Life Science Analytics Market Size to Reach USD 18.12 Bn by 2030

According to Precedence Research, the global life science analytics market size is expected to reach over US$ 18.12 Billion by 2030, growing at a CAGR of 8.25% from 2021 to 2030.

Growth Factors

As clinical trials have become more complicated, involving multiple activities and generating large amounts of data from various systems, there has been an increase in the use of analytics in clinical trials. With increasing regulatory protocol requirements for clinical trial conduct and the difficulty in promptly collecting, compiling, and evaluating a report for submission to the health authority, clinical trial analytics is becoming more popular. The rising adoption of analytics for sales and marketing applications is likely to fuel the growth of the global life science analytics market during the forecast period. The increased demand for greater data standardization is also expected to drive the life science analytics market expansion. Furthermore, the rise in chronic disorder incidence is expected to hinder the life science analytics market’s growth. However, rising application costs are expected to hamper the global life science analytics market’s growth over the forecast period. Furthermore, the growing emphasis on value-based medicine will give further chances for the life science analytics market to flourish in the near future.

Future of Life Science Analytics Market

Precision medicine is the utilization of an individual’s genomic data to generate individualized therapy. The key market players can use advanced analytics and predictive modelling applications to treat each patient individually to achieve the best potential results. The analytics has been progressively employed to generate tailored treatment, notably for diabetes and cancer. The different types of organizations are obtaining grants to develop analytics-based solutions for precision health in order to produce personalized medicine based on big data solutions.

Scope of the Report

Report Highlights:

• By type, the descriptive segment dominated the global life science analytics market in 2021 with highest market share 36%. Due to the increased need for quantified and descriptive analysis based on prior datasets to create data driven analysis to better understand the current business picture, the segment is expected to grow at a rapid pace.   
• On the basis of component type, the services segment holds the largest market share the global life science analytics market in 2021. The outsourcing companies’ multi service packages supplied to major participants are credited with this profitable expansion.  
• By application, the sales and marketing segment captured largest market share 31% in 2021. This is due to the increased adoption rate of analytical solutions in sales and marketing operations of businesses to boost sales and productivity and build efficient and effective marketing strategies.
• Based on the end user, the pharmaceutical and biotechnology segment dominated the global life science analytics market in 2021 with highest market share 46%. This is attributed to the increased acceptance of analytical solutions in efficient resource management, improved drug utilization, clinical trial designing, and drug discovery development.  
• North America is the largest segment for life science analytics market in terms of region and has garnered market share of around 51% in 2021. To increase their business offerings in North America region, the key market players are always focused on product development and collaboration tactics. 
• Asia-Pacific region is the fastest growing region in the life science analytics market. The life science analytics market is likely to be driven by economic development and the availability of low cost and high skilled labor. To grow their corporate footprint in Asia-Pacific region, the major market players are designing market entrance tactics.

COVID-19 Impact Analysis:

• The current COVID-19 epidemic has put a strain on established health care systems, highlighting the value of new technologies in advancing health care digitization. 
• The COVID-19 pandemic had a significant impact on analytical solutions demand and the market for bioscience analytics saw a large increase in acceptance rates. 
• In the management of medical supplies, medications, and vaccines, analytical solutions were widely used.    

Key Developments in the Marketplace:

• Cognizant purchased Brilliant Service Co. Ltd in March 2017 to expand its digital strategy, internet of things, enterprise mobility capabilities, and product design and engineering. 
• In February 2020, IQVA introduced the Avacare Clinical Research Network, a global site network that will help deliver more clinical trial possibilities and patient options. 
• Accenture purchased LabAnswer in July 2017. Accenture’s product portfolio in digital technologies was strengthened as a result of this acquisition. 
• SAS Institute launched its SAS Cloud solution in a Singapore Amazon Web Services Data Center in May 2019. 
• Linguamatics was bought by IQVIA in February 2019, allowing the firm to expand its product line in artificial intelligence and machine learning technology. 
• IQVIA Connected Intelligence was introduced in April 2021 to help clients uncover data driven insights and make better decisions using analytical tools.  

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