Life Science Analytics Industry Overview
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, restraints, and growth of the Global Life Science Analytics market
The ongoing Covid-19 pandemic overburdened the existing healthcare systems and revealed the potential of advanced technologies in supporting the digitalization of healthcare. The Covid-19 pandemic directly impacted the demand for analytical solutions and the market for life science analytics witnessed a significant surge in adoption rates. Analytical solutions were being widely implemented in the management of vaccines, medical supplies, medicines, and other essential resources.
For instance, Moderna entered a partnership with IBM to efficiently manage their vaccination program using advanced analytics and hybrid computing. Moreover, the increasing prevalence of non-communicable diseases, coupled with the growing global geriatric population and growing demand for enhanced patient care experience, is anticipated to contribute to the growing demand for analytical solutions over the forthcoming years. Life science organizations and other healthcare industry players are using analytical solutions in advanced revenue cycle management and population health management programs.
Analytical solutions are being adopted to cater to the rising demand for personalized medication using different human genome combinations using datasets generated through eHealth, mHealth, and electronic health records (EHR). The use of analytical solutions is focused on improving the patient care experience. Furthermore, market players are devising strategies to integrate artificial intelligence-based algorithms into data analytics to efficiently mine data from health datasets, which would aid organizations in customizing different treatment approaches.
Moreover, market players are devising their mergers & acquisitions, product development, and partnership strategies to expand their business footprint and product portfolios. For instance, in April 2020, Accenture signed a definitive agreement to acquire AppsPro, an Oracle Cloud implementation service provider based in Saudi Arabia. Accenture through this acquisition would strengthen its presence and expand its capabilities across the Middle East markets.
Browse through Grand View Research's Healthcare IT Industry Research Reports.
mHealth Market - The global mHealth market size was valued at USD 56.8 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 10.8% from 2023 to 2030.
eHealth Market - The global eHealth market size was valued at USD 204.32 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 17.4% from 2022 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, 2014 - 2030)
- Software
- Services
Life Science Analytics Type Outlook (Revenue, USD Million, 2014 - 2030)
- Reporting
- Descriptive
- Predictive
- Prescriptive
Life Science Analytics Application Outlook (Revenue, USD Million, 2014 - 2030)
- Research and Development
- Sales and Marketing Support
- Regulatory Compliance
- Supply Chain Analytics
- Pharmacovigilance
Life Science Analytics Delivery Outlook (Revenue, USD Million, 2014 - 2030)
- On-demand
- On-premises
Life Science Analytics End-user Outlook (Revenue, USD Million, 2014 - 2030)
- Medical Device
- Pharmaceutical
- Biotechnology
- Others
Life Science Analytics Regional Outlook (Revenue, USD Million, 2014 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
May 2021: Wipro and TranscellOncologies partnered to transform vaccine safety assessment using Transcell’s advanced stem cell technology and Wipro Holmes augmented intelligence platform.
March 2021: Cleveland Clinic entered a 10-year partnership contract with IBM to introduce the Discovery Accelerator initiative to focus on discoveries in the healthcare and life sciences industries with the support of artificial intelligence, big data analytics, quantum computing, and cloud computing.
Key Companies profiled:
Some prominent players in the global life science analytics market include:
- 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.
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