Life Science Analytics Market Overview
Global life science analytics market is estimated to be USD 5 billion in 2021 and reach USD 10.3 billion by 2030, at a CAGR of 21.3% during the forecast period i.e. 2021-2030. Life science analytics market has witnessed continuous growth since past few years. The market is driven by rising adoption of analytics solutions in clinical trials, and big data in the life science industry. Moreover, technological advancements such as cognitive computing are aiding to process large volume data, and segregate & understand large datasets. Healthcare industry is witnessing increased burden with growing prevalence of chronic diseases and aging population. Moreover, healthcare institutions are adopting electronic health record solutions to manage patients data. Life science analytics companies are launching new products. The penetration of technologically advanced products is further anticipated to bolster the growth of market in years ahead.
The research report provides market analysis and forecasts for North America, Latin America, Europe, Asia Pacific and Middle East & Africa. In 2020, North America capture lion share of market and is expected to continue its dominance over the forecast period. This can be attributed to need to reduce healthcare costs, presence of leading companies and collaborations between stakeholders. New product launches are further anticipated to drive the growth of North America market during forecast period. Growing usage of big data in personalized medicine sector is offering significant growth opportunities to market players.
Asia Pacific is expected to grow at highest CAGR during forecast period. Increasing utilization of EHR, and data integration tools are creating favorable environment for growth of market. The growth of life science industry in Asia Pacific is also driven by rising prevalence of diseases and increasing healthcare spending. Moreover, government support of clinical activities and spending on healthcare IT infrastructure is fostering the growth life science analytics market in Asia Pacific. As per xResearch Survey, more than 71% of Asia Pacific hospitals are planning to spend on digital solutions in next five years. These factors are envisioned to bolster the growth of market. China accounted for 28.1% market share of the Asia Pacific life science analytics market. Factors such as demand for growing usage of digital health and big data, drug development analytical tools, and presence of high number of pharmaceutical manufacturers are favoring the growth of market. Moreover, venture capitalists and investors are investing in healthcare analytics company. All these factors are contributing positively to the growth of China market. In developed nations such as Korea, and Japan, healthcare big data initiatives are focused on developing precision medicine programmes. For instance, in 2020, Republic of Korea and Clinerion entered into a collaboration to develop patient-data-driven solutions for precision medicine. In Asia, various players are emerging to leverage big data and develop advanced solutions for diagnosis and treatment of diseases.
Europe life science analytics market is projected to grow at a significant pace during the forecast period. In 2020, countries such as Germany, and United Kingdom captured largest percentage of market share in Europe life science analytics market. Large volume of health data, government encouragement to adopt AI and big data analytics, and increasing investment by healthcare companies are driving the demand for health analytics solutions to manage and process it.
The report also identifies country market outlook for life science analytics, covering country wise market size, growth rate, market share, current trends and opportunities.
Some of the major trends and developments in life science analytics industry are as follows:
Life science analytics Market Segmentation
For the purpose of this study, the report is categorized into three segments i.e. type, application, delivery, end user and component.
Life Science Analytics Market: Type Segment
The global life science analytics market is segmented into type by descriptive, predictive, and prescriptive analytics. Descriptive analytics segment acquired major portion of market share in 2020. Further, predictive segment is slated to grow at highest growth rate during the forecast period.
Life Science Analytics Market: By Application Segment
Application segment is categorized into research & development, preclinical trials, clinical trials, sales & marketing, regulatory compliance and supply chain optimization. Research and development segment is anticipated to dominate over the forecast period. However, sales & marketing segment is anticipated to grow at a rapid pace due to rising adoption in healthcare companies to boost their sales.
Life Science Analytics Market: By Delivery Segment
The report is further segmented by delivery into on-premise and on-demand, out of which, on-demand life science analytics market accounted for largest market in 2020. Increasing adoption of on-demand platforms by life science companies is driving the growth of segment.
Life Science Analytics Market: By End User Segment
In end user segment, the report is segmented into pharmaceutical & biotechnology companies, medical device companies, research centers and others, out of which, pharmaceutical & biotechnology companies segment captured leading market share in 2020. Moreover, this segment will showcase highest CAGR during the forecast period.
Life Science Analytics Market: By Component Segment
Based on component, the report is segmented into services and software, out of which, services market accounted for largest market in 2020 and is expected to expand at significant CAGR during the forecast period. Period needs for service & maintenance is the major factor contributing to revenue growth of segment.
The life science analytics market report profiles various major and niche life science analytics manufactures with their detailed company information, product portfolio, SWOT analysis, financial performance, company business strategy, controlled companies and subsidiaries, manufacturing plants and office locations, recent developments and strategic moves (i.e. acquisition, expansion, merger & joint venture, investment etc.)
Some of the major companies included in life science analytics market report are Allscripts Healthcare Solutions, Accenture, Cotiviti, Infosys Limited, IBM Corporation, IQVIA, SAS Institute Inc., Cognizant, SCIO Health Analytics, Cerner Corporation, Microsoft, MaxisIT, Optum, Wipro, and Oracle Corporation.
The life science analytics research report includes:
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Segmentation of this market
By Delivery Model
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