Life Science Analytics Market Size Worth $14.1 Billion By 2028

The global life science analytics market size is estimated to arrive at USD 14.1 billion by 2028. It is projected to develop by 7.8% CAGR from 2021 to 2028.

The rising necessity to decrease the healthcare expenditure along with enhances the patient results are adding to the increasing demand for the life science analytical resolutions.

The increasing demand for custom-made medication, the escalating influence of social media plus the internet, on determining the healthcare business, is increasing expansion of the market for life science analytics.

The increasing implementation of analytical solutions as well as the appearance of highly developed analytics for the life science industry are expected to, additionally; impel the market growth, for the duration of the forecast.

The current Covid-19 pandemic has loaded the global healthcare systems. It is expected to push the demand for analytics in the life science activity. The technical progressions, throughout the pandemic, have facilitated healthcare organizations to improve solutions to conquer corporeal boundaries of manual labor and capital, in addition to bring in innovative resources of development and usefulness. For example, IBM and Moderna made use of block chain solutions, artificial intelligence and cloud computing, to assist the administration of Covid-19 vaccine.

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Further key findings from the report suggest:

• Due to the technical progressions in well-resourced services, North America led the global life science analytics market, in 2020.

• In 2020, as a result of the trouble-free accessibility of these resolutions from distant places, the on-premise delivery form sector led the market.

• The descriptive type section ruled the market in 2020, due to the rising demand for the expressive and scientific scrutiny, to comprehend business set-up.

• The market is expected to observe momentous augmentation, during the forecast period, due to the rising implementation of analytics as well as the appearance of highly developed analytics, in the life science industry.

• In 2020, the pharmaceutical company’s division directed the market, due to the rising pipeline along with the requirement of increasing effectiveness of clinical trials and growing demand for the custom-made medication.

• The sales and marketing support application sector led the market in 2020, because of the escalating acceptance of the analytical solutions, to improve sales efficiency.

• As a result of the increasing inclination of subcontracting these services, the services component division led the market, in 2020.

Million Insights segmented the global life science analytics market based on End User, Delivery, Application, Type, Component, and Region.

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

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

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

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

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

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

Companies

Various companies for life science analytics market are:

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