ 9.56 Billion
Market Size by 2030  US$ 17.06 Billion
CAGR  CAGR of 7.5% From 2023 to 2030
Base Year  2022
Forecast Period  2023-2030
Historical Data  2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • 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)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, 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)
Company Profiles Oracle, Cognizant, IQVIA, Wipro Limited, SAS Institute Inc., Accenture, IBM, and Take Solutions Limited.
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.
RESTRAINTS • Exorbitant implementation expenses

Frequently Asked Questions

Ans: The Life Science Analytics market size was valued at US$ 9.56 billion in 2022.

Ans: The Life Science Analytics Market size is to grow at a  CAGR of 7.5% over the forecast period 2023-2030.

Software, Services are the sub segments of component of Life Science Analytics market.

Drivers, Restraints, Opportunities, and Challenges are the factors of marketing dynamics Population Health Management market.

Oracle, Cognizant, IQVIA, Wipro Limited, SAS Institute Inc., Accenture, IBM, and Take Solutions Limited are some of the key players of Life Science Analytics market.

Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies

4.3.2.1 US

4.3.2.2 Canada

4.3.2.3 Germany

4.3.2.4 France

4.3.2.5 United Kingdom

4.3.2.6 China

4.3.2.7 Japan

4.3.2.8 South Korea

4.3.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7.  PEST Analysis

  

8. Life Science Analytics Market Segmentation, By Component

8.1 Software

8.2 Services

9. Life Science Analytics Market Segmentation, By Type

9.1 Reporting

9.2 Predictive

9.3 Descriptive

9.4 Prescriptive

10. Life Science Analytics Market Segmentation, By Application

10.1 Research and Development

10.2 Supply Chain Analytics

10.3 Regulatory Compliance

10.4 Pharmacovigilance

10.5 Sales and Marketing Support

11. Life Science Analytics Market Segmentation, By Delivery

11.1 On-demand

11.2 On-premises

12. Life Science Analytics Market Segmentation, By End-user

12.1 Medical Device

12.2 Pharmaceutical

12.3 Biotechnology

13. Regional Analysis

13.1 Introduction

13.2 North America

13.2.1 USA

13.2.2 Canada

13.2.3 Mexico

13.3 Europe

13.3.1 Germany

13.3.2 UK

13.3.3 France

13.3.4 Italy

13.3.5 Spain

13.3.6 The Netherlands

13.3.7 Rest of Europe

13.4 Asia-Pacific

13.4.1 Japan

13.4.2 South Korea

13.4.3 China

13.4.4 India

13.4.5 Australia

13.4.6 Rest of Asia-Pacific

13.5 The Middle East & Africa

13.5.1 Israel

13.5.2 UAE

13.5.3 South Africa

13.5.4 Rest

13.6 Latin America

13.6.1 Brazil

13.6.2 Argentina

13.6.3 Rest of Latin America

14.Company Profiles

14.1 Oracle

14.1.1 Financial

14.1.2 Products/ Services Offered

14.1.3 SWOT Analysis

14.1.4 The SNS view

14.2 Cognizant

14.3 IQVIA

14.4 Wipro Limited

14.5 SAS Institute Inc.

14.6 Accenture

14.7 IBM

14.8 Take Solutions Limited.

14.9 Allscripts Healthcare, LLC

14.10 McKesson Corporation

15. Competitive Landscape

15.1 Competitive Benchmark

15.2 Market Share Analysis

15.3 Recent Developments

16. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Data Bank Validation

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.

Start a Conversation

Hi! Click one of our member below to chat on Phone