The global life science analytics market size is expected to reach USD 14.15 billion by 2028 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into the current market dynamics and provides analysis on future market growth.
The increasing need for analytical solutions in healthcare, drug discovery, and development are the main factors contributing to the industry growth in recent years. The increasing number of clinical trials, efforts to improve patient outcomes, and technological advancement will further boost the industry's growth over the projected timeframe.
Analytical solutions are increasingly used in drug discovery and in clinical trials. The number of clinical trials registered is 366,000 as of February 2021. The complex data generated during clinical trials is difficult to analyze manually, so analytical solutions play an essential role.
Analytical solutions also play a crucial role in drug discovery as they can identify lead compounds for drug development, significantly reducing process time and R&D expenditure. The emergence of advanced technologies that have integrated artificial intelligence (AI) in analytical solutions will further help the industry growth in the coming years.
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The increasing popularity of analytics in life sciences has resulted in many new developments. For instance, in March 2021, Change Healthcare and Amazon Web Services (AWS) launched Data Science-as-a-Service (DSaaS) that is expected to enhance IT security in life science organizations. Cerner announced plans to acquire the health division of Kantar Group for USD 375 million in December 2020. Kantar Group is involved in providing data analytics to the life sciences industry.
The emergence of the COVID-19 pandemic is expected to propel the growth of the global market due to the increasing adoption of analytics solutions in hospitals to treat COVID-19 patients and use in pharmaceutical companies to develop new drugs and vaccines.
The integration of EHR with telemedicine and e-prescribing functionalities to reduce patient visits to hospitals will also contribute to the industry growth. Industry participants such as 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., and Wipro Limited are some of the key players operating in the global market.
Polaris Market research has segmented the life science analytics market report on the basis of type, component, application, delivery, end-use, and region:
Life Science Analytics, Type Outlook (Revenue - USD Million, 2016 – 2028)
Life Science Analytics, Component Outlook (Revenue - USD Million, 2016 – 2028)
Life Science Analytics, Application Outlook (Revenue - USD Million, 2016 – 2028)
Life Science Analytics, End-Use Outlook (Revenue - USD Million, 2016 – 2028)
Life Science Analytics, Regional Outlook (Revenue - USD Million, 2016 – 2028)