New York, United States, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Software for analysis conducts statistical and quantitative analysis. It generates and exports exploratory and predictive models for decision-making. Different biotechnology corporations, pharmaceutical companies, medical device businesses, and other end customers can utilize this analytics software for research & development, clinical trials, preclinical trials, sales and marketing support, pharmacovigilance, and other applications.
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Surge in Prevalence of Chronic Diseases to Drive the Global Life Science Analytics Software Market
Global mortality and morbidity are caused by the high prevalence of chronic diseases such as heart disease, diabetes, cardiovascular disease, and chronic respiratory disease. According to the WHO, cardiovascular disease is the leading cause of death among chronic diseases, accounting for nearly 30% of fatalities worldwide. Presently, however, individuals have access to their health information via mobile applications, which enables them to seek professional advice and active care from the healthcare business. These analytics software aid pharmaceutical and biotechnology firms in achieving operational efficiency through the early detection of trends, drug discovery, and clinical trials.
The Emergence of Big Data Analytics to Increase R&D Productivity to Provide Opportunities for the Global Life Science Analytics Software Market
Bringing a single medicine to market can require more than ten years and around $2.6 billion in pharmaceutical research and development. According to the McKinsey report, just 0.1% of medications that begin preclinical testing are eventually authorized for human use. Few drug innovations are eventually commercially licensed and successful. Therefore, data analytics may be a superior approach to enhance and expedite medication development. In addition, big data can improve the design of clinical trials, develop new drugs, and detect adverse drug reactions.
Key Highlights
- The global life science analytics software market size is estimated to reach an expected value of USD 19570 million by 2030, registering a CAGR of 12.5% during the forecast period (2022 – 2030).
- By product, the global life science analytics software market is divided into descriptive analytics, prescriptive analytics, and predictive analytics. The descriptive analytics segment was the highest contributor to the market and is estimated to grow at a CAGR of 13.7% during the forecast period.
- Based on application, the global life science analytics software market is classified into research & development, regulatory compliance, supply chain analytics, sales & marketing support, and pharmacovigilance. The research and development segment were the highest contributor to the market and is estimated to grow at a CAGR of 13.7% during the forecast period.
Regional Insights
Region-wise, the global life science analytics software market is analysed across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor and is estimated to grow at a CAGR of 13.9%. Pharmaceutical and biotech corporations have accumulated years of R&D data in medical databases during the past decade. In addition, the federal government of the United States and other public stakeholders have opened repositories of healthcare knowledge, including data from clinical trials and patient information covered by public insurance programs.
Europe is the second largest region. It is estimated to reach an expected value of USD 7680 million by 2030, registering a CAGR of 14.7%. The life science analytics software market in Europe comprises five significant nations: the United Kingdom, Germany, France, Italy, Spain, and the rest of Europe. The United Kingdom dominated the European market for life science analytics software; however, Germany is anticipated to be the segment with the highest growth rate during the forecast period due to the increasing adoption of analytics software in research & development, clinical trials, and supply chain management.
Competitive Landscape
The key players in the global life science analytics software market include Accenture Plc, ArisGlobal LLC, Chemical Abstracts Services (ACS), Certara, L.P., Clarivate Analytics Plc, Cognizant Technology Solutions Corporation, Dassault Systemes, Deloitte Touche Tohmatsu Limited, IQVIA Holdings Inc., Microsoft Corporation, Oracle Corporation, TIBCO Software Inc. and Veeva Systems Inc. Other players in the value chain (not profiled in the report) include IBM Corporation, Quintiles, Inc, SAS Institute Inc., SCIO Health Analytics, and TAKE Solutions.
Market News
- September 2022 - Accenture (NYSE: ACN) is collaborating with Toshiba (OTCMKTS: TOSYY) to provide consulting services to support the green transformation (GX) efforts of the companies' clients. The collaboration will target industries with high greenhouse gas emissions and other organizations with urgent needs to improve energy efficiency.
- September 2022 - Accenture (NYSE: ACN) is enabling Cyient, a global engineering, manufacturing, and digital technology solutions company, to reinvent and enhance its business operations using digital technologies such as artificial intelligence (AI) and robotic process automation.
Global Life Science Analytics Software Market Segmentation:
By Product
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
By Application
- Research and Development
- Sales and Marketing Support
- Regulatory Compliance
- Supply Chain Analytics
- Pharmacovigilance
By Delivery
- On-Premise
- Clouds
By End User
- Pharmaceutical and Biotechnology Companies
- Medical Device Companies
- Research Centers
- Third Party Administrators (TPAS)
By Region
- North America
- Europe
- Asia-Pacific
- LAMEA.
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