Chat with us, powered by LiveChat
Procurement Resource Thumbnail Book Image

Global Life Science Analytics Industry Report: Regional Analysis; Key Segmentation and Scope; Industry Opportunities and Challenges; Market Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Value Chain Analysis; Industry Events and Developments; Competitive Landscape, 2022-2027

Life Science Analytics Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices


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.

Industry Definition and Segmentation

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 American Region is Driving the Growth of the Industry

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.

Best Procurement Practices

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.

Category Management Studies

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.

R&D Initiatives by Firms, Further Propelling the Life Science Analytics Market

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.

Key Industry Players Mentioned in the Life Science Analytics Industry Report

  • Accenture PLC (NYSE: ACN)
  • Cognizant Technology Solutions Corp
  • IBM Corporation
  • MaxisIT Inc.
  • Oracle Corporation

Market Landscape

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.

Key Initiatives by Companies

  • IBM agreed to buy Bluetab Solutions Group, S.L. in July 2021 to grow its data and hybrid cloud consulting services. The blue tab will join the company's data services consulting group as part of IBM's hybrid cloud and A.I. strategy.
  • In February 2020, IQVIA introduced the Avacare Clinical Research Network, a global site network that will assist deliver more clinical trial possibilities and patient alternatives.

1    Preface
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

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
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
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2017-2021)
            8.4.1.3    Forecast Trend (2022-2027)
        8.4.2    Predictive Analytics
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2017-2021)
            8.4.2.3    Forecast Trend (2022-2027)
        8.4.3    Prescriptive Analytics
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2017-2021)
            8.4.3.3    Forecast Trend (2022-2027)
    8.5    Global Life Science Analytics Market by End Use
        8.5.1    Clinical Research Institutes
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2017-2021)
            8.5.1.3    Forecast Trend (2022-2027)
        8.5.2    Pharmaceutical and Biotechnology Companies
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2017-2021)
            8.5.2.3    Forecast Trend (2022-2027)
        8.5.3    Medical Device Companies
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2017-2021)
            8.5.3.3    Forecast Trend (2022-2027)
        8.5.4    Others
    8.6    Global Life Science Analytics Market by Application
        8.6.1    Research and Development
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2017-2021)
            8.6.1.3    Forecast Trend (2022-2027)
        8.6.2    Supply Chain Analytics
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2017-2021)
            8.6.2.3    Forecast Trend (2022-2027)
        8.6.3    Sales and Marketing
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2017-2021)
            8.6.3.3    Forecast Trend (2022-2027)
        8.6.4    Others
    8.7    Global Life Science Analytics Market by Region
        8.7.1    Market Share
            8.7.1.1    North America
            8.7.1.2    Europe
            8.7.1.3    Asia Pacific
            8.7.1.4    Latin America
            8.7.1.5    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
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2017-2021)
        9.2.2    Forecast Trend (2022-2027)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2017-2021)
        9.3.2    Forecast Trend (2022-2027)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2017-2021)
        9.4.2    Forecast Trend (2022-2027)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    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
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    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)
            12.2.1.1    Company Overview
            12.2.1.2    Product Portfolio
            12.2.1.3    Demographic Reach and Achievements
            12.2.1.4    Certifications
        12.2.2    Cognizant Technology Solutions Corporation (NASDAQ: CTSH)
            12.2.2.1    Company Overview
            12.2.2.2    Product Portfolio
            12.2.2.3    Demographic Reach and Achievements
            12.2.2.4    Certifications
        12.2.3    IBM Corporation (NYSE: IBM)
            12.2.3.1    Company Overview
            12.2.3.2    Product Portfolio
            12.2.3.3    Demographic Reach and Achievements
            12.2.3.4    Certifications
        12.2.4    Oracle Corporation (NYSE: ORCL)
            12.2.4.1    Company Overview
            12.2.4.2    Product Portfolio
            12.2.4.3    Demographic Reach and Achievements
            12.2.4.4    Certifications
        12.2.5    IQVIA Inc. (NYSE: IQV)
            12.2.5.1    Company Overview
            12.2.5.2    Product Portfolio
            12.2.5.3    Demographic Reach and Achievements
            12.2.5.4    Certifications
        12.2.6    SAS Institute Inc.
            12.2.6.1    Company Overview
            12.2.6.2    Product Portfolio
            12.2.6.3    Demographic Reach and Achievements
            12.2.6.4    Certifications
        12.2.7    Others
13    Industry Events and Developments

Request Sample
Key Questions Answered in the Report

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.

Analyst Review

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).

Procurement Resources' detailed research approach explores deep into the industry, encompassing the macro and micro aspects of the industry. Its team of experts uses a combination of cutting-edge analytical tools and their expertise, thus, delivering its customers with market insights that are accurate and actionable and help them remain ahead of their competition.

Compare test & Choose the Right Report Version for You

Why Procurement Resource?

RIGHT PEOPLE

At Procurement Resource our analysts are selected after they are assessed thoroughly on having required qualities so that they can work effectively and productively and are able to execute projects based on the expectations shared by our clients. Our team is hence, technically exceptional, strategic, pragmatic, well experienced and competent.

RIGHT METHODOLOGY

We understand the cruciality of high-quality assessments that are important for our clients to take timely decisions and plan strategically. We have been continuously upgrading our tools and resources over the past years to become useful partners for our clientele. Our research methods are supported by most recent technology, our trusted and verified databases that are modified as per the needs help us serve our clients effectively every time and puts them ahead of their competitors.

RIGHT PRICE

Our team provides a detailed, high quality and deeply researched evaluations in competitive prices, that are unmatchable, and demonstrates our understanding of our client’s resource composition. These reports support our clientele make important procurement and supply chains choices that further helps them to place themselves ahead of their counterparts. We also offer attractive discounts or rebates on our forth coming reports.

RIGHT SUPPORT

Our vision is to enable our clients with superior quality market assessment and actionable evaluations to assist them with taking timely and right decisions. We are always ready to deliver our clients with maximum results by delivering them with customised suggestions to meet their exact needs within the specified timeline and help them understand the market dynamics in a better way.

Similar Reports
Global HEOR Service Industry Report: Size, Trend, Analysis and Forecast 2022-2027

Email Delivery   Price: $ 999.00

The global HEOR market reached a value of about USD 1364.3 million in 2021. The industry is further expected to grow at a CAGR of about 12.81% in the forecast period of 2022-2027 to reach a value of around USD 2779.2 million by 2027.

Read More
Global Nutmeg Industry Report: Size, Trend, Analysis and Forecast 2022-2027

Email Delivery   Price: $ 999.00

The global nutmeg market reached a value of about 134 thousand tonnes in 2021. The industry is further expected to grow at a CAGR of about 4.5% in the forecast period of 2022-2027 to reach a value of around 167 thousand tonnes by 2027.

Read More
Global Artificial Intelligence Market: Size, Trend, Analysis and Forecast 2022-2027

Email Delivery   Price: $ 999.00

The global Artificial Intelligence Market reached a value of about USD 192 Billion in 2021. The industry is projected to grow at a CAGR of around 23% in the forecast period of 2022-2027 to reach a value of about USD 664.86 Billion by 2027.

Read More

NEWSLETTER

Get latest News About Procurement Resource
Subscribe for news

This site uses cookies (including third-party cookies) to record user’s preferences which help us to enhance our services. For further information review our Privacy Policy