The global life science analytics market size was valued at USD 9.34 billion in 2022 and it is expected to hit over USD 24.12 billion by 2032, poised to grow at a CAGR of 8.63% from 2023 to 2032. U.S. life science analytics market was valued at USD 4.1 billion in 2022.
Technical upgradation in the field of analytics in the healthcare segment is considered as one of the major driving factors which promote the growth of the life science analytics market.
Furthermore, the rising penetration of big data usage in healthcare is also one of the prime factors for the life science care analytics segment. Data standardization coupled with firm investment in the field of data spending is further accelerating market growth. Rising burden of chronic disorders, increasing workloads on FDA and firm related to the drug approval process are some of the major reasons to support market growth. According to the National Health Council, in the year 2020 more than 157 million Americans are suffering from chronic disorders
Data analytics has always been known for its dealing with mass quantities of information in the various sectors. Increasing digitalization in hospitals, research centers are considered is the prime factor for the development of life science analytics market. Less price of data handling is the most prominent factor which assists in the development of the life science analytics market. Countries like United States, India, and China are experiencing huge amounts of patient data every day. Data-driven technology helps these countries to analyze the healthcare data like patient records, treatment, inventory management, staff data, and all other queries are at a much faster rate compare to the traditional method.
Some of the segments where life science analytics are much helpful are medical imaging, developing new therapies, smart staffing, reducing fraud, risk management, supply chain management and others.
Scope of this report
|Market Size||US$ 24.12 Billion by 2032|
|Growth Rate||CAGR of 9.95% from 2023 to 2032|
|Historic Data||2019 to 2021|
|Forecast Period||2023 to 2032|
|Segments Covered||Type, Component, Delivery Model, Application, End Users|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||SAS Institute Inc., Oracle Corporation, Accenture, IBM Corporation, Cognizant, IQVIA, Wipro, Cerner Corporation, MaxisIT, Optum, Microsoft, Infosys Limited|
Different types of analytics assessed in this report are descriptive, predictive, diagnostic, discovery, and prescriptive. The descriptive segments held the majority of the market shares in the year 2022. Life science analytics always deals with the description methods to deals with the life sciences queries. For a better explanation and interpretations about the incidence and past trend data, the descriptive analytics provide overviews of the subjects. It is also observed that predictive health analytics proved to be more complex when compared with descriptive analytics. Most healthcare organizations aim to investigate the performance gap and allow the space for preparing the better strategies needed for the organization. Firm preference for descriptive analytics is due to its form or presentation like simple graphs with explanations. The discovery analytics used to discover or determine the different scientific facts. For instance, Centers for Medicare and Medicaid Services (CMS) used analytics to reduce hospital readmission rates.
The predictive analysis is registering growth at a CAGR of 9.2% over the forthcoming years.
Component Type Insights
Based on the type of component the market is fragmented into, software and services. In 2022, the services segment garnered for a revenue share of around 56%. Service provided by skilled professionals and cloud management services are costlier. These services are mostly provided by companies like Microsoft, clodera and others. The efficient running of the analytics services plays a major role in its execution. The services segment is poised to reach at a CAGR of 8.3% over the forecast period.
Application type Insights
By Application, the market is classified into research & development, supply chain optimization, clinical trials, sales & marketing, regulatory compliance, preclinical trials, and pharmacovigilance. The sales and marketing segment dominated the life science analytics market and garnered revenue share 31.4% in 2022.
Sales and marketing showed noticeable improvement in recent years and the same will grow at the considerable CAGR within the forecast period. Marketing campaigns and post-marketing surveys become important for the healthcare firm. Market surveillance is also assisted in boosting the life sciences analytics market.
The research and development is expected to hit at a CAGR of 9.9% over the forecast period.
End-users type Insights
On the basis of end-users, the market is classified into pharmaceutical & biotechnology companies, medical device companies, research centers, and third-party administrators. The pharmaceutical and bio-technology are the biggest end-users both in terms of revenue generation and consumption volume. In the year 2022, the same segment held the maximum market share 47%. Life science analytics is used to accelerate the process of discovery and development of the drugs, to optimize the efficacy of clinical trials, to focus on a specific population of the patients, to see the effect of the drug, to analyze the patient behavioral activities over healthcare outcome, and to further manage the patient's safety and risk management. For instance, The Johnson and Johnson Company is looking for the data to assist the pharmaceutical and biotechnological firm for making decision-based process easier.
Biotechnology companies are anticipated to reach at a CAGR of 8.8% over the forthcoming years.
North America, Europe, Asia Pacific, Latin America and Middle East and Africa are the most common five region covered in the report of life science analytics market. North America is the appeared as dominant regional market among others. The North America region accounted largest revenue share of around 52%.
On the other hand, Asia Pacific is expanding at a CAGR of 10.5% over the forecast period. Major players of North America are looking towards the Asia Pacific for their future growth and development. Bulking loads of chronic disorders in the region like North America and Europe is also considered as one of the major driving factors which helps the growth of the global life science analytics market.
Key Companies & Market Share Insights
Major manufacturers in the global market are keen focusing on technological advancement in order to decreasing the cost of screening per patients. Some of the significant players in the Life science analytics market include:
Segments Covered in the Report
This research report estimates revenue growth at global, regional, and country levels and offers an analysis of present industry trends in every sub-segment from 2021 to 2030.This research study analyzes market thoroughly by classifying global Life science analytics market report on the basis of different parameters including type of type, application, component, application, delivery model, end users and region:
By Component Type
By Delivery Model
By Application Type
By End Users Type
By Regional Outlook
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