The global life science analytics market size is anticipated to grow with a CAGR of 11.5% between 2024 to 2029 and be worth USD 30.65 billion in 2024 and USD 52.82 Billion by 2029.
In addition, increasing data volume by medical devices and electronic health records (EHR) is expected to favor market growth. Furthermore, the growing adoption of technological developments such as machine learning and big data is further fuelling the growth rate of the life science analytics market.
Due to high-cost issues, small and medium pharmaceutical and biotech companies and CROs with limited resources need help affording these solutions. Another factor hampering the market growth is data security and privacy issues. As the patient information is stored in the electronic database, there is a greater risk of data breaches and leakage of sensitive patient information to unauthorized individuals due to the exchange of databases between research institutions, CROs, and software organizations. In the case of analytics, the availability of vast data from various sources, ranging in formats and quality levels, makes it challenging to streamline the data, which hampers market expansion. The R&D and the regulatory changes are challenging for the life sciences and pharmaceutical organizations. According to the Affordable Care Act, regulatory work in the USA is evolving where it requires inspection, and reimbursement depends on health outcomes.
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2029 |
Base Year |
2023 |
Forecast Period |
2024 to 2029 |
Segments Covered |
By Analytics Type, Delivery Mode, Application, End-User, Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis; DROC, PESTLE Analysis; Porter's Five Forces Analysis, Competitive Landscape; Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
SAS Institute Inc., IBM Corporation, Oracle Corporation, Quintiles, Inc., Accenture, Cognizant, Wipro Limited, TAKE Solutions, MaxisIT, Inc. and SCIO Health Analytics. |
Based on analytics type, the descriptive analytics segment is anticipated to account for a significant share of the global market during the forecast period. Furthermore, it is likely to grow at a high pace during the forecast period due to the factors such as increasing adoption of descriptive analytics by life stakeholders to analyze past trends and events occurring in real-time in life science to develop strategies to boost the revenues of their companies.
However, the predictive analytics segment is also expected to show significant growth during the forecast period due to the growing interest in adopting life science analytics to predict future outcomes and be prepared for multiple consequences.
Based on components, the services segment dominated the market in 2023, and the segment’s domination is estimated to continue during the forecast period. The segment's growth is majorly driven by the growing adoption of outsourcing and third-party providers for the services of life science analytics due to a lack of resources. In addition, the growing awareness among the market participants regarding the advantages associated with availing services from third-party service providers, such as specialized skills, the latest technologies, and cost-effectiveness, is fuelling the segment’s growth rate.
On the other hand, the software segment is anticipated to register the fastest CAGR during the forecast period due to the growing adoption of technological developments, the preference for remote and home healthcare solutions, and the adoption of IT solutions in healthcare.
Due to the growing preference for cloud and web-based systems, the on-demand delivery system is expected to dominate the market during the forecast period.
The on-premises segment is also expected to grow. However, it is likely to rise slower than the on-demand segment as the continuous demand for life science analytics is yet to spread.
Based on application, the sales & marketing segment is forecasted to dominate the global life science analytics market during the forecast period. It is also anticipated to grow at the highest CAGR owing to the growing demand for post-marketing surveillance and the rising adoption rate of analytics in life science companies to boost sales & organize marketing campaigns.
However, the R&D segment is also expected to showcase a healthy CAGR in the coming years, owing to increasing research funding. In addition, the application of life science analytics in drug discovery and clinical trial management, along with the creation of new products by key market players, is supporting growth of the research segment.
Based on end-user, the pharmaceutical & biotechnology companies segment held the major share of the global life science analytics market in 2022 and is predicted to witness a healthy CAGR during the forecast period owing to the growing adoption of analytics solutions by the major market companies and new entrants.
However, the biomedical research centers segment is also expected to showcase a notable CAGR during the forecast period due to growing interest in research and development by key market players and finding from numerous sources.
Regionally, the North American market is predicted to dominate the global life science analytics market, followed by Europe during the forecast period. The domination of the North American region in the global market has continued for the last several years. The presence of key market participants and the growing adoption of new analytics techniques favor regional market growth. In addition, the growing aging population and the presence of many pharmaceutical and medical device manufacturers and biotechnology companies are propelling the growth rate of the North American life science analytics market. The U.S. had the leading share of the North American market in 2023, followed by Canada. The rising focus to develop a data-driven healthcare system in the U.S. by the U.S. government is one of the major factors fuelling the market growth in the U.S. Furthermore, the growing adoption of personalized medicine in the U.S., which primarily depends on data analytics is promoting the U.S. life science analytics market growth.
The Europe life science analytics market had a substantial share of the worldwide market in 2022 and is anticipated to register a healthy CAGR during the forecast period. The UK, Germany, Spain, Russia, and Italy are predicted to occupy leading share of the European market during the forecast period.
The life science analytics market in Asia Pacific is projected to expected to register fastest CAGR during the forecast period. The growth of the APAC market is primarily driven by the increasing incidence of chronic diseases, expanding life science industry, the growing adoption of advanced technologies, and the growing efforts from the key market participant to capture the potential of developing countries of the APAC market.
The life science analytics market in Latin America is anticipated to grow at a healthy CAGR during the forecast period.
The MEA life science analytics market is predicted to hold a moderate share of the worldwide market during the forecast period.
Some of the notable companies dominating the global life science analytics market profiled in this report are SAS Institute Inc., IBM Corporation, Oracle Corporation, Quintiles, Inc., Accenture, Cognizant, Wipro Limited, TAKE Solutions, MaxisIT, Inc. and SCIO Health Analytics.
In March 2020, Infosys and IBM formed a collaboration to assist enterprises of various industries including financial services, insurance and healthcare boost their digital transformation using IBM public cloud.
By Analytics Type
By Component
By Delivery Mode
By Application
By End-User:
By Region
Frequently Asked Questions
The global life science analytics market size was valued at USD 30.65 billion in 2023.
Yes, we have studied and included the COVID-19 impact on the global life science analytics market in this report.
The descriptive analytics segment had the major share in the life science analytics market in 2023.
SAS Institute Inc., IBM Corporation, Oracle Corporation, Quintiles, Inc., Accenture, Cognizant, Wipro Limited, TAKE Solutions, MaxisIT, Inc. and SCIO Health Analytics are a few of the notable players in the life science analytics market.
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