Life Science Analytics Market Research Report - Global Forecast till 2025

Global Life Science Analytics Market Research Report: 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) and By End-User (Hospitals and Clinics, Others) – Forecast to 2025

ID: MRFR/HC/7098-HCR | February 2021 | Region: Global | 90 pages

Market Forecast


Life Science Analytics Market held a value of USD 19,165.22 Million in 2018 and is expected to register a growth of 11.91% between 2019 and 2025.


Market Synopsis


Life science analytics helps in drug discovery optimization and standardization of clinical trials. Growing adoption of analytics solutions in clinical trials, rising pressure to curb the healthcare expenditure, and increasing adoption of analytics for sales & marketing applications are the factors that are expected to drive the market growth. Moreover, the rising need for improved data standardization, increasing prevalence of chronic diseases, the need for improved patient outcomes, and the growing adoption of big data in the life sciences industry are also expected to boost market growth.


Market Influencer


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.


Market Drivers



  • Growing adoption of analytics solutions in clinical trials

  • Increasing pressure to curb healthcare expenditure – As of 2017, the healthcare expenditure in the US was USD 3.5 trillion, and this expenditure increased to USD 3.65 trillion in 2018. Life science analytical tools help in the management of healthcare costs and thereby are expected to control the growing healthcare expenditure. Thus, increasing healthcare costs is expected to boost the demand for life science analytics during the forecast period.

  • 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


Market Restraints



  • Lack of skilled professionals

  • Data Security Concerns


Segmentation


By Type of Analytics



  • Predictive Analytics: The need for collecting data to understand consumer behavior is expected to drive the market growth for the predictive analytics segment.



  • Descriptive Analytics: This segment is held the largest market share in 2018 owing to its high usage by life science companies to have a better understanding of the life science trends in the past as well as in real-time.



  • Prescriptive Analytics: The rising popularity of real-time accessibility of data to carry out the business operations efficiently is anticipated to drive the market growth.


By Application



  • Research & Development: Usage of life science analytics software in research and development can be fragmented into clinical trial applications and preclinical trial applications. This segment is held the largest market share in 2018 owing to a rise in the number of clinical trial studies across the globe in life sciences.



  • Pharmacovigilance: Pharmacovigilance is a practice of monitoring the effects of pharmaceutical drugs after they are licensed to be used. Life science analytical tools help inefficient utilization of the data for pharmacovigilance so that it complies with the regulatory authorities and provides insights that predict as well as prevent the adverse events.



  • Regulatory Compliance: Life science analytical tools help in identifying, analyzing, and eliminating the regulatory compliance risks that correlate with the continuously changing government regulations. These features are expected to boost the growth of life science analytical tools in regulatory applications.



  • Sales & Marketing: The increasing importance of post-marketing surveillance is expected to increase the demand for life science analytical tools in sales & marketing during the forecast period.



  • Supply Chain Optimization: The growing need for sourcing and logistics optimizations is expected to drive market growth.


By Component



  • Software: This segment held the largest market share in 2018 due to its low cost.



  • Services: Services in life science analytics include maintenance of software, hardware, and scope of application of life science analytics products for the smooth functioning of the analytical systems.



  • Hardware: With the advent of next-gen life science analytics technologies, there has been a high demand for the hardware components in the market.


By Deployment Model



  • On-Premise: The largest segment in 2018 due to the high preference of the on-premise model due to its user-friendly approach.



  • Cloud-Based: Cloud-based online software/apps and products are used to deliver various products and services through the Internet, such as on-demand models.


By End-User



  • Hospitals and Clinics: This segment was held the largest market share in 2018. Life science analytics help in minimizing clinical errors and increasing healthcare productivity in hospitals and clinics.



  • Pharmaceutical, Biotechnology & Medical Device Companies: Market growth of this segment is due to the increasing utilization of life science analytics solutions by pharmaceutical and biotechnology companies for drug discovery.



  • Others: This includes diagnostic centers, ambulatory surgical centers, and research and academic institutes, among others.


By Region



  • Americas: The largest regional market. Increasing healthcare spending and adoption of healthcare IT solutions is expected to drive the market growth. In 2017, the healthcare sector in the US had grown by approximately 3.9% compared to the previous years, reaching USD 10,739 per person. Thus, the demand for life science analytics software has been increasing in the region to bring down healthcare costs.



  • Europe: The life science analytics market in Europe held the second-largest position in 2018 owing to the rising prevalence of chronic diseases, technological advancements, and better availability of healthcare solutions and services in the region.



  • Asia-Pacific: The fastest-growing regional market. The growth of the life science analytics market in this region is owing to the fast-developing life sciences industry and the presence of many healthcare IT companies.



  • Middle East & Africa: The market is expected to show significant growth due owing to the increasing government support to develop the healthcare IT industry and rapid technological advancements.


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)



Frequently Asked Questions (FAQ) :


The valuation of the global life science analytics market had reached USD 19,165.22 MN in 2018.

The global life science analytics market is projected to grow at approximately 11.91% CAGR during the forecast period (2019-2025).

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.



This table of content is tentative and subject to change as the research progresses.

Please Note:  Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.

Life Science Analytics Market