Global Life Science Analytics Market Overview
The life science analytics market size was valued at USD 5.8 billion in 2022 and is projected to grow from USD 5.99 Billion in 2023 to USD 7.32 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.40% during the forecast period (2023 - 2030). Increasingly using life science analytical techniques is the key market driver enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The life science industry is increasingly embracing analytics, focusing on descriptive and statistical analytics to build databases and prescriptive and forecasting to predict future trends & outcomes, which is projected to fuel market growth. The growing influence of social media and the internet, which directly affects patient interaction and propels the adoption of analytical solutions, is another major factor having a huge impact on the life sciences sector. The life science sector rapidly embraces analytics that utilizes prescriptive and predictive analysis to forecast future trends and outcomes and relies on descriptive and reporting analysis to develop databases. Since conducting clinical trials is challenging since it involves various actions and creates many data, there is a growth in the use of analytics in clinical trials.
The demand for life science analytics is growing, but data intrusion is still a major problem. Data scientists assist businesses in making decisions based on data. Nevertheless, The process's data usage might violate customers' privacy. Data breaches frequently occur because client information is accessible to the parent company. The market will be influenced by how quickly healthcare organizations and life science businesses can implement analytical solutions to enhance medical, financial, and operational outcomes and save healthcare costs. Life science businesses and other healthcare players are quickly using big data analysis and advanced methods for data mining to precisely research the population at risk for illness and build market-driving strategies. Governments and companies that finance healthcare utilize predictive analytics to handle claims and prevent fraud.
News Since it was founded 25 years ago, Saama's data analytics platform has sped up and simplified procedures in the life sciences and other industries. To capitalize on these efforts and keep supporting firms in the insurance, financial markets, consumer goods, medical treatment, and public sectors, the company has now revealed a new brand, Astraa. Astraa provides domain-specific expertise to achieve operational and economic efficiencies while speeding data-driven insights for improved company results. For instance, utilizing Astraa's products enables merchants to enhance promotions by utilizing data to comprehend consumer behavior fully. Like this, Astraa creates data centers for insurers and connects their data sources to prepare them for analytics that can reveal trends about rate changes or compliance standards.
Life Science Analytics Market Trends
- Rising use of life science analytics in various fields to Fuel Market Growth
The benefits of analytics in life sciences, early identification of prescribing and treatment patterns, strategic alignment of patient intent with real-world outcomes, and, most importantly, achieving operational excellence have driven the life sciences analytics market. Companies successfully use digital technologies such as mobility, pervasive computing, big data, and analytics to improve R&D efficiency, manufacturing capacity, sales and marketing effectiveness, and compliance management.
Furthermore, Analytical tools are integrated into industrial processes, operational data is automatically recorded, and many R&D laboratories are becoming paperless. The new world of virtual and hybrid work demands flexibility, and most life sciences companies are adapting to the new norms. They will be very competitive in the talent landscape shortly. In 2021, data-driven scientists will have new insights and real-world evidence to help solve once-stubborn disease problems. Thus driving the market CAGR.
Figure 1: healthcare spending from 2014-2019 (in % of GDP)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Big data analytics and advanced data mining techniques are rapidly being adopted by life sciences companies and other participants in the healthcare sector to scrutinize high-risk populations and develop market-leading strategies. The ongoing Covid-19 outbreak has strained the country's healthcare infrastructure, highlighting the potential of cutting-edge technologies to help digitize the healthcare industry. Many organizations have received funding to develop big-database personalized medical solutions for analytics-powered precision health that have further created growth opportunities for the life sciences analytics market revenue.
Life Science Analytics Market Segment Insights
Life Science Analytics Type of Analytics Insights
The market segmentation of life science analytics, based on the type of analytics, includes predictive analytics, descriptive analytics, and prescriptive analytics. The descriptive analytics life science analytics segment held the majority share in 2022 with respect to the Life Science Analytics market revenue. Life science analytics always deals with writing methods for processing life science queries. The descriptive analysis provides a topical overview for a better explanation and interpretation of incidence and historical trend data. It has also been observed that predictive health analytics are more complex than descriptive analytics. Most healthcare organizations aim to explore performance gaps and create space for creating better strategies needed by the organization.
Life Science Analytics Application Insights
The Life Science Analytics market data has been bifurcated by application into research & development, pharmacovigilance, regulatory compliance, sales & marketing, and supply chain optimization. The sales & marketing segment dominated the market in 2022, and the terminal side segment is anticipated to be the faster-growing segment throughout the forecast period, 2023-2030. Sales and marketing have shown significant development in recent years, and the identical will grow at a substantial CAGR within the projected period. Post-marketing surveys and Marketing campaigns become important for the healthcare firm. Market surveillance also assisted in boosting the life sciences analytics market.
Life Science Analytics Components Insights
The market of Life Science Analytics includes software, services, and hardware based on Components. The services segment led the market in 2022 and is anticipated to be the faster-growing segment during the forecast period, 2022-2030, due to the rising trend of outsourcing services covering preparation, staffing, training, maintenance, and implementation since life science organizations lack the adequate expertise and resources. Service delivered by cloud management services and skilled professionals is costlier. Hence, rising Components options for Life Science Analytics positively impact the market growth.
March 2022:Databricks launched the Databricks Lakehouse for Healthcare and Life Sciences. It is a single platform for data management, analytics, and advanced AI use cases like disease prediction, medical image classification, and biomarker discovery.
Life Science Analytics Service Deployment Model Insights
Based on Deployment Model, the life science analytics market segmentation includes on-premise and cloud-based. The cloud-based Life Science Analytics segment held the majority share in 2022 with respect to the market revenue of life science analytics due to the growth of high Internet penetration, the development of cloud-based services, the adoption of cloud technologies, and a shift in preference from on-premises to cloud-based technologies.
Figure 2: Life Science Analytics Market, by Application, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Life Science Analytics End-User Insights
Based on End-User, the market Components of life science analytics include Hospitals, Clinics, and Others. The hospitals segment led the market in 2022 due to the rising adoption of analytical solutions in effective resource management, drug discovery and development, medical trial designing and managing processes, and enhanced drug utilization. Hence, rising end-user options for Life Science Analytics positively impact the market growth
October 2021:Medexprim and Ever Fortune.AI announced their strategic partnership to develop healthcare analytics and medical AI growth. The collaboration will increase both companies’ networks of hospitals and further join healthcare innovations between Europeand Asia
News
For its Orchestrated Customer Engagement (OCE) platform, IQVIA, a top global provider of advanced analytics, technology solutions, and clinical research services to the medicinal products and broader life sciences industries, has been named a Leader in Customer Experience Platforms (CXP) by Everest Group. Because of its comprehensive collection of market-leading tools that may improve customer engagement, the IQVIA OCE platform was named a Leader in the CXP pharma supplier category.
Life Science Analytics Regional Insights
By region, the study offers market insights into Asia-Pacific, Europe, North America, and Rest of the World. The North America Life Science Analytics market accounted for USD 2.24 billion in 2022 and is anticipated to exhibit a substantial CAGR growth during the study period, attributed to the emergence of startups, the presence of key market players, rising digital literacy, advancements in healthcare IT infrastructure, growing demand for value-based care, growing geriatric population, the rising incidence rate of non-communicable diseases, and readiness to adopt analytical solutions.
Further, the key countries studied in the market report are: The U.S, Canada, UK, Italy, Spain, Germany, France, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Life Science Analytics Market Share by Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Life Science Analytics market accounts for the second-largest market share due to the rising number of countries aiming to adopt AI-based tools. The extensive presence of biotech companies fuels the market's growth. Major European players are more focused on adopting AI-based analytical tools to enhance operational efficiency, which also plays an important role in market growth. Moreover, the UK market of Life Science Analytics held the largest market sharenwhereas Germany market of Life Science Analytics is the fast growing in the region.
The Asia-Pacific Life, Science Analytics Market, is anticipated to increase at the fastest CAGR from 2023 to 2030 due to the entry of key market players, growing healthcare IT expenditures, developing healthcare infrastructure, and growing digital literacy. Moreover, the China market of Life Science Analytics held the largest market sharenwhereas India market of Life Science Analytics is the fast growing in the Asia-Pacific region.
Life Science Analytics Key Market Players & Competitive Insights
Key market players are spending a large portion of money on research & development to increase their product lines, which will help the Life Science Analytics market grow even more. Market players are also taking several strategic initiatives to increase their worldwide footprint, with key market developments such as mergers and acquisitions, contractual agreements, increased investments, new product launches, and collaboration with other organizations. Competitors in the Life Science Analytics industry must expand their business footprint to survive in an increasingly competitive and rising market environment.
One of the manufacturers primary business strategies in the Life Science Analytics industry is to help clients and increase the market sector by increasing investment in R&D to enhance solutions and services. In recent years, the Life Science Analytics industry has provided transparency and reduced disruptions in the supply chain. The Life Science Analytics markets major players such as Allscripts Healthcare LLC (US), Saama Technologies Inc. (US), SAS Institute Inc., SCIOInspire Corp. (US), (US) and others are functioning on expanding the market demand by financing in research and development actions.
Allscripts focuses on helping healthcare professionals drive the best care possible for healthier communities. Its diversity is the foundation of innovation and is dedicated to fostering an inclusive environment that supports the talents of all people. For instance, In July 2020, Allscripts inked a five-year strategic partnership with Microsoft to use the tech giant's cloud technology to enhance its Sunrise electronic health record (EHR) software.
SAS Institute is an American multinational developer of analytics software, which helps access, manage, analyze and report on data to aid in decision-making. For instance, in November 2020, the SAS life sciences analytics framework was used to help manage clinical trials for the Covid-19 vaccine by transforming data into real-time information to derive data-rich insights.
Key Companies in the Life Science Analytics market include
- 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)
Life Science Analytics Industry Developments
April 2021:IQVIA launched Connected Intelligence for customers to help analytical solutions in determining data-driven insights and supporting effective decision-making.
July 2022:Charles River Associates launched the company’s new data analytics suite, the Healthcare Claims Analytics Platform (HCAP), at the World Orphan Drug Congress USA 2022 in Boston. HCAP delivers the power of machine learning and patient analytics to inform about market understanding and support intelligent decision-making.
Life Science Analytics Market Segmentation
Life Science Analytics Type of Analytics Outlook
- Predictive Analytics
- Descriptive Analytics
- Prescriptive Analytics
Life Science Analytics Application Outlook
- Research & Development
- Pharmacovigilance
- Regulatory Compliance
- Sales & Marketing
- Supply Chain Optimization
Life Science Analytics Components Outlook
- Software
- Services
- Hardware
Life Science Analytics Deployment Model Outlook
Life Science Analytics End-User Outlook
Life Science Analytics Regional Outlook
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
| Report Attribute/Metric |
Details |
| Market Size 2022 |
USD 5.8 billion |
| Market Size 2023 |
USD 5.99 billion |
| Market Size 2030 |
USD 7.32 billion |
| Compound Annual Growth Rate (CAGR) |
3.40% (2022-2030) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2030 |
| Historical Data |
2018 & 2021 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Market Competitive Landscape, Growth Factors, Revenue Forecast, and Trends |
| Segments Covered |
Type of analytics, Application, Components, Deployment Model, End-User, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered |
The U.S, Canada, UK, Italy, Germany, France, Spain, India, China, Japan, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Allscripts Healthcare LLC (US), Inovalon (US), McKesson Corporation (US), Saama Technologies Inc. (US), Cerner Corporation (US), CitiusTech Inc. (US), Health Catalyst (US), SAS Institute Inc. (US), Optum Inc. (US), and SCIOInspire Corp. (US) |
| Key Market Opportunities |
Advancement in the Healthcare sector |
| Key Market Dynamics |
Rising use of life science analytics in various fields |
Life Science Analytics Market Highlights:
Frequently Asked Questions (FAQ) :
The market size of life science analytics was valued at USD 5.99 Billion in 2023.
The market is projected to grow at a CAGR of 3.40% during the forecast period, 2023-2030.
North America had the leading share of the market
The key players in the market are Cerner Corporation (US), Allscripts Healthcare LLC (US), Health Catalyst (US), CitiusTech Inc. (US), McKesson Corporation (US), Optum Inc. (US), Inovalon (US), SCIOInspire Corp. (US), Saama Technologies Inc. (US), SAS Institute Inc. (US), and others.
The predictive life science analytics category dominated the market in 2022.
The sales & marketing application had the largest share of the market.
