Life Science Analytics Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Services); By Type; By Application; By End-Use; By Region; Segment Forecast, 2021 - 2028
- Published Date:Sep-2021
- Pages: 119
- Format: PDF
- Report ID: PM1980
- Base Year: 2020
- Historical Data: 2016-2019
Report Outlook
The global life science analytics market was valued at USD 7.79 billion in 2020 and is expected to grow at a CAGR of 7.9% during the forecast period. The surging acceptance of analytic solutions in clinical trials, rising prevalence of chronic diseases, advancement in technology, the demand for improved data standardization, increasing adoption of analytical solutions in various applications, reducing healthcare expenditure, and growing demand for the improved patient outcome are some of the critical factors that drive the growth of the life science analytics market.
The research report offers a quantitative and qualitative analysis of the life science analytics market to enable effective decision-making. It covers the key trends and growth opportunities anticipated to have a favorable impact on the market. Besides, the study covers segment and regional revenue forecasts for market assessment.
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There is increasing adoption of analytics solutions in various healthcare applications, including clinical trials. The number of clinical trials is growing every year, and there was a total of 362,534 various tests registered across the globe as of 2020. These trials generally generate a massive amount of complex data as so many activities are involved, and it is difficult to analyze all the generated data manually. This has resulted in the development of many data analytics solutions to support clinical trials.
The emergence of COVID-19 is expected to positively influence the growth of the global market as pandemic has led to the increased activities to develop new drugs, vaccines and many clinical trials are being conducted across the globe. All these processes are complex, and for faster progress, solutions are needed that will boost the life science analytics market growth during the forecast period.
Industry Dynamics
Growth Drivers
The growth of the global market will be driven by the factors such as the increasing adoption of technology in the biotechnology and pharmaceutical industries. The emergence of modern technologies and the increased focus on improving patient outcomes will further propel the market growth for life science analytics during the forecast period.
Analytics also acts as an essential role in the drug discovery process. The adoption of analytic solutions will help the companies evaluate and find potential drug candidates that will significantly reduce the expenditure and time for pharmaceutical companies and contract research organizations (CROs). At each stage of drug discovery and development, the analysis evaluates the safety and efficacy of the drug before proceeding to the next step. All these factors augment the growth of the market for life science analytics.
Pharmaceutical companies have adopted digitization in every department as they help in research and development activities and play a critical part in improving the efficiency of manufacturing capabilities, marketing, and sales. The adoption of the technology in research & development and the manufacturing process has helped to increase productivity and reduce errors.
The life science analytics industry players are following various strategies, including new product launches, and funding to increase their share in the industry. In December 2020, Amazon launched a Big Data solution named Amazon HealthLake, and this product will help facilitate big data solutions and standardize patient information in healthcare. Inference raised USD 60 million in Series B funding in December 2020 to help the company further develop its AI-powered software platform that has applications in clinical research, drug discovery, and operations.
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Report Segmentation
The market is primarily segmented on the basis of type, component, application, delivery, end-use, and region.
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By Type |
By Component |
By Application |
By Delivery |
By End-use |
By Region |
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Insight by Type
The descriptive segment dominated the industry and generated the highest revenue in 2020. This is due to the widespread use of descriptive solutions by life science players to better understand historical trends and real-time occurrences. The industry players in the life science analytics industry can forecast future trends and opportunities using data mining techniques on these descriptive datasets.
The predictive type segment is projected to grow at the highest growth rate in life science analytics industry during the projected period. Increasing use of advanced solutions to estimate possible future events and to assist players in developing strategies and approaches to maintain and improve industry performance, thereby boosting the life science analytics industry growth.
Insight by Application
The sales & marketing support segment holds the largest revenue share for life science analytics and generated the highest revenue in 2020. The rapid growth of this segment in the life science analytics industry can be ascribed to the growing use of technology by life science firms to synchronize their sales and marketing strategies.
The need for post-marketing surveillance is driving up the use of technology in sales & marketing. The research & development segment of the life science analytics industry is projected to grow at a high growth rate during the projected period due to rising pipeline products of medical devices, biotechnology, and pharmaceutical companies.
Insight by End-use
The pharmaceutical companies segment dominated the industry for life science analytics and generated the highest revenue, in 2020, due to these companies' high adoption of the solutions for resource management, increasing drug utilization, and improving clinical trial efficacy.
The biotechnology companies segment is projected to grow at a high growth rate during the projected period due to the increased use of the technology in genome analysis and sequencing to reduce costs. Also, the availability of customized data analytic solutions is boosting the growth of the segment.
Geographic Overview
North America dominated the market and generated the highest revenue in 2020, owing to the availability of modern health care facilities, upsurge in the elderly population, increasing cases of non-communicable diseases, the existence of prominent players, and the adoption of advanced analytical solutions in countries like the U.S. and Canada. The increasing number of clinical trials will also help in the growth of the market for life science analytics.
Asia Pacific is expected to be the fastest-growing region for the global market for life science analytics due to increased investments and digitization in healthcare. Growing healthcare spending, adopting advanced technologies, developing healthcare facilities and infrastructure will further drive life science analytics industry growth. In addition, the presence of many CROs and pharmaceutical companies in countries like India and China will further boost the development of the market for life science analytics in the region.
Competitive Insight
Players in the life science analytics industry are investing heavily in research and development to develop new analytical tools to cater to various fields of life sciences. Companies are also entering into partnerships, collaborations, and acquisitions to gain a nascent market foothold. Major players operating in the market include Cognizant, Accenture, IBM, SAS Institute, Inc., Oracle, Wipro Limited, Take Solutions Limited, and IQVIA.
Life Science Analytics Market Report Scope
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Report Attributes |
Details |
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Market size value in 2020 |
USD 7.79 billion |
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Revenue forecast in 2028 |
USD 14.15 billion |
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CAGR |
7.9% from 2021 - 2028 |
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Base year |
2020 |
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Historical data |
2016 - 2019 |
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Forecast period |
2021 - 2028 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
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Segments covered |
By Type, By Component, By Application, By Delivery, By End-Use, By Region |
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Regional scope |
North America Europe Asia Pacific Latin America; Middle East & Africa |
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Key Companies |
IBM, Accenture plc, Amazon Web Services, Inc., Allscripts Healthcare Solutions, Inc., Alteryx, Cerner Corporation, Cognizant, Cotiviti Holdings, Inc., IQVIA, MaxisIT Inc, Microsoft Corporation, Optum, Inc., Oracle Corporation, Pyramid Analytics, SAS Institute, SCIO Health Analytics (part of EXL Health), Sisense, Take Solutions Ltd., ThoughtSpot, Inc., Wipro Limited |
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