#life science analytics market

[industrynewsupdates]

Life Science Analytics Market Growth: Key Drivers and Opportunities

The global life science analytics market was valued at USD 9.0 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 7.6% from 2023 to 2030. This growth is driven by the increasing adoption of analytics within the life science industry, which is becoming increasingly reliant on various types of data analysis to improve research, operations, and clinical outcomes. The industry is using descriptive and reporting analytics to organize and build databases, while also leveraging prescriptive and predictive analytics to forecast future trends and outcomes. This integration of advanced analytics is expected to significantly accelerate market growth.

One of the major factors propelling this market growth is the rising influence of social media and the internet, which has a direct impact on patient engagement. This, in turn, is boosting the demand for analytical solutions. Social media platforms and online health communities enable patients to share experiences and information, increasing awareness and leading to greater adoption of data-driven approaches. Healthcare facilities and life science organizations are increasingly adopting analytics to improve clinical, financial, and operational outcomes, with the added goal of minimizing healthcare costs. This trend further drives the market for analytics in life sciences.

The rising demand for personalized medicine which involves tailoring treatments based on individual genetic profiles is another key factor driving the market. This is facilitated by the use of vast datasets generated through eHealth, mHealth, and electronic health records (EHR). Life science analytics helps process and analyze these datasets, allowing healthcare providers to offer more personalized care. Additionally, the integration of artificial intelligence (AI)-based algorithms into data analytics is further enhancing the ability to mine data from health records. This enables healthcare organizations to customize treatment plans for individual patients more efficiently.

Gather more insights about the market drivers, restrains and growth of the Life Science Analytics Market 

Regional Insights:

North America Life Science Analytics Market Trends

In 2022, North America held the largest share of the life science analytics market, accounting for over 50.6% of the global revenue. Several factors contribute to this dominance, including the region's high digital literacy, advancements in healthcare IT infrastructure, the presence of a large number of healthcare startups, and the significant presence of key market players. Additionally, North America faces challenges such as a growing geriatric population, an increasing incidence of non-communicable diseases, and a rising demand for value-based care all of which are encouraging the adoption of analytical solutions. North American companies are consistently investing in product development and partnership strategies to broaden their market offerings and stay competitive in the region.

Asia Pacific Life Science Analytics Market Trends

The Asia Pacific region, however, is expected to register the fastest growth rate in the market, with a projected CAGR of 10.3% over the forecast period. This rapid growth can be attributed to several factors, including increased healthcare IT spending, improving healthcare infrastructure, and the entry of key global market players into the region. Economic development in countries within Asia Pacific, along with the availability of cost-effective and highly skilled personnel, also plays a key role in driving market growth. Additionally, increasing digital literacy and expanding access to technology across the region are expected to further fuel the demand for life science analytics. Consequently, many companies are developing specific strategies to enter and expand in the Asia Pacific market.

Browse through Grand View Research's Category Healthcare IT Industry Research Reports.

• The global healthcare digital twins market size was estimated at USD 902.59 million in 2024 and is projected to grow at a CAGR of 25.9% from 2025 to 2030.

• The global burial insurance market size was valued at USD 279.78 billion in 2023 and is projected to grow at a CAGR of 5.6% from 2024 to 2030.

Key Companies & Market Share Insights:

Several major players in the life science analytics market are actively developing advanced analytics solutions to meet growing demand. These companies are focusing on innovative product development strategies, forging new partnerships, and exploring collaborations to strengthen their business presence. The aim is to provide customized, data-driven insights that can optimize decision-making and improve patient care.

For example, in April 2021, IQVIA launched its Connected Intelligence platform, which allows healthcare organizations to leverage analytics in discovering actionable insights and supporting more effective decision-making. This platform integrates IQVIA's expertise in healthcare analytics with cutting-edge technologies, offering a comprehensive solution for healthcare providers to improve patient outcomes, enhance operational efficiency, and address challenges like the Covid-19 pandemic.

Life science organizations are increasingly relying on these kinds of advanced analytics to deliver more personalized treatments and promote value-based care. The ability to tailor treatments and care plans based on detailed, data-driven insights is transforming the healthcare landscape, enhancing patient outcomes, and improving overall healthcare efficiency. This shift toward more personalized and value-driven healthcare models is expected to be a significant driver of growth in the life science analytics market over the coming years.

Key Life Science Analytics Companies:

• Oracle

• IQVIA

• SAS Institute Inc.

• Cognizant

• IBM

• Accenture

• Take Solutions Limited

• Wipro Limited

Order a free sample PDF of the Life Science Analytics Market Intelligence Study, published by Grand View Research.

[health-views-updates]

Life Science Analytics Market Size & Share Outlook 2024-2032: Key Players & Trends

The global Life Science Analytics Market is poised for significant growth, driven by increasing demand for data-driven insights and advanced technologies in the healthcare and pharmaceutical sectors. According to a recent report published by SNS Insider, the market is projected to witness substantial revenue growth due to innovations in analytics tools, the rising adoption of artificial intelligence (AI), and advancements in cloud computing. The report on Life Science Analytics Market Revenue highlights the critical factors propelling this upward trajectory, including the increasing need for actionable insights to drive decision-making processes in life sciences.

The life science analytics market encompasses a broad range of analytics tools, techniques, and platforms that are used to analyze data within various life science domains, including pharmaceuticals, biotechnology, and medical devices. With data becoming more abundant, stakeholders across the life sciences ecosystem are increasingly leveraging advanced analytics to interpret complex datasets and extract valuable insights. These insights help in improving drug discovery, enhancing clinical trials, optimizing patient care, and ensuring regulatory compliance. Moreover, the integration of machine learning and predictive analytics has bolstered the capabilities of life science analytics platforms, enabling healthcare professionals and businesses to forecast trends, improve operational efficiency, and reduce costs.

One of the key factors driving the growth of the life science analytics market is the rising adoption of advanced data analytics in clinical research and drug development. Analytics tools help to streamline the process of identifying potential drug candidates, testing their effectiveness, and conducting post-market surveillance. By leveraging big data analytics, companies can minimize the time and cost required for drug development, accelerating time-to-market for life-saving treatments. Additionally, personalized medicine is another significant factor contributing to the demand for life science analytics, as tailored therapies and treatments become more mainstream. Personalized approaches require precise data analysis to predict patient responses and outcomes.

Get Free Sample Report@ https://www.snsinsider.com/sample-request/1896

The market is also benefiting from the growth in the number of healthcare organizations and pharmaceutical companies turning to cloud-based solutions for better data management and storage. Cloud computing not only ensures the scalability of analytics tools but also makes them more accessible, allowing smaller companies to benefit from these advanced technologies. Furthermore, cloud-based life science analytics tools have become an essential part of digital health initiatives, contributing to improvements in patient care, reducing operational costs, and facilitating better decision-making.

Additionally, the ongoing digital transformation in healthcare has seen the integration of Internet of Things (IoT) technologies in life sciences. With IoT devices becoming more widespread, the volume of data collected from patients, research studies, and clinical trials has surged, further enhancing the demand for life science analytics solutions. The ability to seamlessly process and analyze this data in real-time has proven invaluable in offering personalized treatments, detecting diseases at early stages, and ensuring better patient outcomes.

The report also highlights regional trends within the life science analytics market, with North America dominating due to the presence of major pharmaceutical companies, advanced healthcare infrastructure, and high healthcare spending. However, the Asia-Pacific region is expected to witness the fastest growth, driven by increasing investments in healthcare, the growing adoption of digital health technologies, and a rising number of clinical trials.

Moreover, the life science analytics market is facing challenges such as data privacy concerns, regulatory barriers, and a lack of skilled professionals to interpret complex datasets. Despite these challenges, the opportunities presented by advancements in AI, machine learning, and cloud technologies are expected to drive the market forward. The report offers a comprehensive analysis of the key players in the market, including Accenture, IBM, SAS Institute, and Oracle, providing insights into their strategic initiatives and market positioning.

The growing trend of outsourcing analytics services to specialized firms is also contributing to the market's expansion. By outsourcing, companies can access high-quality expertise in data analytics without the need to invest heavily in in-house resources. This trend is expected to fuel the demand for life science analytics services, as organizations across various verticals look to leverage external expertise to gain a competitive edge.

As the life science analytics market continues to expand, innovations in artificial intelligence and machine learning are likely to play an even more significant role. These technologies can help analyze large, complex datasets faster and more accurately, uncovering new insights and transforming healthcare practices. The evolution of life science analytics will have a profound impact on the efficiency of drug discovery, clinical trials, and patient care, leading to better health outcomes globally.

In conclusion, the life science analytics market is set for impressive growth in the coming years, as demand for data-driven solutions and advancements in technology continue to reshape the healthcare and pharmaceutical industries. With the increasing need for personalized medicine, cloud computing, and machine learning applications, the market will witness substantial investment and innovation. Companies in the healthcare space should closely monitor these developments to stay ahead of the curve and capitalize on the growth opportunities within this dynamic industry.

About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

Contact Us: Akash Anand – Head of Business Development & Strategy info@snsinsider.com Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)

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ESG Trends Reshaping the Life Science Analytics Industry

Business goals in the healthcare and medical sectors are increasingly linked with big data, so much so that life science analytics has become a major proponent of environmental, social and governance (ESG) practices. At a time when life science companies are painstakingly emphasizing the manufacturing and distribution of medicines, research and development and innovation, sustainable reporting has become instrumental in solidifying their brand positions. ESG reporting can be the silver bullet to retain talent and drive business results with a positive influence on society and the best possible outcome for all.

A concerted and sustainable effort to expedite replacement, reduction and refinement to foster new research models, approaches and tools has panned well. Several organizations are banking on diversity to minimize attrition rates and employees who prioritize environmental issues and social factors for good health. Furthermore, policymakers, consumers, employees, investors and venture capitalists have prioritized transparency, leadership behavior, opportunities and pay parity.

IBM Views Sustainability as Vehicle to Drive Business

Business leaders have fostered their roles in the environment portfolio to bolster carbon footprint monitoring and develop recycling initiatives. Life science companies are poised to play an invaluable role in combating climate change. The 2021 UN Climate Change Conference (COP26)—Glasgow Climate Pact—has potentially encouraged companies to move towards a low-carbon and more sustainable path. IBM will use renewable sources to procure 75% of its global electricity consumption by 2025, the giant mentioned in its 2022 ESG report. The company is also committed to implementing at least 3,000 new energy conservation projects to offset the consumption of 275,000 MWh of energy from 2021 through 2025.

With IBM expecting to reach net-zero operational GHG emissions by 2030, it has addressed market-based scope 1 and 2 emissions and scope 3 emissions (linked with electricity consumption) at third-party co-location data centers. Besides, the technology behemoth pegged its weighted average power usage effectiveness (PUE) at 1.52 in 2022 vis-à-vis 1.552 PUE (baseline) in 2019. Commitment to environmental leadership has received an impetus, creating a path to reduce climate-related risks.

Is your business one of participants to the Life Science Analytics Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices

Wipro and Novartis Up Social Commitment to Turn ESG Goals into Actions

Employees and consumer safety are pivotal to further sustainable goals as companies foster social targets to underpin the business strategy. So much so that ESG-themed bond has become pronounced to make drugs more accessible to everyone. In September 2020, Novartis reportedly became the first pharma company to issue a sustainability-linked bond at EUR 1.85 billion (USD 2.2 billion) to impel patient reach in low- and middle-income countries (LMICs). The company is bullish on augmenting patient reach in LMICs through strategic innovative therapies by 200% by 2025.

Wipro underpinned its social profile with an infusion of funds into an inclusive and diverse culture that fosters sustainable performance. The Indian giant has implemented buoyant policies to attract and retain LGBTQ+ employees. It has apparently revised group mediclaim insurance and the medical insurance scheme to include same-sex partners of employees. In February 2021, Wipro was named in the Human Rights Campaign Foundation's Corporate Equality Index (CEI)—the U.S. corporate policies and practices pertaining to LGBT workplace equality. Cultivating a culture of inclusion will sow the seed of a plurality of ideas and embrace all forms of differences.

Accenture Invests in Board Diversity to Pave Path with Vision and Value

Gender-diverse boards are widely linked with better engagement, increased investment efficiency and increased work-life balance. The trend toward transparent disclosure and creating an equitable environment can be contagious. Accenture infers that 50% of its board of directors is women, while 50% is racially and ethnically diverse. The company's 2021 U.S. workforce data reveal that it has fostered the number of Asia Americans and Asia executives by 3.5 percentage points. The service company is gearing up to achieve its 2025 goals of boosting representation of Black, African American, Hispanic American and Latinx among its leadership and workforce. Forward-looking companies are expected to uphold sound corporate governance practices to ramp up their ESG objectives.

Amid medical device, pharmaceutical and diagnostic regulatory scenarios changing, top-performing companies are poised to inject funds into sustainable goals. Tax transparency, for instance, is invaluable to building trust among stakeholders. Plastic packaging tax in the U.K. came into force in April 2022, with the charge pegged at £210.82 per ton from 1 April 2023 on plastic packaging with less than 30% recycled plastic, imported or manufactured into the U.K.

Price transparency in hospitals has gained a considerable uptick, a compelling portfolio to raise the ESG bar. In January 2021, each hospital functioning in the U.S. have been required to offer accessible and clear pricing information online about services and items. With the ESG pressure compelling businesses to enhance their sustainable value chain, Grand View Research forecasts the global life science analytics market to exhibit a 7.7% CAGR between 2022 to 2030.

Related Reports:

Clinical Trials Industry ESG: https://astra.grandviewresearch.com/clinical-trials-industry-esg-outlook

Antibiotics Industry ESG: https://astra.grandviewresearch.com/antibiotics-industry-esg-outlook 

Biotechnology Industry ESG: https://astra.grandviewresearch.com/biotechnology-industry-esg-outlook

About Astra – ESG Solutions by Grand View Research

Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. - a global market research publishing & management consulting firm.

Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.

For more ESG Thematic reports, please visit Astra ESG Solutions, powered by Grand View Research

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Best Pharma Franchise Company In India

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[whizai]

Life Science Analytics — Whizai

What is Life Science analytics?

WhizAI is a powerful Enterprise Analytics Solution that streamlines data management and analysis for researchers, scientists, and clinicians. WhizAI helps organizations gain insights into their data to make informed decisions and improve performance. With its easy-to-use interface, WhizAI makes data exploration and analysis quick and effortless. Additionally, the solution offers flexible data integration options that allow users to connect to various sources of data.

What is life science analytics and how can it help scientists and businesses?

Life science analytics is the process of using data and technology to improve the understanding and management of life sciences research and development. By improving efficiency and effectiveness, analytics can help scientists and businesses better understand their products, services, and research projects. Additionally, analytics can help identify patterns in data that may otherwise go unnoticed, helping researchers to make more informed decisions. In some cases, analytics can also be used to improve marketing efforts by identifying customer preferences or trends. Overall, life science analytics has the potential to save scientists time and money while helping them to achieve greater success in their research endeavors.

What are the key steps in life science analytics?

The life science industry is constantly evolving and advancing, necessitating the use of advanced analytics to help businesses make better decisions. Here are the key steps in life science analytics:

1.Develop a data strategy. Before any analysis can be performed, data must first be collected. This includes understanding what information is necessary and where it can be found.

2.Collect and prepare the data. Once data has been collected, it must be prepared for analysis in a way that allows for accurate and reliable results. This may include cleansing the data, organizing it into relevant formats, and creating meaningful metrics.

3.Make informed decisions with analytics-based insights. After data has been analyzed, insights should be developed to guide business decisions. These insights may come from different types of analyses, such as statistical or machine learning models, or they may simply be observations about the data itself.

How can data mining help to improve research and patient care?

Data mining is a process that can be used to improve research and patient care. It can help to uncover patterns and relationships in data sets that would otherwise be difficult or impossible to find. By doing this, data mining can help to advance our understanding of disease processes and how to treat them. Data mining also has applications in monitoring patient health and tracking the effectiveness of treatments.

Why we need to be mindful of its implications.

In the life sciences, data is critical to our understanding of the world around us. However, as data grows in volume and complexity, it becomes increasingly difficult to make sense of it all. This is where life science analytics comes in.

Life science analytics is the process of using data analysis to improve the quality and productivity of life sciences research. By understanding which experiments are successful and why, scientists can optimize their research strategies.

Moreover, by identifying patterns in large datasets, life science analysts can develop novel insights that could lead to new drug therapies or improved agricultural techniques. In short, life science analytics is essential for ensuring that we continue to make progress in the life sciences.

What are the benefits and limitations?

Life science analytics is the process of using data analysis and modeling to improve understanding of life processes and systems. Benefits of life science analytics include improved decision making and knowledge management, better patient care, and more accurate forecasting. Analytics has limitations, however. It can be difficult to identify the right questions to ask and to tease out insights that are actionable. Additionally, data interpretation can be subjective, so there is a risk that analytic findings may not be accepted or acted upon by those who use them.

How should we go about addressing them?

The life science industry is growing and complex, and analytical methods are needed to help companies make better decisions. However, many analysts lack the training or experience to use these methods effectively. As a result, some companies are turning to life science analytics outsourcing to fill this gap. Outsourcing can provide both cost savings and increased accuracy. Companies must carefully consider the factors involved in outsourcing, such as staffing requirements and data quality, before making a decision.

What trends will dominate in the next decade?

The next decade will be dominated by life science analytics. This includes the use of big data and advanced machine learning to improve the understanding of disease, improve drug discovery and development, and increase the efficiency of research. Other trends that are likely to dominate in the next decade include widespread use of augmented reality and virtual reality, continued growth of mobile gaming, and increased adoption of artificial intelligence (AI) technology.

Conclusion

Life science analytics is the process of extracting actionable insights from data to improve decision making. This is done through the use of cutting edge techniques such as machine learning and artificial intelligence. By arming managers with the knowledge they need to make informed decisions, life science analytics can help businesses achieve their objectives faster and more efficiently.

[arabellasdoingthework]

Maybe my fifth try at studyblr. First time was early COVID era lol. Do interact! Maybe some accountability will help me stay more consistent!! It should also help that it's still like 5th week of lectures, not a crazy time like finals lol

Today's tasks:

Revisit Online Marketing notes

Web Analytics Notes

Write Information Law notes based off slides

Play BOTW

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Life Science Analytics Market 2030 Outlook, Regions, Size Estimation and Upcoming Trend

The global life science analytics market was valued at USD 9.0 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 7.6% from 2023 to 2030. This growth is primarily driven by the life sciences industry’s increasing reliance on analytics. Life sciences organizations are using descriptive and reporting analytics to build extensive databases and leveraging prescriptive and predictive analytics to forecast trends and outcomes. This analytics integration is crucial for enhancing decision-making and is expected to propel the market forward.

One of the significant factors contributing to this growth is the rising impact of social media and internet usage, which enhances patient engagement and influences the adoption of analytical solutions across the life sciences sector. Healthcare facilities and life science organizations are increasingly adopting analytics to improve clinical, financial, and operational outcomes. These analytics solutions help to optimize resource use and minimize healthcare expenses, adding momentum to the market's expansion.

Life science companies are using advanced analytics for various operational functions, including supply chain management, research and development (R&D), clinical trial design, regulatory compliance, sales, marketing, and pharmacovigilance. The widespread adoption of big data analytics and data mining techniques allows these organizations to identify and manage high-risk populations, thereby supporting informed strategic decisions. Government bodies and healthcare financing organizations also rely on predictive analytics to manage claims, prevent fraud, and improve cost efficiencies, further driving market growth.

Gather more insights about the market drivers, restrains and growth of the Life Science Analytics Market

The COVID-19 pandemic placed unprecedented pressure on healthcare systems, highlighting the need for advanced technologies to support the digital transformation of healthcare. During this time, there was a significant surge in the demand for analytical solutions in life sciences. Analytics played a critical role in managing vaccines, medical supplies, medicines, and other essential resources. This heightened demand during the pandemic has accelerated the adoption of life science analytics solutions across various sectors within the industry.

Furthermore, there is an increasing need for personalized medication, which relies on analyzing diverse human genome combinations and leveraging datasets generated through eHealth, mHealth, and electronic health records (EHR). The application of analytics in these areas aims to enhance patient care and treatment customization. As a result, companies in the market are developing strategies to incorporate artificial intelligence-based algorithms into data analytics. This integration allows organizations to mine valuable information from health datasets, enabling tailored treatment approaches and improving patient outcomes.

End-user Segmentation Insights:

In 2022, the pharmaceutical sector dominated the life science analytics market, accounting for a revenue share of over 46.7%. This dominance is attributed to the sector’s adoption of analytical solutions to improve resource management, drug discovery, and development processes, as well as to streamline clinical trials and drug utilization. For example, SAS Institute, Inc.’s SAS Life Science Analytics Framework was utilized in November 2020 to support the management of COVID-19 vaccine clinical trials. This framework allowed real-time data transformation, delivering data-enriched insights to enhance trial outcomes.

Biotechnology companies are expected to exhibit the fastest growth rate in the market, with a projected CAGR of 8.7% over the coming years. This rapid growth can be attributed to the increased adoption of analytical solutions in genome sequencing and analysis. Personalized data analytics solutions are also fueling the biotechnology segment’s expansion by facilitating precision medicine and personalized treatment plans. For instance, in May 2021, a partnership between Wipro and Transcell Oncologies aimed to improve vaccine safety assessments. This collaboration leveraged Transcell’s advanced stem cell technology alongside Wipro Holmes’ augmented intelligence platform to enhance vaccine research, safety, and efficacy assessments.

In conclusion, the growing application of analytics across various functions within life sciences, along with advancements in technology and data processing capabilities, is driving significant growth in the life science analytics market.

Order a free sample PDF of the Life Science Analytics Market Intelligence Study, published by Grand View Research.

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Life Science Analytics Market Scenario, Size, Outlook and Forecast Report, 2030

The global life science analytics market size was valued at USD 9.0 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.6% from 2023 to 2030. 

The life science industry is rapidly adopting analytics and relies on descriptive and reporting analysis in building databases and uses prescriptive and predictive analysis in estimating future trends and results, which is anticipated to propel the market growth. Another key driving force significantly impacting the life sciences industry is the rising influence of social media and the internet, which directly impacts patient engagement and drives the adoption of analytical solutions. Healthcare facilities and life science organizations are readily adopting analytical solutions to enhance clinical, financial, and operational outcomes and minimize healthcare expenditure, which will drive the market.

Life science organizations are rapidly implementing advanced analytics in their various functionalities such as supply chain, R&D activities, clinical trial designing, regulatory compliance, sales and marketing, and pharmacovigilance. Life science organizations and other healthcare industry stakeholders are rapidly adopting advanced data mining techniques and big data analytics to accurately analyze the population at high risk and strategize accordingly to drive the market. Healthcare financing organizations and government bodies are implementing predictive analytics in claims management and prevention of frauds, which is further boosting market growth.

Gather more insights about the market drivers, restrains and growth of the Life Science Analytics Market

Life Science Analytics Market Report Highlights

• The services component segment dominated the market in 2022 due to the lack of expertise and resources in life science organizations, which drives them to outsource these services

• The descriptive type segment led the market in 2022 owing to the rising adoption of descriptive analytics on historic datasets to understand the current business scenarios

• The sales and marketing support application segment captured the largest revenue share in 2022 owing to the rising adoption of analytical solutions in enhancing customer responsiveness and engagement to improve sales productivity

• The on-demand delivery segment dominated the market in 2022 owing to the growing demand for cloud-deployed and web-hosted analytical solutions

• By end-user, the pharmaceutical segment held the largest revenue share in 2022 owing to the rising adoption of analytical solutions in clinical trials management and growing product pipeline

• North America dominated the market in 2022 owing to the availability of adequate healthcare IT infrastructure and higher digital literacy

Browse through Grand View Research's Healthcare IT Industry Research Reports.

• The global pharmacy inventory management software solutions and cabinets market size was valued at USD 6.10 billion in 2023 and is projected to grow at a CAGR of 7.9% from 2024 to 2030.

• The global healthcare predictive analytics market size was estimated at USD 14.58 billion in 2023 and is projected to grow at a CAGR of 24.0% from 2024 to 2030. 

Life Science Analytics Market Segmentation

Grand View Research, has segmented the global life science analytics market on the basis of component, type, application, delivery, end-user, and region:

Life Science Analytics Component Outlook (Revenue, USD Million, 2018 - 2030)

• Software

• Services

Life Science Analytics Type Outlook (Revenue, USD Million, 2018 - 2030)

• Reporting

• Descriptive

• Predictive

• Prescriptive

Life Science Analytics Application Outlook (Revenue, USD Million, 2018 - 2030)

• Research and Development

• Sales and Marketing Support

• Regulatory Compliance

• Supply Chain Analytics

• Pharmacovigilance

Life Science Analytics Delivery Outlook (Revenue, USD Million, 2018 - 2030)

• On-demand

• On-premises

Life Science Analytics End User Outlook (Revenue, USD Million, 2018 - 2030)

• Medical Device

• Pharmaceutical

• Biotechnology

• Others

Life Science Analytics  Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

o U.S.

o Canada

• Europe

o Germany

o U.K.

o France

o Italy

o Spain

o Denmark

o Sweden

o Norway

• Asia Pacific

o Japan

o China

o India

o South Korea

o Australia

o Thailand

• Latin America

o Brazil

o Mexico

o Argentina

• Middle East & Africa

o South Africa

o Saudi Arabia

o UAE

o Kuwait

Order a free sample PDF of the Life Science Analytics Market Intelligence Study, published by Grand View Research.

[health-views-updates]

Life Science Analytics Market Forecast: Key Trends to Watch in 2024

Life Science Analytics Market Outlook, Scope & Overview:

Industry reports indicate that the global life science analytics market was valued at USD 9.89 billion in 2023 and is projected to reach USD 18.96 billion by 2031, growing at a CAGR of 7.61% over the forecast period 2024-2031.

Technological Advancements to Drive Growth of Global Life Science Analytics Market

The adoption of advanced analytics solutions in the life sciences sector will continue to influence global market revenues. Healthcare and pharmaceutical companies are increasingly turning to analytics to enhance decision-making, improve operational efficiency, and drive innovation in drug development and patient care.

As an application segment, descriptive analytics currently holds a significant share of the global life science analytics market. This segment is anticipated to grow at a year-over-year rate of 7.61% in 2024 over 2023 and contribute significantly to market revenues by 2031. The demand for descriptive analytics is driven by its ability to provide insights into historical data, helping organizations understand trends and patterns in the life sciences sector.

Life Science Analytics – Market Dynamics

Drivers:

The increasing adoption of data-driven decision-making processes in the life sciences industry is a major driver for the growth of the life science analytics market. Analytics solutions are being extensively used for clinical trials, regulatory compliance, and personalized medicine, which enhances their utility in the industry. Moreover, the growing volume of data generated from various sources such as clinical trials, research studies, and electronic health records is fueling the demand for robust analytics solutions.

Restraints:

Despite the growth potential, challenges such as data privacy concerns and the high cost of analytics solutions are hindering the widespread adoption of life science analytics. Additionally, the complexity of integrating analytics solutions with existing systems and the need for skilled professionals to manage and interpret data are other significant barriers to market growth.

Life Science Analytics – Market Outlook

The effective use of analytics in the life sciences sector has boosted the prominence of these solutions in the global market. Analytics solutions are projected to witness a steady increase in demand, particularly in developed regions where there is a higher focus on precision medicine and personalized healthcare.

Global Life Science Analytics Market

The rise in demand for life science analytics solutions in North America, Europe, and the Asia Pacific regions is expected to drive market growth over the forecast period. North America currently holds a significant market share in the global life science analytics market, with the US being a key contributor to market revenues. Europe and the Asia Pacific regions are also experiencing a surge in demand for analytics solutions, driven by advancements in technology and increasing investments in the life sciences sector.

Key Players in the Life Science Analytics Market

Leading companies in the life science analytics market include SAS Institute, IBM Corporation, Oracle Corporation, and Accenture. These companies offer a range of analytics solutions, including descriptive, predictive, and prescriptive analytics, tailored to meet the needs of the life sciences industry.

In conclusion, the global life science analytics market is poised for steady growth over the forecast period, driven by technological advancements, increasing adoption of data-driven decision-making processes, and the growing need for effective data management and analysis in the life sciences sector.

[researchreportinsight]

Life Science Analytics Industry Development Trends Report By 2030

The global life science analytics market was valued at USD 9.0 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 7.6% from 2023 to 2030. This growth is primarily driven by the life sciences industry’s increasing reliance on analytics. Life sciences organizations are using descriptive and reporting analytics to build extensive databases and leveraging prescriptive and predictive analytics to forecast trends and outcomes. This analytics integration is crucial for enhancing decision-making and is expected to propel the market forward.

One of the significant factors contributing to this growth is the rising impact of social media and internet usage, which enhances patient engagement and influences the adoption of analytical solutions across the life sciences sector. Healthcare facilities and life science organizations are increasingly adopting analytics to improve clinical, financial, and operational outcomes. These analytics solutions help to optimize resource use and minimize healthcare expenses, adding momentum to the market's expansion.

Life science companies are using advanced analytics for various operational functions, including supply chain management, research and development (R&D), clinical trial design, regulatory compliance, sales, marketing, and pharmacovigilance. The widespread adoption of big data analytics and data mining techniques allows these organizations to identify and manage high-risk populations, thereby supporting informed strategic decisions. Government bodies and healthcare financing organizations also rely on predictive analytics to manage claims, prevent fraud, and improve cost efficiencies, further driving market growth.

Gather more insights about the market drivers, restrains and growth of the Life Science Analytics Market

The COVID-19 pandemic placed unprecedented pressure on healthcare systems, highlighting the need for advanced technologies to support the digital transformation of healthcare. During this time, there was a significant surge in the demand for analytical solutions in life sciences. Analytics played a critical role in managing vaccines, medical supplies, medicines, and other essential resources. This heightened demand during the pandemic has accelerated the adoption of life science analytics solutions across various sectors within the industry.

Furthermore, there is an increasing need for personalized medication, which relies on analyzing diverse human genome combinations and leveraging datasets generated through eHealth, mHealth, and electronic health records (EHR). The application of analytics in these areas aims to enhance patient care and treatment customization. As a result, companies in the market are developing strategies to incorporate artificial intelligence-based algorithms into data analytics. This integration allows organizations to mine valuable information from health datasets, enabling tailored treatment approaches and improving patient outcomes.

End-user Segmentation Insights:

In 2022, the pharmaceutical sector dominated the life science analytics market, accounting for a revenue share of over 46.7%. This dominance is attributed to the sector’s adoption of analytical solutions to improve resource management, drug discovery, and development processes, as well as to streamline clinical trials and drug utilization. For example, SAS Institute, Inc.’s SAS Life Science Analytics Framework was utilized in November 2020 to support the management of COVID-19 vaccine clinical trials. This framework allowed real-time data transformation, delivering data-enriched insights to enhance trial outcomes.

Biotechnology companies are expected to exhibit the fastest growth rate in the market, with a projected CAGR of 8.7% over the coming years. This rapid growth can be attributed to the increased adoption of analytical solutions in genome sequencing and analysis. Personalized data analytics solutions are also fueling the biotechnology segment’s expansion by facilitating precision medicine and personalized treatment plans. For instance, in May 2021, a partnership between Wipro and Transcell Oncologies aimed to improve vaccine safety assessments. This collaboration leveraged Transcell’s advanced stem cell technology alongside Wipro Holmes’ augmented intelligence platform to enhance vaccine research, safety, and efficacy assessments.

In conclusion, the growing application of analytics across various functions within life sciences, along with advancements in technology and data processing capabilities, is driving significant growth in the life science analytics market.

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Life Science Analytics Industry Overview, Competitive Landscape and Forecasts 2030

The global life science analytics market was valued at USD 9.0 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 7.6% from 2023 to 2030. This growth is primarily driven by the life sciences industry’s increasing reliance on analytics. Life sciences organizations are using descriptive and reporting analytics to build extensive databases and leveraging prescriptive…