Life Science Analytics Market Size, Share & Growth Report, 2033

According to Nova One Advisor, the global life science analytics market size was estimated at USD 11.63 billion in 2023 and it is projected to increase USD 26.63 billion by 2033 with a CAGR of 8.64% from 2024 to 2033. In an industry where life-saving and life-changing solutions are at stake, life sciences companies need a way to analyze massive amounts of data to operate better and faster in a highly-regulated landscape.

We implement analytics solutions for pharmaceutical and biotech organizations that put data at the heart of product development, sales plans, and market strategies—which ultimately improves patient outcomes.

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Key Takeaways:

• In 2023, North America dominated the market and accounted for a revenue share of over 52%
• Asia Pacific is anticipated to register the fastest growth rate of 10.4% over the forecast period
• In 2023, the services segment dominated the market and accounted for a revenue share of over 58%
• The services segment is anticipated to register the fastest growth rate of 8.2% over the forecast period.
• In 2023, the descriptive type segment dominated the market and accounted for a revenue share of over 37.3%
• The predictive analysis is anticipated to register the fastest growth rate of 9.1% over the forthcoming years
• In 2023, the sales and marketing segment dominated the market and accounted for a revenue share of over 34.19%
• The research and development is anticipated to register the fastest growth rate of 9.8% over the forecast period
• In 2023, the on-demand delivery segment dominated the market for life science analytics and accounted for a revenue share of over 51.16%.
• The on-demand is anticipated to register the fastest growth rate of 8.5% during the forecast period.
• In 2023, the pharmaceutical segment dominated the market and accounted for a revenue share of over 48%
• Biotechnology companies are anticipated to register the fastest growth rate of 8.7% over the forthcoming years.

Life Science Analytics Market Use Cases?

• Drug Discovery and Development: Life science analytics play a crucial role in identifying potential drug candidates, predicting their efficacy, and optimizing the drug development process. Advanced analytics techniques help in analyzing molecular structures, predicting biological activities, and identifying potential side effects, thereby streamlining the drug discovery pipeline.
• Clinical Trials Optimization: Analytics tools are used to design and optimize clinical trials, helping to identify suitable patient populations, determine optimal trial protocols, and predict outcomes. This can lead to more efficient trial processes, reduced costs, and accelerated time-to-market for new therapies.
• Real-world Evidence (RWE) Generation: Life science analytics enable the analysis of real-world data from sources such as electronic health records (EHRs), claims data, and patient registries to generate real-world evidence. This evidence is used to supplement clinical trial data, providing insights into the safety, effectiveness, and utilization of therapies in real-world settings.
• Precision Medicine and Personalized Healthcare: Analytics tools facilitate the analysis of genomic, proteomic, and other -omic data to support precision medicine initiatives. By identifying biomarkers, genetic predispositions, and treatment responses at the individual level, healthcare providers can deliver personalized treatment plans tailored to each patient’s unique characteristics.
• Supply Chain Optimization: Analytics help optimize the supply chain in life sciences, ensuring the efficient distribution of pharmaceuticals, medical devices, and other healthcare products. By analyzing demand forecasts, inventory levels, and logistical constraints, companies can minimize stockouts, reduce wastage, and improve overall supply chain efficiency.
• Patient Engagement and Adherence: Analytics tools support patient engagement initiatives by analyzing patient data to understand behaviors, preferences, and adherence patterns. By leveraging insights from analytics, healthcare providers can design targeted interventions, personalized communication strategies, and adherence programs to improve patient outcomes.
• Health Outcomes Research: Analytics is used to conduct health outcomes research, assessing the real-world impact of healthcare interventions on patient outcomes, quality of life, and healthcare costs. By analyzing large-scale healthcare data, researchers can evaluate treatment effectiveness, comparative effectiveness, and economic value, informing healthcare decision-making and policy development.

Life Science Analytics Market Benefits

• Accelerate scientific innovation and speed to insight to bring therapies to market faster.
• Facilitate analytic decision making and collaboration in a complex health ecosystem.
• Evolve your analytics journey with a modern, open, flexible platform and tailored industry solutions.
• Provide reliable, transparent and valid insights to drive action in a highly regulated environment.
• Enable continuous collaboration through a shared space where all user types can work together.
• Use the programming language of your choice and open data formats on one platform.

Life Science Analytics Market Growth

The life science industry is rapidly adopting analytics and relies on descriptive and reporting analysis in building databases and uses prescriptive and predictive analysis in estimating future trends and results, which is anticipated to propel the market growth. Another key driving force significantly impacting the life sciences industry is the rising influence of social media and the internet, which directly impacts patient engagement and drives the adoption of analytical solutions. Healthcare facilities and life science organizations are readily adopting analytical solutions to enhance clinical, financial, and operational outcomes and minimize healthcare expenditure, which will drive the market.

Life science organizations are rapidly implementing advanced analytics in their various functionalities such as supply chain, R&D activities, clinical trial designing, regulatory compliance, sales and marketing, and pharmacovigilance. Life science organizations and other healthcare industry stakeholders are rapidly adopting advanced data mining techniques and big data analytics to accurately analyze the population at high risk and strategize accordingly to drive the market. Healthcare financing organizations and government bodies are implementing predictive analytics in claims management and prevention of frauds, which is further boosting market growth.

The ongoing Covid-19 pandemic overburdened the existing healthcare systems and revealed the potential of advanced technologies in supporting the digitalization of healthcare. The Covid-19 pandemic directly impacted the demand for analytical solutions and the market for life science analytics witnessed a significant surge in adoption rates. Analytical solutions were being widely implemented in the management of vaccines, medical supplies, medicines, and other essential resources.

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Regional Insights

In 2023, North America dominated the market and accounted for a revenue share of over 52% 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.

Asia Pacific is anticipated to register the fastest growth rate of 10.4% over the forecast period and this lucrative growth is attributed to the growing healthcare IT expenditures, developing healthcare infrastructure, the entry of key market players, and growing digital literacy. Moreover, economic development and the availability of low-cost and high-skilled personnel are expected to drive the market. Key players are devising market entry strategies to expand their business presence in Asia Pacific.

Component Insights

In 2023, the services segment dominated the market and accounted for a revenue share of over 58% 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 8.2% over the forecast period. This lucrative growth is attributed to multi-services packages offered to key players by outsourcing companies.

The growing trend of digitalization of healthcare and advancements in healthcare IT infrastructure across developed and emerging economies is driving the demand for analytical solutions and related services. Growing digital literacy and favorable government initiatives are boosting the demand for analytical solutions. The growing trend of integrating artificial intelligence algorithms in analytical solutions and the adoption of big data analytics are driving the demand for services. The emergence of startups, growing technological collaborations, and favorable funding options are positively impacting the growth of the services segment.

Type Insights

In 2023, the descriptive type segment dominated the market and accounted for a revenue share of over 37.3% 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.

The predictive analysis is anticipated to register the fastest growth rate of 9.1% over the forthcoming years owing to the rapidly growing adoption rate of advanced analytical solutions in predicting future trends and supporting stakeholders in devising appropriate strategies and tactics to enhance market performance. For instance, in March 2021, Cleveland Clinic entered a 10-year partnership contract with IBM to introduce the Discovery Accelerator initiative to focus on discoveries in the healthcare and life sciences industries with the support of artificial intelligence, big data analytics, quantum computing, and cloud computing.

Application Insights

In 2023, the sales and marketing segment dominated the market and accounted for a revenue share of over 34.19% 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.

The research and development is anticipated to register the fastest growth rate of 9.8% over the forecast period owing to the rising adoption of analytical solutions in drug discovery and development and clinical trial management systems. Another key factor positively impacting the growth of the research and development segment is the growing pipeline of life science organizations. For instance, in January 2021, Oracle and Cognizant entered a technological collaboration to develop solutions to accelerate clinical trial studies using solutions based on a combination of Oracle’s Health Science solutions and Cognizant’s Shared Investigator Platform.

Delivery Insights

In 2023, the on-demand delivery segment dominated the market for life science analytics and accounted for a revenue share of over 51.16%. 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.

This lucrative growth of on-demand delivery is attributed to the rising adoption rate of web-hosted and cloud-deployed analytical applications and solutions with advancements in internet connectivity, which is directly impacting the accessibility of these analytical solutions from remotest locations. On-demand delivered analytical solutions and applications save infrastructure space and allow data retrieval as per user’s needs. The benefits associated with on-demand delivered analytical solutions are storage capacity, ease of access, and enhanced security.

End-user Insights

In 2023, the pharmaceutical segment dominated the market and accounted for a revenue share of over 48% 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.

Biotechnology companies are anticipated to register the fastest growth rate of 8.7% over the forthcoming years. This lucrative growth rate of biotechnology companies is attributable to the rising adoption of analytical solutions in genome sequencing and analysis. In addition, the implementation of personalized data analytical solutions is boosting the development and growth of the segment. For instance, in May 2021 Wipro and TranscellOncologies partnered to transform vaccine safety assessment using Transcell’s advanced stem cell technology and Wipro Holmes augmented intelligence platform.

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

• Oracle
• IQVIA
• SAS Institute Inc.
• Cognizant
• IBM
• Accenture
• Take Solutions Limited
• Wipro Limited

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global Life Science Analytics market.

By Component

• Software
• Services

By Type

• Reporting
• Descriptive
• Predictive
• Prescriptive

By Application

• Research and Development
• Sales and Marketing Support
• Regulatory Compliance
• Supply Chain Analytics
• Pharmacovigilance

By Delivery

• On-demand
• On-premises

By End User

• Medical Device
• Pharmaceutical
• Biotechnology
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

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