USD 8.36 Billion
Global Life Science Analytics Market Size, Share, Growth Analysis, By Component(Software, and Services), By Type(Reporting, Descriptive) - Industry Forecast 2024-2031
Report ID:
SQMIG35G2221 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
63 |
Figures:
75
Global Life Science Analytics Market Insights
Global Life Science Analytics Market size was valued at USD 8.36 Billion in 2021 and is poised to grow from USD 9 Billion in 2022 to USD 16.30 Billion by 2030, at a CAGR of 7.7% during the forecast period (2023-2030).
The major driving factors for the growth of the life science analytics market is the increasing volume of healthcare data generated from various sources, including electronic health records, clinical trials, genomic sequencing, wearables, and social media. the challenges, the market offers significant opportunities. For instance, the application of artificial intelligence (AI) and machine learning (ML) algorithms in life science analytics can revolutionize drug discovery and personalized medicine. The global life science analytics market is driven by the increasing availability of healthcare data and the need for evidence-based decision-making in the life sciences sector. While challenges exist, such as data privacy and integration issues, the market presents exciting opportunities for organizations to leverage analytics and drive innovation in drug development, patient care, and overall operational efficiency.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Software
Fastest Growth
Software
Growth Rate
7.7% CAGR
Global Life Science Analytics Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
Global Life Science Analytics Market Size By Component, 2022-2030 ($ Bn)
Global Life Science Analytics Market Size By Component, 2022-2030 (%)
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Global Life Science Analytics Market Segmental Analysis
The global life science analytics market is segmented on the basis of component, type, and region. Based on component, the market is segmented into software, and services. In terms of type, the market is segmented into reporting, descriptive, predictive, and prescriptive. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Life Science Analytics Market Analysis by Component
In 2022, the dominant sector in the global life science analytics market was the services segment, which accounted for a significant revenue share of over 58.1%. This can be attributed to the increasing trend of outsourcing services in the life science industry. Many organizations in this sector lack the necessary expertise and resources, leading them to outsource various functions such as planning, training, staffing, implementation, and maintenance. This outsourcing trend is expected to continue driving the growth of the services segment in the coming years, with a projected growth rate of 8.1% over the forecast period.
The demand for analytical solutions and related services is being fueled by the growing digitization of healthcare and advancements in healthcare IT infrastructure, both in developed and emerging economies. The increasing digital literacy among healthcare professionals and the support of favorable government initiatives are also driving the demand for analytical solutions in the life science industry. Additionally, the integration of artificial intelligence algorithms in analytical solutions and the adoption of big data analytics are further contributing to the demand for services.
Global Life Science Analytics Market Analysis by Type
In 2022, the descriptive analytics segment emerged as the dominant segment in the global life science analytics market, accounting for a significant revenue share of over 37.3%. This can be attributed to the increasing demand for quantifiable, descriptive analysis based on historic datasets. Organizations are leveraging this type of analysis to derive data-driven insights and better understand the current business scenario. By employing data mining techniques on descriptive datasets, companies can uncover valuable insights and predict future trends and outcomes.
The predictive analytics segment is projected to exhibit the fastest growth rate of 9.0% during the forecast period. This growth is driven by the rapid adoption of advanced analytical solutions that enable stakeholders to predict future trends and make informed decisions. Predictive analytics plays a crucial role in helping organizations devise appropriate strategies and tactics to enhance their market performance. In March 2021, Cleveland Clinic entered into a 10-year partnership with IBM to launch the Discovery Accelerator initiative.
Global Life Science Analytics Market Size By Component, 2022 (%), 2023 (%)
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Global Life Science Analytics Market Regional Insights
In 2022, North America emerged as the dominant market in the global life science analytics industry, accounting for a significant revenue share of over 51.6%. This can be attributed to several factors, including the region's growing digital literacy, advancements in healthcare IT infrastructure, the presence of key market players, the rising geriatric population, increasing incidence of non-communicable diseases, growing demand for value-based care, and the readiness to adopt analytical solutions. Market players in North America are actively focusing on product development and partnership strategies to expand their business offerings within the region.
Asia Pacific is projected to exhibit the fastest growth rate of 11.3% during the forecast period. This lucrative growth can be attributed to various factors, such as increasing healthcare IT expenditures, the entry of key market players, developing healthcare infrastructure, and growing digital literacy in the region. Additionally, the economic development of countries in the Asia Pacific region and the availability of low-cost and high-skilled personnel are expected to drive the market further. To capitalize on the opportunities, key market players are formulating market entry strategies to expand their business presence in the Asia Pacific region.
Global Life Science Analytics Market Size By Geography, 2022-2030, 2024-2031
- Largest
- Fastest
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Global Life Science Analytics Market Dynamics
Global Life Science Analytics Market Drivers
Increasing Adoption of Real-World Data
- The growing utilization of real-world data, including electronic health records, wearables, and social media, is driving the demand for analytics solutions. Real-world data provides valuable insights into patient outcomes, treatment effectiveness, and population health, facilitating evidence-based decision-making in the life sciences sector.
Advancements in Artificial Intelligence (AI) and Machine Learning (ML)
- The integration of AI and ML algorithms in life science analytics solutions has the potential to revolutionize drug discovery, clinical trial optimization, and personalized medicine. These technologies can efficiently analyze vast amounts of data, identify patterns, and predict outcomes, leading to more efficient and targeted interventions.
Global Life Science Analytics Market Restraints
Data Privacy and Security Concerns
- Life science analytics involve handling sensitive patient data, which raises concerns regarding data privacy and security. Strict regulations and compliance requirements, such as GDPR and HIPAA, can pose challenges for organizations in terms of data governance and maintaining patient confidentiality.
Lack of Skilled Workforce
- The shortage of skilled data scientists and analysts proficient in both life sciences and analytics poses a significant restraint for the market. The specialized knowledge required to extract meaningful insights from complex healthcare datasets can limit the effective implementation of analytics solutions.
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Global Life Science Analytics Market Competitive Landscape
The global life science analytics market is highly competitive, with several key players vying for market share. These companies are actively involved in strategic initiatives such as mergers and acquisitions, partnerships, product launches, and collaborations to strengthen their position in the market and expand their product offerings. The competitive landscape of the global life science analytics market is dynamic, with companies striving to stay ahead by offering comprehensive solutions, driving technological advancements, and forging strategic collaborations. The market is characterized by a constant emphasis on innovation, data-driven insights, and leveraging advanced analytics to improve patient outcomes and drive operational excellence in the life sciences sector.
Top Player’s Company Profiles in Global Life Science Analytics Market
- Cognizant Technology Solutions Corporation (US)
- IBM Corporation (US)
- Oracle Corporation (US)
- Microsoft Corporation (US)
- Optum, Inc. (US)
- SAP SE (Germany)
- EXLService Holdings, Inc. (US)
- PAREXEL International Corporation (US)
- SCIO Health Analytics (US)
- Wipro Limited (India)
- PricewaterhouseCoopers LLP (UK)
- TIBCO Software Inc. (US)
- Take Solutions Limited (India)
- Mu Sigma Inc. (US)
- Genpact Limited (Bermuda)
- QuintilesIMS Holdings, Inc. (US)
- Palantir Technologies Inc. (US)
Global Life Science Analytics Market Recent Developments
- In April 2022, SAS Institute Inc. introduced SAS Life Science Analytics Framework, a comprehensive analytics solution designed to help life science organizations streamline and integrate their data assets. The solution enables organizations to gain actionable insights for informed decision-making across various domains, including clinical research, manufacturing, and commercial operations.
- In January 2022, IQVIA Holdings Inc. launched IQVIA Biotech, a new division dedicated to providing specialized analytics and technology solutions for biotech companies. The initiative aimed to cater to the specific needs of the rapidly growing biotech sector and enhance drug discovery and development processes.
- In December 2021, Accenture partnered with Google Cloud to launch the Intelligent Patient Analytics solution. This solution aimed to help healthcare organizations leverage advanced analytics and AI capabilities to improve patient outcomes, personalized care, and operational efficiency.
- In March 2021, Cleveland Clinic entered into a 10-year partnership contract with IBM to launch the Discovery Accelerator initiative. This initiative focused on leveraging artificial intelligence, big data analytics, quantum computing, and cloud computing to drive discoveries in the healthcare and life sciences industries.
Global Life Science Analytics Key Market Trends
- Growing Focus on Real-Time Analytics: The industry is witnessing a shift towards real-time analytics, enabling organizations to make timely decisions and respond to dynamic market conditions. Real-time data integration, processing, and analysis are becoming essential to gain a competitive edge in areas such as personalized medicine, patient monitoring, and supply chain optimization.
- Emphasis on Value-Based Care: The increasing adoption of value-based care models, where reimbursement is tied to patient outcomes, is driving the need for analytics solutions. Life science organizations are leveraging analytics to demonstrate the value and effectiveness of their products, optimize patient care pathways, and improve health economics.
Global Life Science Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global life science analytics market analysis, the demand for this analytics has been on the rise due to several factors. First, there is a growing need for data-driven decision-making in the life sciences industry. The increasing adoption of digital technologies and the availability of electronic health records have led to a surge in data generation. Life science analytics helps in harnessing this data and transforming it into actionable insights. The market analysis of the global life science analytics market reveals a significant market opportunity. The market is driven by the growing adoption of advanced analytical solutions, technological advancements, and increasing investments in healthcare IT infrastructure. The global life science analytics market offers significant potential for improving healthcare outcomes and decision-making processes. By harnessing the power of data and leveraging advanced analytics techniques, organizations can unlock valuable insights, drive innovation, and enhance patient care in the life sciences industry.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 8.36 Billion |
| Market size value in 2031 | USD 16.30 Billion |
| Growth Rate | 7.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Life Science Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Life Science Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Life Science Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Life Science Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Life Science Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Life Science Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Life Science Analytics Market Report Snapshots
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