The global Life Science Analytics market reached a value of about USD 25.92 billion in 2021. The industry is projected to grow at a CAGR of around 12.7% in the forecast period of 2022-2027 to reach a value of about USD 53.11 billion by 2027.
The global Life Science Analytics industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The rising prevalence of chronic diseases is primarily boosting the industry's expansion. North America is the highest category spender by region, driving the demand for the Life Science Analytics industry.
Life science analytics refers to any analytical application used in clinical research organisations, medical device pharmaceutical companies, and various departments such as research, supply chain, marketing, pharmacovigilance, and others. The Life Science Analytics industry report comprises segments by Product (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics), End-Use (Clinical Research Institutions, Pharmaceutical, and Biotechnology Companies, Medical Device Companies, and Others), Application (Research and Development, Supply Chain Analytics, Sales and Marketing, Others) and Region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).
North America holds a significant share in the industry because of factors like rising digital literacy, advancements in healthcare I.T. infrastructure, start-ups’ emergence, and key market players' presence. Furthermore, the region's life science analytics market would be boosted by the region's ageing population and rising prevalence of noncommunicable illnesses.
The industry is being driven by the growing prevalence of chronic disease, technological advances, and the increasing demand for better data standardisation. In addition, the growing adoption of analytics for sales and marketing apps has further boosted the market growth. The market relies on descriptive and reporting analysis to construct databases and prescriptive and predictive analysis to forecast future trends and outcomes, which is expected to boost the market growth further. Furthermore, the growing emphasis on value-based medicine will give further chances for the life science analytics industry to propel. Also, the expanding importance of social media and the internet, which directly impact patient interaction and pushes the adoption of analytical solutions, is another fundamental driving force significantly influencing the life sciences business.
However, the lack of skilled professionals and budget constraints are factors likely to hamper the industry's development.
The global Life Science Analytics industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Life Science Analytics regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Analytics entails a large amount of data collection to conduct a fact-based study of the healthcare prediction model. Healthcare and life sciences analytics may also be regarded as a data archive that can be employed for investigations and forecasting future health science trends. Many refined tools have emerged over the years to aid in comprehending patterns, which is beneficial to the doctor's and health care professionals' decision-making process. The analytic approaches that help examine previous instances and enable better decision-making are at the heart of evidence-based health care. Clinical data analysis in life sciences and health care analytics gives prediction tools for better patient care. Massive databases are built based on prior reports on diverse patients, assisting pharmaceutical corporations and healthcare experts in predicting future treatment patterns.
The market is being aided by the healthcare facilities and life science enterprises quickly adopting analytical solutions to improve clinical, financial, and operational results while lowering healthcare costs. Furthermore, Pharmaceutical firms are investigating digitalisation to improve the productivity and profitability of many components of their value chain. Companies may increase their R&D efficiency, manufacturing capabilities, sales, and marketing effectiveness, and compliance management using digital technologies like mobility and pervasive computing, big data, and analytics. Analytics tools are being incorporated into production processes to record unit operations data automatically, and many R&D laboratories are turning paperless. This technique has aided in the lessening of process times and the reduction of mistakes.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Some of the major market players are developing advanced analytics solutions and systems. The companies are focused on developing innovative product development strategies to expand their product offerings and revamp their market partnerships and collaborations to expand their market footprint and meet the growing demand for analytical solutions. The life science analytics market is extremely varied and viable, with several players, together with mid-sized companies and start-ups, competing for market share. Life science companies are quickly using advanced data mining techniques, big data analytics, and other healthcare industry players to precisely identify the population at high risk and strategy accordingly to drive the market.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
7 Industry Opportunities and Challenges
8 Global Life Science Analytics Market Analysis
8.1 Key Industry Highlights
8.2 Global Life Science Analytics Historical Market (2017-2021)
8.3 Global Life Science Analytics Market Forecast (2022-2027)
8.4 Global Life Science Analytics Market by Product
8.4.1 Descriptive Analytics
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2017-2021)
188.8.131.52 Forecast Trend (2022-2027)
8.4.2 Predictive Analytics
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2017-2021)
18.104.22.168 Forecast Trend (2022-2027)
8.4.3 Prescriptive Analytics
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2017-2021)
188.8.131.52 Forecast Trend (2022-2027)
8.5 Global Life Science Analytics Market by End Use
8.5.1 Clinical Research Institutes
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2017-2021)
18.104.22.168 Forecast Trend (2022-2027)
8.5.2 Pharmaceutical and Biotechnology Companies
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2017-2021)
188.8.131.52 Forecast Trend (2022-2027)
8.5.3 Medical Device Companies
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2017-2021)
18.104.22.168 Forecast Trend (2022-2027)
8.6 Global Life Science Analytics Market by Application
8.6.1 Research and Development
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2017-2021)
188.8.131.52 Forecast Trend (2022-2027)
8.6.2 Supply Chain Analytics
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2017-2021)
18.104.22.168 Forecast Trend (2022-2027)
8.6.3 Sales and Marketing
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2017-2021)
188.8.131.52 Forecast Trend (2022-2027)
8.7 Global Life Science Analytics Market by Region
8.7.1 Market Share
184.108.40.206 North America
220.127.116.11 Asia Pacific
18.104.22.168 Latin America
22.214.171.124 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2017-2021)
9.1.2 Forecast Trend (2022-2027)
9.1.3 Breakup by Country
126.96.36.199 United States of America
9.2.1 Historical Trend (2017-2021)
9.2.2 Forecast Trend (2022-2027)
9.2.3 Breakup by Country
188.8.131.52 United Kingdom
9.3 Asia Pacific
9.3.1 Historical Trend (2017-2021)
9.3.2 Forecast Trend (2022-2027)
9.3.3 Breakup by Country
9.4 Latin America
9.4.1 Historical Trend (2017-2021)
9.4.2 Forecast Trend (2022-2027)
9.4.3 Breakup by Country
9.5 Middle East and Africa
9.5.1 Historical Trend (2017-2021)
9.5.2 Forecast Trend (2022-2027)
9.5.3 Breakup by Country
184.108.40.206 Saudi Arabia
220.127.116.11 United Arab Emirates
18.104.22.168 South Africa
10 Market Dynamics
10.1 SWOT Analysis
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Accenture Plc (NYSE: ACN)
22.214.171.124 Company Overview
126.96.36.199 Product Portfolio
188.8.131.52 Demographic Reach and Achievements
12.2.2 Cognizant Technology Solutions Corporation (NASDAQ: CTSH)
184.108.40.206 Company Overview
220.127.116.11 Product Portfolio
18.104.22.168 Demographic Reach and Achievements
12.2.3 IBM Corporation (NYSE: IBM)
22.214.171.124 Company Overview
126.96.36.199 Product Portfolio
188.8.131.52 Demographic Reach and Achievements
12.2.4 Oracle Corporation (NYSE: ORCL)
184.108.40.206 Company Overview
220.127.116.11 Product Portfolio
18.104.22.168 Demographic Reach and Achievements
12.2.5 IQVIA Inc. (NYSE: IQV)
22.214.171.124 Company Overview
126.96.36.199 Product Portfolio
188.8.131.52 Demographic Reach and Achievements
12.2.6 SAS Institute Inc.
184.108.40.206 Company Overview
220.127.116.11 Product Portfolio
18.104.22.168 Demographic Reach and Achievements
13 Industry Events and Developments
The global Life Science Analytics market size was valued at USD 25.92 billion in 2021.
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 12.7%.
The growing R&D developments in the sector are one of the essential drivers of the Life Science Analytics market growth.
Accenture PLC (NYSE: ACN), Cognizant Technology Solutions Corp (NASDAQ: CTSH), IBM Corporation (NYSE: IBM), MaxisIT Inc., Oracle Corporation (NYSE: ORCL), IQVIA Holding Inc (NYSE: IQV), SAS Institute Inc., SCIOInspire, Corp., TAKE Solutions Limited (NSE: TAKE), and Wipro Limited (NSE: WIPRO) are some of the major players in the market.
The North American region of the Life Science Analytics industry holds a significant share in the market.
The global Life Science Analytics market attained a value of USD 25.92 billion in 2021, driven by the growing prevalence of chronic disease, technological advances, and the increasing demand for better data standardisation. Aided by the healthcare facilities and life science enterprises quickly adopting analytical solutions to improve clinical, financial, and operational results while lowering healthcare costs and many R&D initiatives, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 12.7%. The market is projected to reach USD 53.11 billion by 2027. Some of the leading players in the industry are Accenture PLC (NYSE: ACN), Cognizant Technology Solutions Corp (NASDAQ: CTSH), IBM Corporation (NYSE: IBM), MaxisIT Inc., Oracle Corporation (NYSE: ORCL), IQVIA Holding Inc (NYSE: IQV), SAS Institute Inc., SCIOInspire, Corp., TAKE Solutions Limited (NSE: TAKE), and Wipro Limited (NSE: WIPRO).
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