(MENAFN- Straits Research) Life sciences analytics refers to any analytical tool used in clinical research organizations, Pharmaceutical and medical device companies, and various departments like research, supply chain, marketing, and pharmacovigilance. The key factors driving the life sciences analytics market are the need for better patient outcomes, the growing adoption of analytics solutions in pharmaceuticals and clinical trials, the pressure to reduce healthcare spending, and the appearance of advanced analytics techniques in life science companies.
Market Dynamics
Rising Use of Analytics Solutions in Pharmacies and Clinical Trials Drives the Global Market
The market is growing as analytics tools are used more frequently in pharmaceuticals and clinical trials. By identifying and analyzing various data points, such as participant demographic and historical information, data from remote patient monitoring, and details on previous clinical trial events, pharmaceutical analytics solutions assist businesses in hastening clinical trials. As a result, numerous pharmaceutical firms are using analytics solutions more frequently. For instance, Amazon Web Services, Inc. (AWS), a division of Amazon, Inc., announced in December 2021 that it was working with Pfizer to create cutting-edge cloud-based solutions that could improve the procedure for developing, producing, and distributing new medications for use in clinical trials.
Development of Novel Analytics-Based Products and Solutions Creates Tremendous Opportunities
The global life science analytics market is anticipated to grow significantly over the coming years, increasing the market's potential for growth. This can be attributed to the introduction of novel technologies, the demand for early diagnosis, and the growing emphasis on research and development, leading to the development of novel analytics-based products and solutions for the life sciences industry. For instance, in April 2021, Clarivate PLC reported that Cortellis Deals Intelligence, a premier source of information on life science deals, had improved. In order to speed up innovation, Clarivate PLC is a world leader in providing reliable information and insights. With the help of two new features, users can now confidently monitor the deal-making environment and quickly grasp the potential value of an asset. These features include predictive analytics and deal trend visualizations.
Regional Analysis
North America is the most significant contributor to the market and is expected to grow at a CAGR of 7.40% during the forecast period. The US life science analytics market is anticipated to grow significantly over the forecast period due to the introduction of new data and analytics solutions in the country and the strategic initiatives market players take. The country's adoption of data and analytics solutions is anticipated to boost data management services, improve patient outcomes, and shorten the R&D cycle. For instance, in March 2022, Databricks unveiled the Databricks Lakehouse platform for healthcare and life science. A single platform supports data management, analytics, and cutting-edge AI use cases like disease prediction, medical image classification, and biomarker discovery. In addition, future adoption of data and analytical solutions is also anticipated to increase due to strategic actions taken by market participants, such as partnerships and the launch of awareness campaigns.
Europe is expected to grow at a CAGR of 7.88% during the forecast period. This market is expected to expand due to several factors, including increased product launches, expanding distribution agreements between crucial market participants, company service expansion, and increasing life science companies' R&D expenditures. Growing distribution agreements between life science firms and suppliers of analytic solutions will likely lead to increased adoption of life science analytics solutions in Germany, which will support market expansion in this nation. For instance, in June 2021, JADBio and QIAGEN agreed to market and sell each other's services as a part of the QIAGEN Digital Insights portfolio. This collaboration gave JADBio access to unmatched resources in the industry and a team of experts from around the world.
Key Highlights
The global life science analytics market was valued at USD 9.481.05 million in 2022. It is expected to reach USD 19,610.13 million by 2031, growing at a CAGR of 8.41% during the forecast period (2023–2031).
Based on the product, the global life science analytics market is bifurcated into descriptive, predictive, and prescriptive analytics. The descriptive analytics segment is the highest contributor to the market and is expected to grow at a CAGR of 7.23% during the forecast period.
Based on the application, the global life science analytics market is bifurcated into research and development, supply chain analytics, and sales and marketing. The sales and marketing segment owns the highest market share and is expected to grow at a CAGR of 7.34% during the forecast period.
Based on the component, the global life science analytics market is bifurcated into software and service. The service segment is the highest contributor to the market and is expected to grow at a CAGR of 8.40% during the forecast period.
Based on the end-user, the global life science analytics market is bifurcated into clinical research institutions, pharmaceutical and biotechnology companies, and medical device companies. The pharmaceutical and biotechnology companies segment owns the highest market share and is expected to grow at a CAGR of 7.46% during the forecast period.
North America is the most significant contributor to the market and is expected to grow at a CAGR of 7.40% during the forecast period.
Competitive Players
The global life science analytics market's major key players are Accenture, Cognizant, IBM Corporation, MaxisIT, Oracle Corporation, IQVIA, Sas Institute Inc., EXL Service (Scioinspire Corp.), Take Solutions Limited, Wipro Limited, Dynata, M3 (Eu) Ltd, Serma Group, and Apollo Intelligence.
Market News
In January 2023, Trinity Life Sciences, a global leader in life sciences solutions, and Havas Health & You (HHY&Y), the world's largest global health and wellness network and part of Havas Group, a Vivendi (VIV) business, announced a strategic partnership that will allow both companies to offer cohesive end-to-end commercial solutions to the life sciences industry.
Global Life Science Analytics Market: Segmentation
By Product Type
Descriptive Analytics
Predictive Analytics
Prescriptive Analytics
By Applications
Research and Development
Supply Chain Analytics
Sales and Marketing
By Component
Software
Service
By End User
Clinical Research Institutions
Pharmaceutical and Biotechnology Companies
Medical Device Companies
By Regions
North America
Europe
Asia-Pacific
The Middle East and Africa
South America
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