Life Science Analytics Market: Global Industry Forecast (2023-2029)

Life Science Analytics Market size was valued at USD 8.84 Bn. in 2022 and the total Life Science Analytics Market revenue is expected to grow at 7.7 % from 2023 to 2029, reaching nearly USD 14.86 Bn.
Life Science Analytics Market Overview:
Life science analytics plays an important role in significant areas such as detection of the prescription and treatment patterns, strategizing the intent of the patient to the real-world results and more importantly achieving the operational excellence to drive through the intellectual journey of the patient. 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 has driven the market growth. The Life Science Analytics market has 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.To know about the Research Methodology :- Request Free Sample Report

The Research aims to provide user a deep analysis of market and whole industry ecosystem of Life Science Analytics Market. The study looks at the market's recent, ongoing, and future changes. It also provides a competitive analysis of complex data. New entrants, industry titans, and followers are some of the primary forces that actively and carefully perform research. The study displays the results of the PORTER and PESTEL analyses as well as probable outcomes of the microeconomic market elements. After accounting for internal and external variables that can have a favorable or unfavorable impact on the firm, decision-makers will have a clear futuristic perspective of the market.

The market segmentation analysis and market size forecast in the research help investors better understand the dynamics and structure of the Life Science Analytics market. The report acts as a buyer's guide by clearly outlining the comparative analysis of the top Life Science Analytics businesses by price, financial position, product, product portfolio, growth strategies, and regional presence.
Life Science Analytics Market Dynamics:
Market Drivers:

The advantages of analytics in the life sciences are early detection of prescription and treatment patterns, strategizing the intent of the patient to real-world results, and most importantly, achieving operational excellence has driven the Life Science Analytics market. Pharmaceutical firms have been examining digitalization as a strategic project over the past few years with the potential to transform many parts of their value chain to become more productive and lucrative. Companies has successfully increased their R&D efficiency, manufacturing capabilities, sales and marketing effectiveness, and compliance management with the use of digital technologies like mobility and pervasive computing, big data, and analytics. Analytics tools are being incorporated into industrial processes to automatically record unit operations data, and many R&D labs are transitioning to paperless operations. This strategy has assisted in minimizing errors and speeding up processes. The new world of virtual and hybrid work has demanded flexibility and most life sciences companies are adjusting new norms and are highly competitive in the talent landscape in the near future. In 2022, data driven scientists has armed with new sources of insights and real-world evidence, which has helped in solving the problems for diseases that were once intractable. This new process of Life science analytics has adopted to expedite the COVID-19 vaccines and therapeutic products too.

Market Restrains:

As the incoming data is messy, with missing values and filled with the inconsistencies and potential biases, Life Science Analytics companies are forced to spend their precious time in ingesting, organizing the data and cleaning. Time-to-insight is also crucial in conducting the successful sales and marketing campaigns as well as optimizing the inventory management and the supply chain logistics, however many companies still rely on the outdated legacy systems that has created data silos and has deliver inconsistent user experiences and has provided fragmented insights. Technologies implementation is constrained by high costs that make them unaffordable for small- and medium-sized pharma and biotech businesses as well as CROs with tight budgets. This trend is especially noticeable in developing nations where it is frequently difficult to gain funding for IT over medical technology.

Market Opportunities:

Big data analytics and advanced data mining techniques are rapidly embraced by life science companies and other stakeholders in the healthcare sector in order to precisely study the population at high risk and develop market-driving strategies. The ongoing Covid-19 outbreak has put a strain on the country's healthcare infrastructure and highlighted the potential of cutting-edge technologies to help the healthcare industry become digital. Predictive analytics are being used by government and healthcare funding groups to monitor claims and avoid fraud, which is further fueling industry expansion. Analytics has been utilized widely over time to create individualized treatment, notably for cancer and diabetes. Numerous organizations are receiving funding to create big data-based personalized medical solutions for precision health that are analytics-based which has further created the growth opportunity of Life Science Analytics market.
Life Science Analytics Market Segment Analysis:
Based on Application outlook, Due to the increasing adoption rate of analytical solutions in sales and marketing functionalities of organizations to increase sales productivity and design successful and effective marketing campaigns, the sales and marketing segment dominated the market in 2022 and accounted for a revenue share of over 30.0%. For instance, Nemours Children's Health System acquired analytical support from Oracle in February 2022 in order to embrace cloud business apps and deploy them throughout the organization's numerous business departments.

Increasing implementation of analytical solutions in clinical trial management systems and drug discovery and development, the research and development segment is predicted to grow at the quickest rate over the forecast period. The expanding pipeline of life science firms is another important aspect that is favourably affecting the expansion of the research and development sector.Based on Component type, Due to the growing trend of outsourcing services for planning, training, staffing, implementation, and maintenance the services segment dominated the market in 2022 and accounted for a revenue share of over 54.0%. This trend is expected to continue over the projected period, The demand for analytical solutions is rising as a result of improving government initiatives and growing digital literacy. The development of startups, expanding technical alliances, and advantageous finance choices are all contributing to the growth of the services sector. The need for analytical solutions and related services is being driven by the growing trend of digitalizing healthcare and improvements in healthcare IT infrastructure across developed and emerging economies.

Based On End-user, Pharmaceutical and biotechnology firms, medical device companies, research institutions, and third-party administrators make up the segments of the life science analytics industry (TPAs). In 2022, the pharmaceutical and biotechnology sector held the biggest market share for life science analytics. This can be attributable to pharmaceutical and biotechnology industries' extensive use of analytics solutions. Analytics are being used by pharmaceutical businesses frequently. Eli Lilly created one such system that gives researchers a simple way to conduct a screening without jeopardising the integrity of the intellectual property. The market demand for R&D applications has further shown tremendous growth in Life Science Analytics in the future as more firms make investments in the bio sciences for medication discovery and development.
Life Science Analytics Market Regional Insights:
The market was dominated by North America in 2022, with a revenue share of over 51.0%, due to 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. Players in the North American market are always concentrating on product development and collaboration tactics to increase their business offerings there.

Over the projected period, Asia Pacific is expected to grow at the fastest rate. This profitable growth is ascribed to rising healthcare IT spending, expanding healthcare infrastructure, important market players entering the industry, and rising digital literacy. Moreover, the industry is anticipated to be driven by economic growth and the availability of low-cost, highly skilled labor. To increase their commercial footprint in Asia Pacific, major firms are developing market entry strategies.
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Global Life Science Analytics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 8.84 Bn.


Forecast Period 2023 to 2029 CAGR:
7.6%
Market Size in 2029:
US $ 14.86 Bn.


 Segments Covered:
by Application Outlook
•Research and Development
• Sales and Marketing Support
• Regulatory Compliance
• Supply Chain Analytics
• Pharmacovigilance


by Component Type
• Software
• Services


by End User
•Medical Device
• Pharmaceutical
• Biotechnology
• Others


by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)



Life Science Analytics Market, Key Players are:
• Oracle(US)
• Rockwell Automation Inc.(US)
• Navitas Life Sciences(US)
• IQVIA(US)
• SAS Institute Inc.(US)
• Cognizant(US)
• MaxisIT(US)
• SCIOInspire(US)
• Corp Experfy,Inc.(US)
• Applexus Technologies(US)
• Saama Technologies Inc.(US)
• Incedo Inc, CitiusTech Inc.(US)
• Applexus Technologies(US)
• Sisense Inc.(US)
• IBM(US)
• Accenture(Ireland)
• Take Solutions Limited(India)
• Wipro Limited(India)
• Infosys Limited (India)
• Deloitte(UK)
• Siemens(Germany)

FAQs:

1. Which is the potential market for the Life Science Analytics Market in terms of the region?
Ans. In North America region, the growing business and technology innovations are expected to help drive the use of collaborative screens.

2. What are the opportunities for new market entrants?
Ans. The key opportunity in the market is new technology innovations and big patient data that has driven market for Life Science Analytics Markets in healthcare center

3. What is expected to drive the growth of the Life Science Analytics Market in the forecast period?
Ans. A major driver in the Life Science Analytics Market is the prevalence of rapid analysis during the COVID-19 pandemic

4. What is the projected market size & growth rate of the Life Science Analytics Market?
Ans. The Life Science Analytics Market size was valued at US$ 8.84 Billion in 2022 and the total Life Science Analytics Market revenue is expected to grow at 7.6 % through 2023 to 2029, reaching nearly US$ 14.86 Billion.

5. What segments are covered in the Life Science Analytics Market report?
Ans. The segments covered are Application Outlook, Component type, End -User and Region.