Life Science Analytics Market Analysis Report By Component, By Type, By Application, By Delivery, By End User, By Region And Segment Forecasts From 2021 To 2028

Synopsis

The global life science analytics market was prized by USD 7.7 billion in 2020. It is estimated to witness a 7.8% CAGR from 2021 to 2028.

Drivers

The rising infiltration of analytics in the life science diligence by means of coverage and expressive investigation, to construct database and prognostic and authoritarian study to approximate the potential development and results, are anticipated to impel the expansion of the market for life science analytics.

The rising influence of social media plus the internet on the healthcare industry is creditable and is being utilized to push the awareness and supply information, which additionally increases patient engagement and is estimated to push the demand for analytical resolution. Also, the increasing demand for enhancing patient results and concurrently dropping healthcare overheads, by means of analytical solutions, is increasing the enlargement of the market.

The materialization of highly developed analytics in diverse fields of life science companies like sales & marketing, R&D activities, supply chain, pharmacovigilance, clinical trials, and regulatory compliance, is encouraging the enlargement of the market. The growing implementation of data mining as well as big data analytics procedures, to investigate high-risk marked populations plus work out the suitable policy and procedures, is behind the development.

Besides, prognostic investigative solutions, utilized by the healthcare funding organizations and government institutes, to effectively avert frauds in disbursement, are additionally stirring the life science analytics market. Moreover, the rising occurrences of non-communicable sickness, growing elderly people, along increasing demand for the enhanced patient experience are the factors, expected to push more the revenue, during the forecast period.

Effect of Covid-19

The continuing Covid-19 pandemic is additionally inspiring the market for life science analytics since the healthcare arrangements are experiencing a remarkable load. The pandemic is estimated to propel the demand for analytics in the administration of resources, like medicines, vaccines, and additional necessary health check provisions.

Delivery Insight

Due to the improved accessibility from the distant places, thus, dropping the maintenance and overheads, the on-premise subdivision held the biggest 50.3% revenue share and led the life science analytics market, in 2020. Conversely, the on-demand method of delivery is expected to record the highest development, in the forecast period.

Application Insight

The sales and marketing support sector held the principal 34.1% share and led the market, in 2020. Escalation in acceptance of analytics in sales as well as marketing subdivision of life science institutes, to improve sales output, is additionally increasing the progress of the sector.

Moreover, the research & development sector is expected to record the highest expansion, throughout the forecast period, due to the rising pipeline products of pharmaceutical, and biotechnology companies.

Type Insight

As a result of the increasing demand for the scientific and expressive investigation, by means of old datasets, to increase the information-driven approach and comprehend the present business situation, the descriptive sector held a major 36.1% revenue share, in 2020 and led the life science analytics market.

The predictive type sector is projected to record the highest development percentage for the duration of the forecast. The rising acceptance of sophisticated analytics, to forecast the probable forthcoming results and help out the stakeholders in planning policies as well as formulate the procedure to continue and enhance the functioning is, thus, impelling the development of the market.

Component Insight

The services sector held the major 54.5% revenue share and led the life science analytics market, in 2020. The rising inclination of subcontracting these services to the foremost companies, because healthcare and life science companies need the proficiency and resources in analytics, is moreover advancing the sector.

The increasing load on the healthcare activity is powering the necessity for implementing analytical solutions, as well as services.  The electronic health proceedings, by means of artificial intelligence and analytics, evolution in the healthcare infrastructure are the factors, likely to increase the enlargement of the sector.

End-User Insight

On account of the growing implementation of analytics for the supply administration, increasing the efficiency of clinical trials, and rising drug consumption, the pharmaceutical companies sector held the biggest 47.5% revenue share and directed the life science analytics market, in 2020.

Conversely, the biotechnology companies sector is expected to record the highest enlargement, throughout the forecast period, due to the rising acceptance of analytics in genome investigation and sequencing, to restrain overheads. Besides, the accessibility of custom-made data analytic resolutions is escalating the enlargement and progress of the subdivision.

Regional Insight

Due to the factors like developing the structure of care, extensive acceptance of analytics along with the technical progress, growing healthcare infrastructure, the existence of major companies, increasing occurrence of non-communicable sicknesses along with the rising elderly populace, North America held a 51.3% revenue share, in 2020 and led the global market for life science analytics. Additionally, the acceptance and execution of sophisticated analytical solutions are growing in a range of life science institutes.

Asia Pacific market is expected to record the highest development percentage, throughout the forecast period. The existence of well-known companies, augmented expenditures on healthcare, implementation of sophisticated equipment, along increasing healthcare amenities and infrastructure are the factors, boosting the expansion of life science analytics.

Besides, extremely skillful and low-priced staff, rising investments in infrastructure, financial development, and local growth are only some additional factors, compelling the life science analytics, within the state. Furthermore, the companies are planning for mergers & acquisitions and access policy, to provide deliverance services as well as healthcare logistics to the market in Europe.

Companies

The major companies are, gradually more, concentrating on launching newer and inventive resolutions, by means of the diverse policies and increasing their geological scope. These policies include joint ventures, partnerships, and new product presentations, to help the end-users in accepting logical solutions, fighting the Covid-19 pandemic, retain a viable advantage in the market and provide price-based attention.

Some of the companies for life science analytics market are:

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

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Million Insights has segmented the global life science analytics market report on the basis of component, type, application, delivery, end-user, and region:

• Component Outlook (Revenue, USD Million, 2016 - 2028)
    • Software
    • Services

• Type Outlook (Revenue, USD Million, 2016 - 2028)
    • Reporting
    • Descriptive
    • Predictive
    • Prescriptive

• Application Outlook (Revenue, USD Million, 2016 - 2028)
    • Research and Development
    • Sales and Marketing Support
    • Regulatory Compliance
    • Supply Chain Analytics
    • Pharmacovigilance

• Delivery Outlook (Revenue, USD Million, 2016 - 2028)
    • On-demand
    • On-premise

• End-user Outlook (Revenue, USD Million, 2016 - 2028)
    • Medical Device
    • Pharmaceutical
    • Biotechnology
    • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2028)
    • North America
        • The U.S.
        • Canada
    • Europe
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
    • The Asia Pacific
        • Japan
        • China
        • India
        • South Korea
    • Latin America
        • Brazil
        • Mexico
    • Middle East & Africa