Newark, Aug. 29, 2024 (GLOBE NEWSWIRE) -- The report published by The Brainy Insights shows that the global life science analytics market is expected to grow from USD 9.98 billion in 2023 to USD 23.61 billion by 2033, at a CAGR of 9% during the forecast period 2024-2033. North America emerged as the largest global life science analytics market, with a 51% market revenue share in 2023. Analytics solutions have an effect by offering everything from simple reporting to descriptive and predictive analytic solutions.
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Companies in the United States are implementing new analytics solutions in their operations, such as analysing clinical research data from the SAS database, which is useful in early-stage drug development, analysing adverse event incidence and reporting in clinical trials, revenue forecasting, and health outcome prediction. Honeywell, for example, bought Performix Inc., a manufacturing execution system (MES) software provider for the pharmaceutical and biotech industries, in September 2021. The acquisition focused on establishing an integrated software platform for customers in the life sciences industry, achieving speedier compliance, enhanced dependability, and higher levels of production throughput.
Leading companies in the industry include Oracle, IQVIA, SAS Institute Inc., Cognizant, IBM, Accenture, Take Solutions Limited, and Wipro Limited among others, offer more significant opportunities and continuously focus on new product developments and venture capital investments to obtain market share.
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| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 9% |
| 2033 Value Projection | USD 23.61 Billion |
| Market Size in 2023 | USD 9.98 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Product Type, Application, End-User, Regions |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Life Science Analytics Market Growth Drivers | Increase Prevalence of Chronic Illness |
The product type segment is divided into descriptive analytics, predictive analytics, and prescriptive analytics. The predictive analytics segment dominated the market, with a market share of around 40% in 2023, because of the fast-increasing utilisation of advanced analytical solutions in predicting future trends and assisting stakeholders in developing appropriate strategies and tactics to improve market performance. The application segment is divided into research and development, supply chain analytics, sales and marketing, and others. The sales and marketing segment dominated the market, with a market share of around 39% in 2023. Owing to the increasing acceptance of analytical solutions in organisations' sales and marketing functions to enhance sales productivity and build efficient and impactful marketing campaigns. The end-user segment is divided into clinical research institutions, pharmaceutical and biotechnology companies, medical device companies, and others. The pharmaceutical and biotechnology companies segment dominated the market, with a market share of around 42% in 2023. Analytics is critical for gaining insights into patient behaviour to optimise medicine distribution and healthcare effectiveness.
The life science business is increasingly adopting analytics, relying on descriptive and reporting analysis in database construction and prescriptive and predictive analysis to forecast future trends and results, which is expected to drive market growth. Another major driving force influencing the life sciences business is the growing influence of social media and the internet, which directly impacts patient engagement and drives the adoption of analytical solutions. Healthcare facilities and life science organisations quickly embrace analytical solutions to improve clinical, financial, and operational outcomes while lowering healthcare costs and driving the market.
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