Life Science Analytics Market
Number of pages: 100 | Report Format: PDF | Published date: June 22, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 8.70 billion |
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Revenue Forecast in 2031 |
US$ 16.96 billion |
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CAGR |
7.7% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Component, Type, Application, Delivery, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global life science analytics market was valued at US$ 8.70 billion in 2022 and is expected to register a revenue CAGR of 7.7% to reach US$ 16.96 billion by 2031.
Life Science Analytics Market Fundamentals
The study of data from experiments and clinical trials is done in the multidisciplinary approach of "life science analytics," which integrates statistical techniques and computer technologies with studying the life sciences. It aids in discovering new information and formulating defensible conclusions based on the analysis findings. There are several applications for life science analytics. One of its main uses is predicting the effectiveness of novel medications or therapies. Researchers can assess the potential efficacy of a novel medicine or therapy by examining data from preclinical and clinical studies. Finding probable side effects or negative responses is an important use of life science analytics. This entails examining data from clinical trials to find any side effects connected to the usage of medication or therapy.
Life science analytics is also used to evaluate patient data to provide customized therapies in addition to these uses. Researchers may develop individualized therapy regimens by studying data from individuals with comparable illnesses or demographics. Another common deployment of life science analytics is in optimizing clinical trial design and conduct. Researchers can find areas for improvement and create more successful trials by examining data from earlier clinical trials.
In life science analytics, accuracy and precision are essential. It is vital to guarantee that the data is appropriately evaluated and that the results are dependable since the outcomes of these studies might directly affect patient health and safety. Last, but not least, there is a rising need for experts in life science analytics. The demand for qualified experts who can evaluate and interpret complex data from experiments and clinical trials is anticipated to rise as the area continues to develop and flourish.
Life Science Analytics Market Dynamics
The key drivers of the life sciences analytics market are the need for improved patient outcomes, the rising adoption of analytics solutions in pharmaceuticals and clinical trials, the increasing pressure to cut healthcare spending, and the emergence of advanced analytics techniques in life science companies. Due to the complexity of performing clinical trials, which entail several activities and create enormous amounts of data from diverse systems, analytics are being used in clinical trials more and more. The use of analytics for clinical trials is expanding due to the evolving regulatory protocol requirements for trials and the difficulties in gathering data, analyzing it, and promptly preparing a report for submission to the health authority. For instance, in June 2021, IQVIA introduced the Clinical Data Analytics Suite (CDAS), a SaaS-based clinical data analytics tool for quick and clever clinical studies.
One of the key drivers fueling market expansion is the introduction of sophisticated analytics in life science firms. Life sciences firms in the European area are eager to adopt analytics to enhance marketing and sales activities and optimize supply chain operations, according to the 2021 ISG Provider Lens Life Sciences Digital Services Report. The acceptance and application of analytics solutions are being boosted by the development of these solutions by several other businesses. For instance, ZS introduced ZAIDYN, a platform for life sciences businesses of all kinds, in September 2021. ZAIDYN enables enterprises to digitally transform and expand consumer interaction, field performance, analytics, and clinical capabilities. By encouraging life science enterprises to create more sophisticated analytics solutions, the appearance of such solutions and products fosters market expansion.
To market and distribute the JADBio product inside the QIAGEN Digital Insights portfolio, JADBio, and QIAGEN agreed to a distribution agreement in June 2021. JADBio is a cutting-edge AI tool and automation platform for AutoML. Regardless of their level of data science skill, it is designed to help experts in the life sciences rapidly and efficiently develop and deploy accurate and comprehensible prediction models. Therefore, the involvement of life sciences businesses in developing sophisticated analytics aids market expansion.
Life Science Analytics Market Ecosystem
The global life science analytics market is analyzed from the following perspectives by component, type, application, delivery, end user, and region.
Life Science Analytics Market by Component
The global life science analytics market is segmented into software and services based on the components.
The services segment dominated the market in 2022. It accounted for a revenue share of over 55.23% due to the rising trend of outsourcing services for planning, training, staffing, implementation, and maintenance because life science organizations lack the necessary expertise and resources. This trend is anticipated to fuel the segment's growth over the years. Over the projected period, the services segment is expected to increase at a 6.1% CAGR. The multi-service packages outsourcing firms provide to important players are responsible for this lucrative expansion.
Life Science Analytics Market by Type
The global life science analytics market is segmented based on the type into reporting, descriptive, predictive, and prescriptive.
The descriptive type segment led the market in 2022. It accounted for a revenue share of over 33.43% due to the growing need for quantitative, descriptive analysis based on historical datasets to provide data-driven analysis to better understand the present business picture. Players apply data mining techniques on descriptive datasets to predict future trends and results. For instance, Accenture and Trifacta collaborated in December 2020 to develop effective, cutting-edge data mining methods to enhance drug discovery processes.
Life Science Analytics Market by Application
Based on the application, the global life science analytics market is segmented into research and development, sales and marketing support, regulatory compliance, supply chain analytics, and pharmacovigilance.
The sales and marketing support segment dominated the market in 2022 and accounted for a revenue share of over 30.2%. Due to the increasing adoption rate of analytical solutions in sales and marketing functionalities of organizations to increase sales productivity and design successful and effective marketing campaigns, for instance, Nemours Children's Health System acquired analytical help from Oracle in February 2021 to embrace cloud business apps and deploy them throughout the organization's numerous business divisions.
The research and development segment is predicted to increase at a rapid revenue CAGR of 8.6% throughout the projection period due to the growing use of analytical solutions in clinical trial management systems and drug discovery and development. Another important element that has a favorable bearing on expanding the research and development sector is the growing pipeline of life science organizations.
Life Science Analytics Market by Delivery
Based on the delivery, the global life science analytics market is segmented into on-demand and on-premises.
The on-demand delivery segment led the life science analytics market with a more than 45.2% revenue share in 2022. The improved access from remote regions with little expenditure and upkeep is responsible for the segment's expansion. On-demand segment is also predicted to increase at the quickest pace, 7.8%, throughout the projection period. With improvements in internet connectivity, web-hosted and cloud-deployed analytical applications, and solutions are increasingly being adopted. This positively impacts the accessibility of these analytical solutions from even the most remote locations.
Life Science Analytics Market by End User
Based on the end user, the global life science analytics market is segmented into medical devices, pharmaceuticals, biotechnology, and others.
The pharmaceutical segment dominated the market and accounted for a revenue share of over 42% in 2022. Due to the increasing use of analytical solutions for effective resource management, drug discovery, and development, clinical trial designing and management processes, and improved drug utilization in 2022. For instance, in November 2020, SAS Institute, Inc.'s SAS Life Science Analytics Framework supported the management of the clinical trial for the Covid-19 vaccination by converting data into real-time information and generating data-enhanced insights.
Ever Fortune.AI and Medexprim announced their strategic alliance in October 2021 to enhance healthcare analytics and create medical AI. This partnership will broaden the hospital networks of both organizations, boost their research environment, and bring a more varied application of the General Data Protection Regulation to Europe. It will also better integrate healthcare advances between Asia and Europe. Additionally, it will make it possible to fulfill the demands of pharmaceutical firms for patient insights for clinical trials, notably in cancer and cardiology.
Life Science Analytics Market by Region
The global life science analytics market is segmented based on region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for a sizeable portion of the global market for life science analytics due to its long history in healthcare R&D. Additionally, a significant increase in government healthcare spending and the growing significance of life science analytics in drug discovery are other factors boosting the market growth in the area. Analytics are necessary to monitor these trials and manage the firms’ data, which aids in understanding the elements required for new drug research or medication development. For instance, the Healthcare and Life Sciences Data Cloud, which aims to improve patient care and business outcomes, was launched by Snowflake and the SDG Group in March 2022. The SDG group will be able to safely and effectively access the power because of it.
R&D problems and regulatory changes are faced by pharmaceutical and life sciences businesses. The Affordable Care Act (ACA) has been implemented in the U.S., which has changed the regulatory framework and increased monitoring and reimbursement based on health outcomes. Most American businesses are using analytics alone or seeking help from third-party analytics firms to address these issues. Analytics solutions have an influence that ranges from straightforward reporting to descriptive and predictive analytics. The businesses based in the US are incorporating new analytics solutions, such as the analysis of clinical research data from the SAS database, useful in early-stage drug development, the analysis of adverse event incidence and reporting in clinical trials, revenue forecasting, and health outcome prediction.
Over the projected period, Asia Pacific is expected to grow at the fastest rate of 9.3%. This profitable growth is ascribed to rising healthcare IT spending, expanding healthcare infrastructure, important industry players entering the market, and rising digital literacy. Moreover, the industry is anticipated to be driven by economic growth and low-cost, highly-trained labor availability. Major businesses are developing market entrance strategies to increase their corporate footprint in the Asia Pacific region.
Competitive Landscape
Some of the prominent market players in the global life science analytics market include,
Strategic Development
The study of data from experiments and clinical trials is done in the multidisciplinary approach of "life science analytics," which integrates statistical techniques and computer technologies with studying the life sciences.
North American region is dominating the global life science analytics market.
The estimated life science analytics market size 2031 will be US$ 16.96 billion.
The revenue CAGR of the life science analytics market during the forecast period will be 7.7%
Some prominent global life science analytics market players include Oracle, IBM Corporation, and IQVIA.
*Insights on financial performance are subject to the availability of information in the public domain