Global Life Science Analytics Market By Component (Software and Services), By Type (Reporting, Descriptive, and Others), By Application (Research and Development, Sales and Marketing Support, and Other Applications), By Delivery (On-demand and On-premises), By End-user (Medical Device, Pharmaceutical, Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Life Science Analytics Market Overview:

The global life sciences analytics market is estimated to reach USD 8,120 million by 2021. This growth rate will increase at an 8.2% compound annual growth rate (CAGR), from 2023 to 2032.

The industry’s adoption of analytics is rapid. They rely on descriptive and reporting analyses in building databases. They also use prescriptive as well as predictive analysis in estimating future trends. This is expected to drive market growth. Social media and the internet are other important driving forces in the life science industry.

They directly impact patient engagement and drive the adoption of analytic solutions. The market will grow as healthcare facilities and life sciences organizations adopt analytical solutions to increase clinical, financial, operational, and administrative outcomes.

Global Life Science Analytics Market Scope:

Component Analysis

The services segment was the dominant market segment in 2021 and accounted for a revenue share of 54.0%. This is due to the increasing trend of outsourcing services that cover planning, staffing, implementation, and maintenance.

Life science organizations are lacking the necessary expertise and resources which will boost the segment’s growth in the coming years. Over the forecast period, the services segment will also experience the fastest growth rate. Outsourcing companies offer multi-service packages to key players, which is responsible for this lucrative growth.

Demand for analytic solutions and related services is increasing due to the growing trend towards digitalization in healthcare and improvements in healthcare IT infrastructure across developed as well as emerging economies. The demand for analytical solutions is increasing due to the growing digital literacy and positive government initiatives.

Services are being sought after due to the increasing use of artificial intelligence algorithms and big data analytics. Positive factors affecting the growth of this segment include the emergence of startups and technological collaborations that are growing.

Type Analysis

The market leader in 2021 was the descriptive type segment. This is due to the growing demand for quantitative, descriptive analysis that uses historical datasets. Data-driven analysis can be used to understand current business conditions. Data mining is used by players to predict future trends and outcomes using descriptive datasets. Accenture and Trifacta teamed up in December 2020 to develop efficient, advanced data mining methods to aid drug discovery processes.

The predictive type will see the most growth over the next few years due to the rapid adoption of advanced analytical solutions for predicting future trends and supporting stakeholders in developing appropriate strategies and tactics that enhance market performance.

In March 2021, Cleveland Clinic signed a 10-year partnership agreement with IBM to launch the Discovery Accelerator initiative. This will focus on breakthroughs in healthcare and life sciences with the support of artificial intelligence, big data analytics, and quantum computing.

Application Analysis

In 2021, sales and marketing dominated the market. This was due to the increasing use of analytical solutions within the sales and marketing functions of organizations. Nemours Children’s Health System, for example, received Oracle analytical support in February 2021 in order to adopt cloud business apps that can be deployed across various business areas of the company.

Research and Development are predicted to experience the fastest growth over the forecast period due to increased adoption of analytical tools in drug discovery and treatment and clinical trial management. A growing pipeline of life sciences organizations is also a key factor in the segment’s growth.

Oracle and Cognizant, for example, entered into technological cooperation in January 2021 to develop solutions to accelerate clinical trials using solutions that combine Oracle’s Health Science solutions with Cognizant’s Shared Investigator Platform.

Delivery Analysis

The on-demand delivery segment was the dominant market for life sciences analytics in 2021. This segment’s growth can be attributed primarily to its increased accessibility from remote locations, as well as the reduced costs and maintenance. The segment of on-demand delivery is expected to grow at the fastest rate over the forecast period.

The growing popularity of cloud-deployed and web-hosted analytical applications is responsible for the lucrative growth in on-demand delivery. This is due to advancements in internet connectivity which directly impact the accessibility of these analytical tools from remote locations. Applications and solutions that are delivered on-demand save infrastructure space and permit data retrieval according to users’ requirements. On-demand analytical solutions offer storage capacity, increased security, and ease of access.

End-User Analysis

The market’s pharmaceutical segment was dominant in 2021. This is due to the increasing adoption of analytical solutions in resource management, drug discovery, drug development, clinical trial design, and management processes, and improved drug utilization. SAS Institute, Inc.’s SAS Life Science Analytics framework was used to support Covid-19 vaccine clinical trials management. It transforms data into real-time information and derives data-enriched insights.

The fastest-growing industry in the next few years will be biotechnology. The rising use of analytical solutions for genome sequencing and analysis is responsible for the biotechnology industry’s lucrative growth. The segment is also seeing a rise in the adoption of personalized data analysis solutions.

Transcell Oncologies and Wipro partnered in May 2021 to transform vaccine safety assessment with Transcell’s advanced stem cells technology and Wipro Holmes artificial intelligence platform.

Кеу Маrkеt Ѕеgmеntѕ

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-premises

By End-user

• Medical Device
• Pharmaceutical
• Biotechnology
• Others

Market Dynamics:

Advanced analytics are being implemented rapidly by life science organizations in their diverse functionalities, including supply chain, R&D activities and clinical trial design, regulatory compliance, sales, marketing, and pharmacovigilance. Life science organizations, as well as other stakeholders in the healthcare industry, are quickly adopting big data analytics and advanced data mining techniques to accurately analyze high-risk populations and strategize accordingly to grow the market. Market growth is being further supported by healthcare financing agencies and government agencies that use predictive analytics for claims management and fraud prevention.

Moderna formed a partnership with IBM in order to more efficiently manage its vaccination program through advanced analytics and hybrid computing. The rising prevalence of non-communicable diseases, combined with the growing demand for better patient care, will all contribute to the increased demand for analytical solutions in the coming years. Life science companies and other players in the healthcare industry are using analytic solutions for advanced revenue cycle management and population management programs.

Analytical solutions are being developed to meet the increasing demand for personalized medicine. They use data from eHealth. mHealth. Electronic Health Records. Analytics solutions are designed to enhance patient care experiences. In order to optimize data mining from health datasets using artificial intelligence, market players have developed strategies to integrate these algorithms into data analysis. This will allow them to customize treatment plans.

Regional Analysis

North America dominated the market in 2021 and held a greater revenue share than 49.0%. This was due to the increased digital literacy, improvements in healthcare IT infrastructure, and the emergence and success of startups. The growing geriatric population and the increasing incidence rate of non-communicable diseases and the desire to use value-based care.
North American market players focus on product development and partnership strategies to increase their North American business offerings.

The Asia Pacific is predicted to have the fastest rate of growth over the forecast period. This is due to rising healthcare IT expenditures, the development of healthcare infrastructure, entry to key market players, growing digital literacy, and the increasing number and quality of healthcare IT professionals.

Market growth will also be driven by economic development, as well as the availability of highly-skilled workers at a low cost. In order to increase their presence in Asia Pacific markets, major players are currently developing market entry strategies.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Advanced analytical systems and solutions are some of the major players in this market. Companies are working to develop innovative products and revise their collaborations in the market. This will allow them to expand their business footprint to meet the increasing demand for analytical solutions.

Life science organizations use analytical solutions to deliver personalized medication, and value-based care and to fight the Covid-19 pandemic. IQVIA Connected Intelligence, for customers, was launched in April 2021 to provide analytical solutions that enable them to discover data-driven insights and support their decision-making. IQVIA connected its healthcare analytics expertise with new technologies to provide Connected Intelligence solutions.

Маrkеt Кеу Рlауеrѕ:

• Oracle
• IQVIA
• SAS Institute Inc.
• Cognizant
• IBM
• Accenture
• Take Solutions Limited
• Wipro Limited
• Other Key Players

For the Life Science Analytics Market research study, the following years have been considered to estimate the market size: