Life Science Analytics Market Is Expected To Expand At A CAGR Of 7.7% From 2022 To 2030

 Life Science Analytics Industry Overview

The global life science analytics market size was valued at USD 8.3 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.7% from 2022 to 2030. The life science industry is rapidly adopting analytics and relies on descriptive and reporting analysis in building databases and uses prescriptive and predictive analysis in estimating future trends and results, which is anticipated to propel the market growth. Another key driving force significantly impacting the life sciences industry is the rising influence of social media and the internet, which directly impacts patient engagement and drives the adoption of analytical solutions. Healthcare facilities and life science organizations are readily adopting analytical solutions to enhance clinical, financial, and operational outcomes and minimize healthcare expenditure, which will drive the market.

Life science organizations are rapidly implementing advanced analytics in their various functionalities such as supply chain, R&D activities, clinical trial designing, regulatory compliance, sales and marketing, and pharmacovigilance. Life science organizations and other healthcare industry stakeholders are rapidly adopting advanced data mining techniques and big data analytics to accurately analyze the population at high risk and strategize accordingly to drive the market. Healthcare financing organizations and government bodies are implementing predictive analytics in claims management and prevention of frauds, which is further boosting market growth.


Gather more insights about the market drivers, restrains and growth of the Global Life Science Analytics market

The ongoing Covid-19 pandemic overburdened the existing healthcare systems and revealed the potential of advanced technologies in supporting the digitalization of healthcare. The Covid-19 pandemic directly impacted the demand for analytical solutions and the market for life science analytics witnessed a significant surge in adoption rates. Analytical solutions were being widely implemented in the management of vaccines, medical supplies, medicines, and other essential resources.

For instance, Moderna entered a partnership with IBM to efficiently manage their vaccination program using advanced analytics and hybrid computing. Moreover, the increasing prevalence of non-communicable diseases, coupled with the growing global geriatric population and growing demand for enhanced patient care experience, is anticipated to contribute to the growing demand for analytical solutions over the forthcoming years. Life science organizations and other healthcare industry players are using analytical solutions in advanced revenue cycle management and population health management programs.

Analytical solutions are being adopted to cater to the rising demand for personalized medication using different human genome combinations using datasets generated through eHealth, mHealth, and electronic health records (EHR). The use of analytical solutions is focused on improving the patient care experience. Furthermore, market players are devising strategies to integrate artificial intelligence-based algorithms into data analytics to efficiently mine data from health datasets, which would aid organizations in customizing different treatment approaches.

Moreover, market players are devising their mergers & acquisitions, product development, and partnership strategies to expand their business footprint and product portfolios. For instance, in April 2020, Accenture signed a definitive agreement to acquire AppsPro, an Oracle Cloud implementation service provider based in Saudi Arabia. Accenture through this acquisition would strengthen its presence and expand its capabilities across the Middle East markets.


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Life Science Analytics Market Segmentation

Grand View Research, has segmented the global life science analytics market on the basis of component, type, application, delivery, end-user, and region:

Life Science Analytics Component Outlook (Revenue, USD Million, 2014 - 2030)

  • Software
  • Services

Life Science Analytics Type Outlook (Revenue, USD Million, 2014 - 2030)

  • Reporting
  • Descriptive
  • Predictive
  • Prescriptive

Life Science Analytics Application Outlook (Revenue, USD Million, 2014 - 2030)

  • Research and Development
  • Sales and Marketing Support
  • Regulatory Compliance
  • Supply Chain Analytics
  • Pharmacovigilance

Life Science Analytics Delivery Outlook (Revenue, USD Million, 2014 - 2030)

  • On-demand
  • On-premises

Life Science Analytics End-user Outlook (Revenue, USD Million, 2014 - 2030)

  • Medical Device
  • Pharmaceutical
  • Biotechnology
  • Others

Life Science Analytics Regional Outlook (Revenue, USD Million, 2014 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)


Key Companies profiled:

Some prominent players in the global life science analytics market include:

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


Order a free sample PDF of the Life Science Analytics Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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