The global life science analytics market size is expected to reach USD 16.3 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.6% from 2023 to 2030. The growing demand to enhance patient care experience and improve clinical outcomes while minimizing rising healthcare expenses is driving the adoption of analytical solutions in the life sciences market. Social media and improving internet connectivity are significantly impacting the demand for analytical solutions. Emerging trends of the digitalization of healthcare and the growing demand for personalized medicine are contributing to the adoption rates. Furthermore, the adoption of big data analytics and the emergence of advanced data mining techniques are bolstering market growth. 

The ongoing Covid-19 pandemic exposed the shortcomings of the existing, overburdened healthcare systems, thus driving the demand for analytical solutions. Key players are rapidly making technological advancements to overcome the existing limitations and identify new verticals for growth. For instance, Moderna implemented IBM analytical solutions integrated with cloud computing, artificial intelligence algorithms, and blockchain solutions to successfully roll out their Covid-19 vaccine program.

The services component segment dominated the market in 2022 owing to the growing trend of outsourcing individual or multi-package services in implementing analytical solutions. Life science organizations lack the required expertise and resources, which drives the outsourcing of services from third-party vendors or consulting firms, which positively impacts the growth of the services segment. The descriptive type of analytical solutions led the market in 2021 owing to the growing implementation of descriptive analysis on historic datasets to analyze the current business scenarios. The predictive type segment is expected to grow lucratively over the forecast period owing to the rising adoption of advanced analytics to predict future outcomes and trends.

Gather more insights about the market drivers, restrains and growth of the Life Science Analytics Market

Detailed Segmentation:

Component Insights

In 2022, the services segment dominated the market and accounted for a revenue share of over 57.1% owing to the growing trend of outsourcing services covering planning, training, staffing, implementation, and maintenance, since life science organizations lack the adequate expertise and resources, which is anticipated to boost the segment growth over the forthcoming years. The services segment is anticipated to register the fastest growth rate of 8.1% over the forecast period. This lucrative growth is attributed to multi-services packages offered to key players by outsourcing companies.

Type Insights

In 2022, the descriptive type segment dominated the market and accounted for a revenue share of over 36.3% owing to the rising demand for quantifiable, descriptive analysis based on historic datasets to derive data-driven analysis to better understand the current business scenario. Players use data mining techniques on descriptive datasets to derive future trends and outcomes. For instance, in December 2020, Accenture partnered with Trifacta to design efficient, advanced data mining techniques to support drug discovery procedures.

Application Insights

In 2022, the sales and marketing segment dominated the market and accounted for a revenue share of over 33.5% owing to the growing adoption rate of analytical solutions in sales and marketing functionalities of organizations to boost sales productivity and design effective and impactful marketing campaigns. For instance, in February 2021, Nemours Children’s Health System received analytical support from Oracle to adopt cloud business applications to be deployed in various business departments of the organization.

Delivery Insights

In 2022, the on-demand delivery segment dominated the market for life science analytics and accounted for a revenue share of over 50.6%. The growth of the segment can be attributed to the increased access from remote locations with minimized costs and reduced maintenance. Additionally, the on-demand is anticipated to register the fastest growth rate of 8.5% during the forecast period.

End-user Insights

In 2022, the pharmaceutical segment dominated the market and accounted for a revenue share of over 46.7% owing to the growing adoption of analytical solutions in efficient resource management, drug discovery and development, clinical trial designing and managing processes, and enhanced drug utilization. For instance, in November 2020, SAS Institute, Inc.’s SAS Life Science Analytics Framework was used in supporting Covid-19 vaccine clinical trial management by transforming data into real-time information to derive data-enriched insights.

Regional Insights

In 2022, North America dominated the market and accounted for a revenue share of over 50.6% owing to the growing digital literacy, advancements in healthcare IT infrastructure, the emergence of startups, the presence of key market players, growing geriatric population, the rising incidence rate of non-communicable diseases, growing demand for value-based care, and readiness to adopt analytical solutions. North American market players are constantly focusing on product development and partnership strategies to expand their business offerings in North America.

Browse through Grand View Research's Healthcare IT Industry Research Reports.

• The global pharmacy inventory management software solutions and cabinets market size was valued at USD 6.10 billion in 2023 and is projected to grow at a CAGR of 7.9% from 2024 to 2030.

• The global healthcare predictive analytics market size was estimated at USD 14.58 billion in 2023 and is projected to grow at a CAGR of 24.0% from 2024 to 2030. 

Key Companies & Market Share Insights

Some of the key participants in the market are developing advanced analytical solutions and systems. The companies are focusing on devising innovative product development strategies to expand their product offerings and revising their partnerships and collaborations across the market to expand their business footprint and cater to the growing demand for analytical solutions.

Life science organizations are implementing analytical solutions in delivering personalized medication and value-based care and combating the Covid-19 pandemic. For instance, in April 2021, IQVIA Connected Intelligence was launched for customers to use analytical solutions in discovering data-driven insights and support effective decision making. IQVIA integrated its expertise in healthcare analytics with innovative technologies to deliver Connected Intelligence solutions. 

Some prominent players in the global life science analytics market include:

• Oracle

• IQVIA

• SAS Institute Inc.

• Cognizant

• IBM

• Accenture

• Take Solutions Limited

• Wipro Limited

Life Science Analytics Market Segmentation

Grand View Research, has segmented the global life science analytics market on the basis of component, type, application, delivery, end-user, and region:

Life Science Analytics Component Outlook (Revenue, USD Million, 2018 - 2030)

• Software

• Services

Life Science Analytics Type Outlook (Revenue, USD Million, 2018 - 2030)

• Reporting

• Descriptive

• Predictive

• Prescriptive

Life Science Analytics Application Outlook (Revenue, USD Million, 2018 - 2030)

• Research and Development

• Sales and Marketing Support

• Regulatory Compliance

• Supply Chain Analytics

• Pharmacovigilance

Life Science Analytics Delivery Outlook (Revenue, USD Million, 2018 - 2030)

• On-demand

• On-premises

Life Science Analytics End User Outlook (Revenue, USD Million, 2018 - 2030)

• Medical Device

• Pharmaceutical

• Biotechnology

• Others

Life Science Analytics  Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

o U.S.

o Canada

• Europe

o Germany

o U.K.

o France

o Italy

o Spain

o Denmark

o Sweden

o Norway

• Asia Pacific

o Japan

o China

o India

o South Korea

o Australia

o Thailand

• Latin America

o Brazil

o Mexico

o Argentina

• Middle East & Africa

o South Africa

o Saudi Arabia

o UAE

o Kuwait

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