Life Science Analytics Market Research Report - Forecast till 2030

Life Science Analytics Market Research Report: By Type of Analytics (Predictive Analytics, Descriptive Analytics, Prescriptive Analytics), Application (Research & Development, Pharmacovigilance, Regulatory Compliance, Sales & Marketing, Supply Chain Optimization),Component (Software, Services, Hardware), Deployment Model (On-Premise, Cloud-Based) and End-User (Hospitals and Clinics, Others) – Forecast to 2030

ID: MRFR/HC/7098-HCR | November 2022 | Region: Global | 90 Pages         

Life Science Analytics Market

Life Science Analytics market valued at USD 8,800 Million and is predicted to increase at a CAGR of 8.75% during the forecast period 2022-2030.

Segmentation

By Type of Analytics Predictive Analytics Descriptive Analytics Prescriptive Analytics
By Application Research & Development Pharmacovigilance Regulatory Compliance Sales & Marketing Supply Chain Optimization
By Component Software Services Hardware
By Deployment Model On-Premise Cloud-Based
By End-User Hospitals Clinics Others

Key Players

  • Allscripts Healthcare LLC (US)
  • Cerner Corporation (US)
  • CitiusTech Inc. (US)
  • Health Catalyst (US)
  • Inovalon (US)
  • McKesson Corporation (US)
  • Saama Technologies Inc. (US)
  • Optum Inc. (US)
  • SCIOInspire Corp. (US)
  • SAS Institute Inc. (US)

Drivers

  • Increasingly using life science analytical techniques
  • Increasing pressure to curb healthcare expenditure
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Life Science Analytics Market overview


Life science analytics market projected to reach USD 8,800 Million by 2030 at 8.75% CAGR during the forecast period 2022-2030. Analytics may aid in the optimization of drug development as well as the effectiveness of clinical studies. By analyzing the massive amount of data created by the R&d and medical trials, pharmaceutical firms may discover prospective drug targets that are highly likely to be developed into pharmaceuticals.


Life science analytics aids in the optimization of drug development as well as the standardization of clinical studies. Expansion in the acceptance of analytics solutions in medical studies, rising pressure to reduce healthcare spending, and growing penetration of analytics for marketing and sales application areas are the factors that must be considered to stimulate the demand of the life science analytics market in the coming years. Furthermore, the growing demand for enhanced information standardization, the rising incidence of chronic illnesses, the need for better clinical outcomes, and the rising usage of large datasets in the life sciences sector are all expected to contribute to the advancement of life science analytics market value.


This report contains all the information on the global Life Science Analytics Market analysis and its strengths. In addition, the report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other essential factors. And a detailed analysis of the global Life Science Analytics Market forecast.


Covid 19 Analysis


The incidence of teleconsultations has risen due to the recent outbreak of COVID. In addition, healthcare practitioners may create an interconnection to diagnose and prescribe medications for patients by connecting EHR with other medical IT solutions, including telemedicine and e-prescribing functions. A lack of caregivers and a rising need for improved patient information management are predicted to drive the necessity of Life Science Analytics in the next five years.


Market Dynamic


Drivers


Clinical research institutes are increasingly using life science analytical techniques because these methods are useful in assessing the data from current clinical trials, which is a growing trend. Therefore, it is anticipated that this would enhance interest in the life science analytics market growth.


Opportunities


Precision medicine entails the creation of custom medications based on an individual's genome sequence. Organizations may use analytics tools and predictive modelling to serve each patient in a tailored manner and get the greatest results. Analytics has been more important in the development of customized medicine, particularly in the treatment of cancer and type 2 diabetes. Grants are being awarded to several organizations to create analytics-based solutions for accurate health based on big data management.


Restraints


Due to their high price tags, these technologies aren't widely adopted by small & mid pharmaceutical and biotechnology enterprises, as well as contract research organizations. Emerging nations are especially vulnerable to this tendency since IT funds are often prioritized above medical equipment.


Challenges


Growing database sharing across research institutes, CROs, collaborators and software businesses increases the danger of unauthorized access to sensitive patient data. In addition, the use of technological technologies for patient databases raises issues about data security and privacy. This makes it difficult for pharmaceutical companies to adhere to privacy laws while utilizing analytics tools.


Cumulative Growth Analysis


As a result of enhanced availability from distant places, as well as lower costs and administration, the on-premise segment is anticipated to lead the life science analytics market in 2020 and represent the biggest revenue portion, 50.3%, according to market research.


On the other side, it is projected that the on-demand distribution method would have the quickest increase throughout the projection period. In addition, the increasing use of cloud technology and web-based implementations, as well as the widespread availability of the internet, has enabled these numerical models to be accessed from remote areas, thereby saving connectivity space on the organization's site. These factors have contributed to the growth of the market for analytical solutions.


Value Chain Analysis


According to the reports, the global Life Science Analytics Market is segmented on the basis of type, application, component, deployment model, end-users, and regions. In 2020, the sales and marketing assistance sector will continue to lead the life science analytics market, accounting for 34.1 per cent of the total market in terms of revenue. The increasing use of analytics in the sales and marketing of life science firms in order to improve sales efficiency is helping to propel the category even further forward. For example, consider the case of Nemours Children's Health System, which received analytical help from Oracle in February 2021 to assist the company in implementing Cloud business apps that would be integrated into different organizational capabilities.


The pharmaceutical companies segment is expected to dominate the life science analytics market share in the year 2020, accounting for the biggest income share of 47.5%. This is due to the increasing implementation of analytics for resource development, clinical trial effectiveness, and increased demand for utilization.


Segmentation Overview


The Life Science Analytics Market is segmented based on type, application, component, deployment model, end-users, and regions. The global Life Science Analytics Market trends are expected to witness decent growth during the forecast period.


By Application


Based on the Application, the market is segmented into Research & Development, Pharmacovigilance, Regulatory Compliance, Sales & Marketing, and Supply Chain Optimization.


By end-users


Based on the propulsion types, the market is segmented into Hospitals and Clinics, Pharmaceutical, Biotechnology & Medical Device Companies, and Others.


Regional Analysis


According to the reports, on the basis of region, the global life science analytics market is divided into America, Europe, Asia Pacific, and the middle east & Africa. However, the Americas is the most important regional market. The market is predicted to increase as a result of rising healthcare expenditure and the widespread implementation of healthcare information technology solutions. Compared with previous years, the medical industry in the United States grew by around 3.9%, hitting USD 10,739 per person in the year 2017. As a result, there has been an increase in the consumption of life science analytics software in the area in order to reduce healthcare expenses.


As a result of the increasing incidence of chronic illnesses, technological improvements, and increased accessibility to healthcare products and facilities in the region, Europe's life science analytics market ranked second in terms of revenue in 2018. The Asia-Pacific area is the fastest-growing geographic market in the world. The rapid development of the life sciences sector in this area, as well as the existence of several healthcare information technology businesses, has contributed to the expansion of a life science analytics market outlook in the region.


The life science analytics market is predicted to expand significantly in the coming years, owing to increased government support for the development of the healthcare information technology sector, as well as fast technical improvements in the Middle East and Africa (MEA).


Competitive landscape


Major players are increasingly concentrating on broadening their global footprint and trying to introduce newer, creative solutions through a variety of techniques, such as collaborations, product releases, and partnerships, in order to assist end-users in embracing analytical solutions, delivering value-based care, combating the COVID-19 pandemic, and maintaining a competitive advantage in the marketplace.


Life Science Analytics Market Major Key Players



  • Allscripts Healthcare, LLC (US)

  • Cerner Corporation (US)

  • CitiusTech Inc. (US)

  • Health Catalyst (US)

  • Inovalon (US)

  • McKesson Corporation (US)

  • Saama Technologies, Inc. (US)

  • Optum, Inc. (US)

  • SCIOInspire, Corp. (US)

  • SAS Institute Inc. (US)

  • IBM (US)

  • Oracle (US)

  • IQVIA (US)


Report Overview


The following report comprises of –



  • Market overview 

  • Covid 19 Analysis

  • Market Dynamic

  • Drivers

  • Opportunities

  • Restraints 

  • Challenges

  • Cumulative Growth Analysis

  • Value Chain Analysis

  • Segmentation Overview 

  • By Application 

  • By End-Users

  • Regional Analysis

  • Competitive landscape


Recent Developments



  • In February 2020, IQVIA announced the creation of the Avacare Clinical Research Network. This worldwide site network would assist in expanding the number of clinical trial possibilities and patient alternatives available to participants.

  • SAS Institute (US) inaugurated its SAS Cloud service in Singapore's Amazon Web Services Data Center in May of this year, marking the company's first international expansion.

  • Accenture bought Lab Answer in July of this year (US). Accenture's product portfolio in mobile technology has been enhanced due to this purchase.


Life Science Analytics Market Segmentation


By Type



  • Descriptive Analytics

  • Predictive Analytics

  • Prescriptive Analytics


By Component



  • Services

  • Software 


By Delivery Model



  • On-premise model

  • On-demand model 


By Application



  • Research & Development

  • Preclinical Trials

  • Clinical Trials

  • Sales & Marketing

  • Regulatory Compliance

  • Supply Chain Optimization

  • Pharmacovigilance 


By End-User



  • Pharmaceutical & Biotechnology Companies

  • Medical Device Companies

  • Research Centers

  • Third-party Administrators 


By Region



  • North America


    • US

    • Canada


  • Europe


    • Germany

    • UK

    • France

    • Rest of Europe


  • Asia Pacific


    • Japan

    • China

    • India

    • Rest of Asia-Pacific


  • Rest of World 



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 8,800 Million
  CAGR   8.75% (2020-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type of Analytics, Deployment Model, End-User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Allscripts Healthcare, LLC (US), Cerner Corporation (US), CitiusTech Inc. (US), Health Catalyst (US), Inovalon (US), McKesson Corporation (US), Saama Technologies, Inc. (US), Optum, Inc. (US), SCIOInspire, Corp. (US), SAS Institute Inc. (US), IBM (US), Oracle (US), IQVIA (US)
  Key Market Opportunities   New product launches and R&D Amongst major key Players
  Key Market Drivers

  • Growing adoption of analytics solutions in clinical trials
  • Increasing pressure to curb healthcare expenditure
  • Rising adoption of analytics for sales and marketing applications
  • Need for improved data standardization
  • Increasing prevalence of chronic diseases
  • Need for improved patient outcomes
  • Rising adoption of big data in the life science industry


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    Frequently Asked Questions (FAQ) :

    Life science analytics is a tool that helps in clinical trials standardization and optimization of the drug discovery process.

    The use of life science analytical tools in clinical research institutions is increasing, as these tools are helpful in analyzing the data for ongoing clinical trials. This is expected to increase the demand for life science analytics.

    The valuation of the life science analytics market had reached USD 8,800 Million in 2030.

    The life science analytics market is projected to grow at approximately 8.75% CAGR during the forecast period (2022-2030).

    Growing adoption of analytics solutions in clinical trials.

    North America holds the largest share in the global life science analytics market, followed by Europe and the Asia Pacific, respectively.

    Cerner Corporation (US), Allscripts Healthcare, LLC (US), CitiusTech Inc. (US), Inovalon (US), Health Catalyst (US), McKesson Corporation (US), Optum, Inc. (US), Saama Technologies, Inc. (US), SCIOInspire, Corp. (US), IBM (US), SAS Institute Inc. (US), IQVIA (US), and Oracle (US), are some of the major players operating in the life science analytics market.