Global life science analytics market size from USD 9.5 billion in 2022 to USD 21.4 billion, at a CAGR of 8.5% in 10 years. The government's increased healthcare spending and the growing importance of life science analytics in drug development are driving market expansion in the North America region. The key market players are listed in the report with their sales, revenues and strategies are IQVIA, SAS Institute Inc., Cognizant, IBM, Accenture, Take Solutions Limited, Wipro Limited

Newark, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 9.5 billion life science analytics market will reach USD 21.4 billion by 2032. The life science industry is increasingly embracing analytics, focusing on descriptive and reporting analysis to build databases and on prescriptive and predictive analysis to predict future trends and results, which is projected to fuel market growth. Another important element having a significant impact on the life sciences industry is the expanding importance of social media and the internet, which directly influences patient engagement and encourages the adoption of analytical solutions. The ease with which healthcare organisations and life science firms are putting analytical solutions to use to enhance clinical, financial, and operational outcomes and lower healthcare costs will be what drives the industry.

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North America to account for the largest market size during the forecast period.

North America is expected to have the essential life science analytics market share. This can be linked to the region's rising geriatric population, rise in non-communicable disease incidence, rising demand for value-based care, rising digital literacy, improvements in healthcare IT infrastructure, emergence of startups, presence of key market players, and willingness to adopt analytical solutions. To increase their business offerings in North America, North American market participants are always concentrating on product development and collaboration initiatives.

The predictive analytics segment dominated the market with the most significant revenue of USD 3.8 billion.

The predictive analytics segment dominated the market with the most significant revenue of USD 3.8 billion. Increasing the use of advanced technologies to forecast potential future occurrences and aid companies in formulating strategies and ways to sustain and improve industry performance, ultimately supporting the expansion of the life science analytics business.

The sales and marketing segment dominated the market with the most significant revenue of USD 3.7 billion.

The sales and marketing segment dominated the market with the most significant revenue of USD 3.7 billion. The rapid expansion of this area in the life science analytics business can be attributed to life science firms' increasing use of technology to synchronise their sales and marketing activities.

The pharmaceutical and biotechnology companies segment dominated the market with the most significant revenue of USD 3.9 billion.

The pharmaceutical and biotechnology companies segment dominated the market with the most significant revenue of USD 3.9 billion. In the current environment of intense competition from other major corporations, analytics benefits the pharmaceutical and biotech industries. For example, analytics has aided in the acceleration of medication discovery, the optimisation of clinical trials, and the successful targeting of a specific patient population. In March 2022, for example, the leading research-driven biopharmaceutical company Boehringer Ingelheim and precision medicine software company Lifebit Biotech Ltd announced a collaboration in which Lifebit will assist Boehringer Ingelheim in developing a scalable data, analytics, and infrastructure platform within its IT environment.

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Market Dynamics:

Drivers: Fast Expanding

The fast-expanding usage rate of advanced analytical solutions in anticipating future trends and assisting stakeholders boosts market performance. For example, Cleveland Clinic has signed a 10-year agreement with IBM to establish the Discovery Accelerator project in 2021. The primary goal is to concentrate on discoveries in the life sciences and healthcare industries using big data analytics, artificial intelligence, quantum computing, and cloud computing.

Restraint: Shortage of Skilled Professionals

During the forecast period, market expansion is expected to be hampered by a shortage of experienced individuals and high implementation costs.

Opportunity: Massive Demand

Recently, there has been a significant increase in the need for personalised data analysis solutions in organisations and research institutes. The deployment of customised data analysis solutions is increasing the segment's development and expansion. Wipro and TranscellOncologies, for example, have teamed to transform vaccine safety evaluation in 2021 using Transcell's breakthrough stem cell technology and the Wipro Holmes augmented intelligence platform. As a result, it contributes to market growth.

Challenge: High Cost

The significant expenditure required for adopting science analytics software is expected to stymie industry expansion.

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Some of the major players operating in the life science analytics market are:

● Oracle
● IQVIA
● SAS Institute Inc.
● Cognizant
● IBM
● Accenture
● Take Solutions Limited
● Wipro Limited

Key Segments cover in the market:

By Product Type:

● Descriptive Analytics
● Predictive Analytics
● Prescriptive Analytics

By Application:

● Research and Development
● Supply Chain Analytics
● Sales and Marketing
● Others

By End-User:

● Clinical Research Institutions
● Pharmaceutical and Biotechnology Companies
● Medical Device Companies
● Others

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About the report:

The global life science analytics market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.

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