Dublin, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The "Global Life Science Analytics Market by Type (Predictive, Descriptive, Prescriptive), Application (Sales & Marketing, Regulatory Compliance, R&D, Pharmacovigilance), Component (Software, Service), Delivery (On Premise, On Demand), End User - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The life science analytics market is projected to reach USD 47.5 billion by 2027 from USD 27.1 billion in 2022, at a CAGR of 11.8% during the forecast period. Growth in this market is mainly driven by rising pressure to curb healthcare spending, the rising need for improved data standardization, and the increasing adoption of analytical solutions in clinical trials. On the other hand, a high implementation price is expected to restrain the growth of this market.
Descriptive analytics type segment holds the largest share of the life science analytics market in 2021
On the basis of type, the life science analytics market is bifurcated into descriptive, predictive, and prescriptive analytics. The descriptive analytics segment accounted for the largest market share in 2021. Due to its ability to confirm the synergistic integration of predictions and prescriptions, prescriptive analytics segment is projected to grow at the highest CAGR during the forecast period.
Services segment accounted for the largest share of the life science analytics market in 2021
On the basis of component, the life science analytics market is bifurcated into services and software. The services segment accounted for the largest market share in 2021 and is expected to register the highest growth during the forecast period. The large share and high growth in this segment can be attributed to the frequent need for services such as software upgrades and maintenance.
Asia Pacific to be the fastest-growing regional market in 2021
On the basis of region, the life science analytics market is bifurcated into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2021, North America accounted for the largest market share. The large share of this market is attributed to the strong economies in the US and Canada, which have allowed for considerable investments in technology in this region. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period. Factors such as the rising adoption of advanced technologies, the increasing growth in the life science industry, and the growing focus of major players on increasing their presence in emerging APAC countries are expected to drive market growth in this regional segment.
Market Dynamics
Drivers
- Rising Pressure to Curb Healthcare Spending
- Rising Need for Improved Data Standardization
- Rising Technological Advancements in Analytical Solutions
- Impact of Big Data on Life Science
- Growing Adoption of Analytical Solutions in Clinical Trials
- Increasing Adoption of Analytics for Sales & Marketing Applications
Restraints
- High Implementation Cost of Advanced Analytical Solutions
- Data Privacy Concerns
Opportunities
- Growing Focus on Value-Based Care
- Use of Analytics in Precision & Personalized Medicine
- Big Data Analytics for R&D Productivity
Challenges
- Issues Associated with Data Integration
- Shortage of Skilled Personnel
| Report Attribute | Details |
| No. of Pages | 243 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $27.1 Billion |
| Forecasted Market Value (USD) by 2027 | $47.5 Billion |
| Compound Annual Growth Rate | 11.8% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Life Science Analytics Market, by Type
7 Life Science Analytics Market, by Application
8 Life Science Analytics Market, by Component
9 Life Science Analytics Market, by Delivery Model
10 Life Science Analytics Market, by End-user
11 Life Science Analytics Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Appendix
Companies Mentioned
- Accenture
- Allscripts Healthcare, LLC
- Alteryx, Inc.
- Amazon Web Services, Inc.
- Axtria
- Cerner Corporation
- Citiustech Inc.
- Clarivate
- Cognizant
- Cotiviti, Inc.
- Exlservice Holdings, Inc.
- Ibm
- Inovalon
- Iqvia Inc.
- Maxisit
- Microsoft
- Optum, Inc.
- Oracle
- Saama Technologies, LLC
- Sas Institute Inc.
- Sisense Inc.
- Thoughtsphere
- Thoughtspot, Inc.
- Veeva Systems
- Wipro
For more information about this report visit https://www.researchandmarkets.com/r/9ymkzh-life?w=12
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