Life Science Analytics Market Size, Trends, Growth, Report 2023-2032

As per Precedence Research, the global life science analytics market size was reached USD 9.34 billion in 2022 and is projected to surpass around USD 24.12 billion by 2032, expanding at a CAGR of 8.63% from 2023 to 2032.

The global life science analytics market size is expected to reach around USD 18.15 billion by 2029. North America has held the maximum market share of 52% in 2022.

Market Overview

Life sciences analytics involves analytical tools used in clinical research organizations, pharmaceutical companies, medical device firms, and various departments like research, supply chain, marketing, and pharmacovigilance. These applications aid in deriving valuable insights and enhancing decision-making processes across diverse sectors within the life sciences industry.

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The use of analytics in clinical trials is increasing due to the complexity of trial processes and the generation of substantial data from various systems. Evolving regulatory protocols and challenges in swiftly collecting, analyzing, and preparing reports for health authority submission drive the adoption of analytics in clinical trials. For example, IQVIA introduced a SaaS-based clinical data analytics platform, Clinical Data Analytics Suite (CDAS), in response to these needs.

Life science analytics is instrumental in detecting pathology and devising effective treatment options. The market’s optimistic trajectory is driven by the significant growth in the life science industry and the escalating demand for analytical insights in clinical trials. The increased use of analytics for data standardization in managing chronic diseases is a crucial factor fueling market expansion.

Noteworthy technological advancements, including the introduction of telemedicine, mHealth, and e-prescribing systems, contribute to the market’s positive outlook. These analytics solutions play a crucial role in developing precision medications, utilizing specific genomic data tailored to the unique medical needs of individual patients. Additionally, advancements in healthcare infrastructure and robust research and development efforts are anticipated to further propel the market’s growth.

Key Insights:

• In 2022, the services segment generated the largest revenue share of 56%.
• In 2022, the descriptive type segment accounted for around 37% of total revenue.
• In 2022, the sales and marketing segment accounted for 31.4% of total revenue.
• In 2022, the on-demand delivery segment generated about 50.5% of total revenue.
• In 2022, the pharmaceutical segment will account for almost 47% of total revenue.

Regional Stance

In the life science analytics market study, the five most frequently covered regions are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among other regional markets, North America seems to be the most prominent. At almost 52%, the North American region generated the greatest revenue share.

Asia Pacific, on the other hand, is growing during the projection period at a CAGR of 10.5%. North American majors are looking to the Asia Pacific region for future expansion and development. The high prevalence of chronic illnesses in North America and Europe is also thought to be one of the main factors propelling the growth of the global market for life science analytics.

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Growth Factors

• Technological advancements in healthcare analytics are a crucial driver fostering the growth of the life science analytics market. The increasing use of big data in healthcare is another significant factor propelling the market, with data standardization and substantial investments contributing to accelerated growth. The growing burden of chronic disorders and heightened workloads on regulatory bodies, such as the FDA, in drug approval processes further support market expansion. According to the National Health Council, a considerable number of Americans suffer from chronic disorders, underscoring the substantial market demand.
• Data analytics, renowned for its prowess in managing extensive information across various sectors, is experiencing notable growth in the life science analytics market. The primary catalyst for this development is the increasing digitalization observed in hospitals and research centers. Moreover, the affordability of data handling emerges as a critical factor propelling the market forward. Countries like the United States, India, and China, grappling with substantial daily patient data, leverage data-driven technology to expedite healthcare data analysis. This includes patient records, treatment details, inventory management, staff data, and various queries, all achieved significantly faster than traditional methods.
• Life science analytics is pivotal in several segments, offering substantial benefits. These include contributions to medical imaging, the development of new therapies, intelligent staffing solutions, fraud reduction, effective risk management, and streamlined supply chain management, reflecting the diverse and impactful applications within the healthcare landscape.

• Strategic alliances through mergers, acquisitions, and partnerships serve as catalysts for companies aiming to fortify their market presence and expand their product portfolios. A compelling illustration is Accenture’s recent acquisition of AppsPro, a leading Oracle Cloud implementation service provider in Saudi Arabia. This strategic move is not just a transaction; it’s a pivotal step towards elevating Accenture’s influence and capabilities in the dynamic Middle East markets. By staying at the forefront of industry trends and fostering such collaborations, companies secure their positions and actively contribute to robust market growth.

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Life Science Analytics Market Scope

Market Potential

The life science analytics market exhibits substantial potential, driven by factors such as the escalating volume of data and technological advancements. This market, inclusive of pharmaceuticals, biotechnology, and healthcare, encompasses applications in drug discovery, clinical trials, regulatory compliance, and personalized medicine. Integrating cutting-edge technologies like big data analytics, artificial intelligence, and machine learning is expected to revolutionize research and development processes, enhance healthcare delivery, and optimize patient outcomes.

In the competitive landscape of the pharmaceutical and biotech industry, analytics plays a crucial role. It accelerates drug discovery, streamlines clinical trials, and enables precise targeting of specific patient populations. A notable instance is the partnership between Boehringer Ingelheim, a leading biopharmaceutical company, and Lifebit Biotech Ltd. For example, in this collaboration, Lifebit supports Boehringer Ingelheim in establishing a scalable data, analytics, and infrastructure platform within its IT environment. This exemplifies how analytics fosters innovation and strategic collaborations in pursuing advancements in the life sciences.

Approximately one in three people worldwide suffer from chronic illnesses, with six in ten Americans having at least one and four in ten dealing with two or more. The National Health Council predicts a significant increase in chronic diseases. This surge in health conditions puts pressure on organizations like the FDA, leading to a growing demand for advanced analytics in drug approval processes, driving market growth.

Industry Spotlight

• As of November 2023, Axtria Inc., a prominent global player in cloud software and data analytics for the life sciences industry, has revealed insights from its annual incentive compensation (IC) benchmarking studies conducted for the US and international markets. In life sciences, incentive compensation is a variable pay tied to salesperson performance, encompassing key metrics such as sales outcomes, managerial evaluations, activity data, and patient-based indicators. The strategic implementation of incentive compensation management aims to drive sales growth and encourage desired behaviors within the industry, shaping the landscape of compensation practices in the field.

• In 2022, Databricks introduced the Databricks Lakehouse for Healthcare and Life Sciences. This platform is a unified solution for analytics, data management, and advanced AI applications, including medical image classification, disease prediction, and biomarker discovery. The launch marks a significant step in streamlining and enhancing data-driven processes within the healthcare and life sciences sectors.

Related Reports

• Predictive Disease Analytics Market: The global predictive disease analytics market size was estimated at USD 3.1 billion in 2022 and it is expected to reach around USD 14.09 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 16.4% during the forecast period 2023 to 2032.
• Prescriptive Analytics Market: The global prescriptive analytics market size reached USD 6.21 billion in 2022 and is expected to be worth around USD 54.24 billion by 2032, expanding at a CAGR of 24.2% during the forecast period 2023 to 2032.
• Life Sciences BPO Market: The global life sciences BPO market size was evaluated at USD 370 billion in 2022 and it is expected to hit around USD 795.08 billion by 2032, growing at a CAGR of 8% during the forecast period from 2023 to 2032.

Company Synopsis

Oracle Corporation

• Oracle, a prominent computer technology corporation recognized for software products such as Java, operates through four primary business segments: cloud and license, hardware, and services. The company offers cloud engineering services, systems, and database management systems within these segments, showcasing its diverse portfolio in the technology industry.

• In September 2023, Oracle announced innovative application development capabilities, reinforcing its commitment to enabling swift and cost-effective deployment on Oracle Cloud Infrastructure (OCI). Tailored for cloud-native and Java developers, these features empower the creation of responsive applications. Notably, Oracle is advancing its application development landscape by incorporating generative AI functionalities, tapping into cutting-edge large language models. This integration emphasizes Oracle’s dedication to providing enterprises with the highest levels of security and privacy in their development endeavors on OCI.

IBM Corporation

• IBM, headquartered in Armonk, NY, is a multinational technology giant. Established in 1911 as the Computing-Tabulating-Recording Company (CTR) and later rebranded as IBM in 1924, it is one of the largest IT companies globally, operating in over 170 countries.

• On August 14, 2023, IBM CEO Arvind Krishna shared significant updates, revealing a hiring pause and a strategic shift towards artificial intelligence (AI). Krishna announced a hiring freeze in May and outlined plans to replace approximately 8,000 jobs with AI technology. The initial focus will be transforming back-office functions, particularly within the human resources (HR) sector. Over the past few weeks, IBM has actively posted numerous positions dedicated to AI roles, signaling the company’s commitment to developing and sustaining these advanced systems.

Microsoft

• Microsoft Corporation, based in Redmond, Washington, is a prominent American multinational technology company. It is renowned for its flagship software offerings, including the widely-used Windows operating system, the Microsoft 365 suite featuring productivity applications, and the Edge web browser.

• In May 2023, reports surfaced that Microsoft was developing a modified version of ChatGPT, addressing privacy concerns for specific users and organizations. The company’s $10 billion deal with OpenAI, the creator of ChatGPT, includes customized versions of the chatbot. According to a report from The Information, this initiative aims to allow users and companies to utilize the AI platform while ensuring heightened privacy and security.

Market Key Players:

• SAS Institute Inc.
• Oracle Corporation
• Accenture
• IBM Corporation
• Cognizant, SCIO Health Analytics
• IQVIA
• Wipro
• Allscripts Healthcare Solutions
• Cerner Corporation
• MaxisIT
• Optum
• Microsoft
• Infosys Limited
• Cotiviti
• Others

Market Segmentation

By Type

• Descriptive Analytics
• Predictive Analytics
• Prescriptive Analytics
• Diagnostic Analytics
• Discovery Analytics

By Component Type

• Services
• Software

By Delivery Model

• On-premise model
• On-demand model

By Application Type

• Research & Development
• Preclinical Trials
• Clinical Trials
• Sales & Marketing
• Regulatory Compliance
• Supply Chain Optimization
• Pharmacovigilance

By End Users Type

• Pharmaceutical & Biotechnology Companies
• Medical Device Companies
• Research Centers
• Third-party Administrators

By Regional Outlook

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • Southeast Asia
• Middle East and Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of MEA

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