New York, Feb. 12, 2024 (GLOBE NEWSWIRE) -- According to Market.us, the Global Life-Science Analytics Market size is projected to exceed USD 20.9 Billion by 2033, and it is poised to reach a registered CAGR of 8.0% from 2024 to 2033.
The widespread role of life-science analytics includes achieving operational excellence to go through the patients’ intellectual journey, strategizing patients’ intent to real world results and detection of prescription and treatment patterns. The implementation of analytics by life-science industry often rely on reporting and descriptive analysis in organizing databases and utilizing predictive prescriptive analysis in anticipated future trends. Thus, this promises to propel the life-science analytics market growth. In addition to this, the increasing influence of internet and social media act as a driving factor for the market excellence in the near future.
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Key Takeaway
- In order to increase operational, financial and clinical outcomes, many life-science organizations and human facilities are implementing the analytical solutions.
- Based on type analysis, the descriptive type segment is amounted with a hefty market share of 40.3%.
- Based on Component, the service segment is likely to propel the market in the upcoming years.
- Sales and marketing segment marked its imprint in the life-science analytics market in 2023.
- Owing to the presence of key market players and digital literacy, North America held a large market revenue share.
Factors Affecting the Growth of the Global Life-science Analytics Industry?
Several factors influence the growth of the life-science analytics market industry, some of which include:
Lack of skilled workforce: Lack of professional personnel in the area of analytics is likely to hamper the market
High Cost of Implementation: The market is likely to decline in the upcoming years due to high implementation cost of advanced analytical solutions.
Technological Advancements: The newly emerging techniques in the field of analytics promises to up surge the market during the forecast period.
Increasing R&D Activities: With the rise of research and development activities in the analytical field, the market propels significantly.
Top Trends in the life-science Analytics Market
The digitalization of healthcare coupled with increasing improvements in healthcare IT infrastructure fosters the demand for analytical solutions. Another crucial driving factor is favorable government initiatives and rise in digital literacy, leading to a promising market excellence. In addition to this, the integration of AI algorithms in analytical solutions coupled with technological collaborations and favorable funding increases the demand for services, thus fueling the market growth.
Market growth of Life-Science Analytical Market
The rising influence of internet and social media greatly impacts the life-science analytics market growth in a positive way. The implementation of advanced analytics in several functionalities such as supply chain, R&D activities, regulatory compliance, and pharmacovigilance results in rising demand for analytical solutions in respected fields. In order to prevent frauds, the healthcare financing organizations and government bodies are implementing predictive analytics, thus boosting the market presence.
Regional Analysis
North America is accounted to hold a remarkable market share of 56.1%, dominating the other regions in 2023. The prominence of the region is by virtue of presence of major market players, emerging startups, improvements in healthcare IT infrastructure, increasing digital literacy, growing geriatric population and rising pervasiveness of chronic diseases.
Apart from this, Asia-Pacific is anticipated to have a fastest growing life-science analytics market, amounting a market share of 15.6% in 2023. This promising growth is due to high skilled personnel, economic development and availability of low cost and emergence of new entrants in the market place.
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Scope of the Report
| Report Attributes | Details |
| Market Value (2023) | USD 9.7 Billion |
| Forecast Revenue 2033 | USD 20.9 Billion |
| CAGR (2024 to 2033) | 8.0% |
| North America Share | 56.1% |
| Base Year | 2023 |
| Historic Period | 2018 to 2022 |
| Forecast Year | 2024 to 2033 |
Market Drivers
The need to reduce the growing healthcare expenditure is the primary factor to drive the global life-science analytics market. Due to the development of expensive medical technologies and prescribed drugs, increasing demand for healthcare services, rising prices of medical services, lack of transparency of information on quality and prices and increasing pervasiveness of chronic diseases there is considerable rise in healthcare cost The other factors raising the healthcare costs includes hospital readmissions, operational inefficiencies and medical errors. Thus, lesser the healthcare cost, more the demand for analytical solutions, anticipating a promising market.
Market Restraints
The pricing of analytical solutions depends upon the type of analytics, where actually it is applied, its delivery model, amount of data is uses and its features. According to some of the industry experts, the price of these solutions was around the US$ 10,000 million. Despite its demand, the high adoption and licensing fees for advanced analytics solutions are one of the major restraint. This owes to the fact that many stakeholders and pharmaceutical companies have come across the budgetary concerns. However, only prominent companies have the funding and capability to utilize massive data for the provision of actions appropriately.
Opportunities
Analytics solutions helps to process data including protocols, millions of documents, images, applications and study records in order to provide a complied document. This assisted to overcome the challenges such as rising costs, patent expirations, lower margins, lower R&D productivity and rising stringency of FDA regulations. For instance, the big data analytics benefits finding patients to enroll in clinical trials based on genetic information, information collected in E-Health records and social media profiles. In addition to this, companies are becoming more use to the smart devices in order to collect huge real world data, which was not available with the R&D teams in the previous time.
Impact of Macroeconomic Factors
Inflation has led to a tremendous rise in the price of raw materials, taxes and wages. Along with these, inflation is also associated with the declining rate in productivity and increase in money supply. This led a harsh effect on the growth of the life-science analytics market in 2022. The rise in inflation is caused by rise in public spending, exports, trade unions, and imposition of indirect taxes. Thus, this creates a negative impact on the global economies associated with the life-science analytics market in recent times.
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Report Segmentation of the Global Life-Science Analytics Market
By Type Analysis
Based on type, the life-science analytics market is broadly classified into descriptive, reporting, prescriptive, and predictive segments. Amongst these, the descriptive segment is accounted to hold a valuable market share of 40.3%, dominating the entire segment. COVID 19 came up with a flourishing opportunity for the excellence of the market, as better understanding of the disease treatment, procedure and diagnosis was required for the virus. In order to boom the outcomes and future trends, the major market players are planning techniques over descriptive datasets.
Furthermore, due to rapidly rising adoption score of analytical solutions coupled with supporting stakeholders in adopting accurate strategies to survive in market climate, the predictive analysis is anticipated to provide wealthy growth over the forecast period.
By Component Analysis
Based on component analysis, 2023 resulted the service segment to grab a remarkable opportunity, holding a market share of 62.4%. The segment became prominent due to upscaling trend of outsourcing services overshadowing training, implementation, maintenance and sorting. Companies like Cloudera and Microsoft provide outsourcing services to the life-science organizations, lacking adequate resources and expertise. Thus this is likely to propel the market during the foreseen period.
By Application Analysis
With respect to applications, the market is fragmented into sales and marketing support, research and development, supply chain analytics, regulatory compliance, pharmacovigilance and pre-clinical trials. Owing to the growing adoption rate of analytical solutions and rising pervasiveness of post marketing surveillance, the sales and marketing segment holds a commanding market share of 39.3%, dominating the life-science analytics market in 2023. The second largest market share of 14.2%, is held by research and development segment by virtue of increasing implementation of analytical solutions in drug discovery and development along with clinical trial management systems.
By End User Analysis
The end users of life-science analytics market include medical devices, biotechnology and pharmaceutical segments. In 2023, the pharmaceutical segment captured a largest market share of 51.8%, dominating the other segments. The dominance of the segment owes to the drug discovery and development processes, rapid resource management, rising drug utilization along with clinical trial designing and managing processes.
Recent Development of the Global Life-Science Analytics Market
- In March 2022: Databricks lakehouse for sciences and healthcare was launched by Databricks. This is the single data analytics and management platform using AI based systems like medical image classification, biomarker discovery and disease prediction.
- In July 2022: A new data analytics suite, at the World Organ Drug Congress USA 2022, was introduced by Charles River Associates in Boston.
Market Segmentation
By Type
- Descriptive
- Reporting
- Prescriptive
- Predictive
By Component
- Software
- Services
By Application
- Sales & Marketing Support
- Research & Development
- Supply Chain Analytics
- Regulatory Compliance
- Pharmacovigilance
- Pre-Clinical Trials
By End-User
- Medical Device
- Biotechnology
- Pharmaceutical
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By Geography
North America
- The US
- Canada
Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
APAC
- China
- Japan
- South Korea
- India
- Australia
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Competitive Landscape
The market leaders in life-science analytics adopt a variety of strategies, such as forming partnerships, investing in product development and research, along with mergers and acquisitions to cement their positions in the market.
Some of the Major Players Include:
- IQVIA
- Oracle
- Accenture
- Cognizant
- IBM
- Wipro Limited
- Take Solutions Limited
- SAS Institute Inc.
- Other Key Players
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