CHICAGO, Feb. 10, 2023 /PRNewswire/ -- Life Science Analytics Market in terms of revenue was estimated to be worth $27.1 billion in 2022 and is poised to reach $47.5 billion by 2027, growing at a CAGR of 11.8% from 2022 to 2027 according to a new report by MarketsandMarkets. The life science analytics market is mainly driven by factors such as rising technological advancements in analytical solutions and increasing adoption of analytics for sales and marketing applications. However, high implementation costs and data privacy concerns are expected to restrain the growth of this market to a certain extent.
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Life Science Analytics Market Scope:
Report Coverage | Details |
Market Revenue in 2022 | $27.1 billion |
Estimated Value by 2027 | $47.5 billion |
Growth Rate | Poised to grow at a CAGR of 11.8% |
Market Size Available for | 2020-2027 |
Forecast Period | 2022-2027 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Component, Delivery Model, Application, End User, and Region |
Geographies Covered | North America (US and Canada), Asia (Japan, China, India, and RoA), Europe (Germany, UK, France,Italy, and RoE), and the Rest of the World |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Big data analytics for R&D productivity |
Key Market Drivers | Rising pressure to curb healthcare spending |
"Descriptive analytics type segment is expected to account for the largest share of the life science analytics market in 2022"
Based on type, the life science analytics market is bifurcated into descriptive analytics, predictive analytics, and prescriptive analytics. In 2022, the descriptive analytics segment was expected to hold the largest share of this market. The large share of this segment is attributed to the major usage of descriptive analytics by stakeholders to gain a clearer understanding of past trends and events arising in real-time.
"Services segment to grow at the highest CAGR in the life science analytics market during the forecast period, by component"
Based on component, the life science analytics market is segmented into services and software. In 2022, the services segment was expected to account for the largest market share of the life science analytics market. This segment is also expected to grow at the highest CAGR during the forecast period, primarily due to the frequent need for services such as software upgrades and maintenance.
"Research & development segment is expected to account for the largest share of the life science analytics market in 2022"
Based on application, the life science analytics market is divided into research & development, sales & marketing, regulatory compliance, supply chain optimization, and pharmacovigilance. In 2022, research & development is expected to account for the largest share of the life science analytics market. However, the sales & marketing segment is estimated to register the highest growth during the forecast period. Factors such as e increasing implementation of analytics by life science companies to support sales and marketing campaigns and increasing importance of post-marketing surveillance are driving the growth of this segment.
"North America is expected to hold the largest share of the life science analytics market in 2022"
Based on region, the life science analytics market is divided into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Factors such as growing adoption of IT in the life science industry, rising pressure to reduce healthcare costs and presence of leading players are driving the growth in North American market.
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Life Science Analytics Market Dynamics:
Drivers:
- Technological advancements
- Big data in the life science industry
- Growing adoption of analytics solutions in clinical trials
- Increasing adoption of analytics for sales and marketing applications
- Need for improved data standardization
- Increasing prevalence of chronic diseases
- Growing pressure to curb healthcare spending and the need for improved patient outcomes
Restraints:
- High implementation costs
Opportunities:
- Increasing focus on value-based medicine
- Use of analytics in precision and personalized medicine
- Use of big data analytics to increase R&D productivity
- Emergence of social media and its impact on the life science industry
Challenges:
- Data privacy issues
- Data integration in the life science ecosystem
- Dearth of skilled personnel
Key Market Players:
Prominent players in this market include Oracle (US), IBM (US), SAS Institute Inc. (US), Accenture (Ireland), IQVIA Inc, (US), Cognizant (US), Wipro (India), Allscripts Healthcare, LLC (US), Optum, Inc. (US), Microsoft (US), MaxisIT (US), ExlService Holdings, Inc. (US), Cerner Corporation (US), Cotiviti, Inc. (US), Inovalon (US), CitiusTech Inc (US), Saama Technologies, LLC. (US), Axtria (US), Clarivate (UK), ThoughtSphere (US), ThoughtSpot Inc. (US), Alteryx, Inc. (US), Sisense Inc. (US), Amazon Web Services, Inc., and Veeva Systems (US).
Recent Developments:
- In November 2022, IQVIA (US) collaborated with Clalit (Israel) to launch the first Prime Site in the country. The collaboration will allow focus on the future of innovation, including precision medicine and the delivery of data-driven trials.
- In June 2022, SAS Institute Inc. (US) entered into an agreement with Gunvatta (US) to expedite clinical trials and FDA reporting through the SAS Life Science Analytics Framework on Azure.
- In March 2022, Wipro Limited (India) partnered with Pandorum (India). This partnership will provide insights into the potential outcomes of specific formulations, apply advanced algorithms to predict and enhance the efficiency of therapeutics, and improve clinical study design.
- In January 2021, Oracle (US) collaborated with Cognizant (US) to integrate technologies to reduce study startup time and streamline the management of clinical trials.
- In May 2019, SAS Institute Inc. (US) opened its SAS Cloud offering in an Amazon Web Services Data Center in Singapore.
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