Pune, India, Nov. 20, 2023 (GLOBE NEWSWIRE) — Global life science analytics market size was valued at USD USD 12.81 billion in 2022. The industry is expected to expand from USD 37.20 billion by 2030 exhibiting a CAGR of 13.6% . Growing Use of Analytical Solutions for a Flexible and Comprehensive Research Study to Foster Market Growth
The life science analytics market is inclusive of solutions, software, or analytical applications that are mostly deployed for the research and development of new drug therapy by contract research organizations and pharma and biotech companies. The market expansion can be attributed to the growing innovations in data science and the surging adoption of cloud services. The pharma & biotech companies are investing heavily to fasten the drug delivery process and embrace cutting-edge technologies.
Fortune Business Insights™ provides this information in its research report, titled “Life Science Analytics Market, 2023-2030”.
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Key Takeaways :
- Continuous Adoption and Integration of Digital Technologies Contributed to the Growth of the Market
- Rising Advancements in Data Science and Increasing Adoption of Cloud Services
- Increasing Use of Analytical Solutions for a Comprehensive and Flexible Research Study to Spur the Market Growth
- Increasing Adoption of Healthcare Data Management Platforms in Hospitals to Propel Market Growth
- High Cost of Implementation and the Concerns Related to Data Breaching May Limit Life Science Analytics Penetration
Key Industry Development:
November 2022– IQVIA Inc. announced a collaboration with Clalit, one of the largest health service organizations in Israel. This deal was signed to launch the first prime site in the country.
List of Key Players Mentioned in the Report:
- SAS Institute Inc. (U.S.)
- Accenture (Ireland)
- Veeva Systems (U.S.)
- IBM (U.S.)
- Oracle (U.S.)
- Analytics8 (U.S.)
- IQVIA Inc (U.S.)
COVID-19 Impact:
Consistent Adoption and Deployment of Digital Technologies Positively Impacted the Market Growth
The COVID-19 pandemic had a positive impact on the market. The surge in the number of patients diagnosed with COVID-19 led manufacturers to emphasize on the research and development of new vaccines. This factor led to a surge in the adoption of solutions and software based on cloud infrastructures and boosted the drug development process for COVID-19 vaccines.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 13.6% |
| 2030 Value Projection | USD 37.20 Billion |
| Base Year | 2022 |
| Life Science Analytics Market Size in 2022 | USD 12.81 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 149 |
| Segments covered | By Type, Application, Delivery and End User |
Drivers and Restraints:
Growing Use of Analytical Solutions for a Flexible and Comprehensive Research Study to Foster Market Growth
One of the major factors impelling the life science analytics market growth is an increase in the use of analytical solutions for a comprehensive and flexible research study. Before launching any drug product, a significant amount of preclinical studies that capitulate safety, toxicity, and efficacy information are carried out.
Despite such growth opportunities, concerns associated with data breaches and the steep cost of implementation of life science analytics may impede the market growth.
Segmentation:
Consistent Change in Patients’ Expectations to Impel Services Segment Growth
Based on type, the market is bifurcated into services and software & solutions. The services segment dominated the market in 2022. The expectations of patients are changing consistently and improvement in these models are bolstering the services segment growth.
Rising Adoption of On-demand Solutions in the Pharmaceutical Industry to Propel Segment Growth
By delivery, the market is bifurcated into on-demand and on-premise. The on-demand segment accounted for the largest share in 2022. The surging adoption of the on-demand solution in the pharmaceutical industry for the drug development process is escalating the segment growth.
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Surging Costs of Patient Care to Augment Clinical Research Analytics Segment Growth
Based on application, the market is divided into personalized therapy, supply chain analytics, clinical research analytics, and commercial analytics. The clinical research analytics segment accounted for the largest life science analytics market share in 2022. Developers and manufacturers have been encouraged to emphasize offering more affordable and effective personalized treatments due to the growing cost of patient care. This factor is propelling the clinical research analytics segment growth.
Improved Existing Production Process to Foster Pharma & Biotech Companies Segment Growth
By end users, the market is divided into pharma & biotech companies, medical device companies, contract research organizations, and others. The pharma & biotech companies segment held the largest share in 2022. The improved existing production process aids in meeting regulatory compliances. This factor is fueling the pharma & biotech companies segment growth.
From the regional perspective, the market is segmented into Europe, the Middle East & Africa, North America, Latin America, and the Asia Pacific.
Report Coverage:
The report provides comprehensive coverage of the driving and restraining factors impacting the market growth. In addition, it highlights the latest trends, COVID-19 impact on the market growth, and key industry developments. Additional aspects of the report include the strategies undertaken by leading market players to capture the largest share.
Regional Insights:
North America Dominated Due to Rising Cases of Various Diseases
North America life science analytics market held the largest share in 2022. The growing prevalence of various diseases coupled with high treatment and diagnosis rates is proliferating the regional growth.
The Asia Pacific market for life science analytics is anticipated to expand at a comparatively higher CAGR as compared to other regions during the forecast period. The region provides huge commercial opportunities to healthcare, medical devices, and biopharma companies due to its rising healthcare expenditure. This factor is impelling the regional growth.
Competitive Landscape:
Notable Companies Focus on Collaborations to Maximize Their Revenue
The leading market players operating in the field are adopting different strategic initiatives such as joint ventures, mergers and acquisitions, and product innovations to boost their industry position. Several players are also focusing on implementing collaboration strategies to increase their share.
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Table of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Technological Advancements in Life Science Analytics
- Key Industry Developments- Mergers, Acquisitions & Partnerships
- New Product Launches
- Impact of COVID-19 on the Market
- Global Life Science Analytics Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Software & Solutions
- Services
- Market Analysis, Insights and Forecast – By Delivery
- Market Analysis, Insights and Forecast – By Application
- Commercial Analytics
- Personalized Therapy
- Clinical Research Analytics
- Supply Chain Analytics
- Market Analysis, Insights and Forecast – By Type
-
- Market Analysis, Insights and Forecast – By End User
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-
- Medical Device Companies
- Pharma & Biotech Companies
- Contract Research Organizations
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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- North America Life Science Analytics Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Type
- Software & Solutions
- Services
- Market Analysis, Insights and Forecast – By Delivery
- Market Analysis, Insights and Forecast – By Application
- Commercial Analytics
- Personalized Therapy
- Clinical Research Analytics
- Supply Chain Analytics
- Market Analysis, Insights and Forecast – By Type
-
- Market Analysis, Insights and Forecast – By End User
-
-
- Medical Device Companies
- Pharma & Biotech Companies
- Contract Research Organizations
- Others
- Market Analysis, Insights and Forecast – By Country
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FAQs :
How big is the Life Science Analytics Market?
- The global life science analytics market size was valued at USD USD 12.81 billion in 2022. The industry is expected to expand from USD 15.27 billion in 2023 to USD 37.20 billion by 2030, exhibiting a CAGR of 13.6% over the study period.
Which are the driving key factors of Life Science Analytics Market?
- Increasing use of analytical solutions for comprehensive and flexible research study is the key driving factor.
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