The study involved significant activities to estimate the current size of the life science analytics market. Exhaustive secondary research was done to collect information on the life science analytics market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain using primary research. Different approaches, such as top-down and bottom-up, were employed to estimate the total market size. After that, the market breakup and data triangulation procedures were used to estimate the market size of the segments and subsegments of the life science analytics market.
Secondary Research
This research study involved the wide use of secondary sources, directories, and databases such as Dun & Bradstreet, Bloomberg Businessweek, and Factiva; white papers, annual reports, and companies’ house documents; investor presentations; and the SEC filings of companies. The market for the companies offering life science analytics solutions is arrived at by secondary data available through paid and unpaid sources, analyzing the product portfolios of the major companies in the ecosystem, and rating the companies by their performance and quality. Various sources were referred to in the secondary research process to identify and collect information for this study. The secondary sources include annual reports, press releases, investor presentations of companies, white papers, journals, certified publications, and articles from recognized authors, directories, and databases.
Various secondary sources were referred to in the secondary research process to identify and collect information related to the study. These sources included annual reports, press releases, investor presentations of life science analytics vendors, forums, certified publications, and whitepapers. The secondary research was used to obtain critical information on the industry’s value chain, the total pool of key players, market classification, and segmentation from the market and technology-oriented perspectives.
Primary Research
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources are mainly industry experts from the core and related industries and preferred suppliers, manufacturers, distributors, technology developers, researchers, and organizations related to all segments of this industry’s value chain. In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify the critical qualitative and quantitative information as well as assess prospects.
Primary research was conducted to identify segmentation types; industry trends; key players; and key market dynamics such as drivers, restraints, opportunities, challenges, industry trends, and strategies adopted by key players.
After the complete market engineering (calculations for market statistics, market breakdown, market size estimations, market forecasting, and data triangulation), extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. Primary research was also undertaken to identify the segmentation types, industry trends, competitive landscape of life science analytics solutions offered by various market players, and key market dynamics, such as drivers, restraints, opportunities, challenges, industry trends, and key player strategies.
In the complete market engineering process, the top-down and bottom-up approaches and several data triangulation methods were extensively used to perform the market estimation and market forecasting for the overall market segments and subsegments listed in this report. Extensive qualitative and quantitative analysis was performed on the complete market engineering process to list the key information/insights throughout the report.
Breakdown of the Primary Respondents:
*Others include sales managers, marketing managers, and product managers.
Note: Tiers are defined based on a company’s total revenue, as of 2023: Tier 1 = >USD 1 billion, Tier 2 = USD 500 million to USD 1 billion, and Tier 3 = < USD 500 million.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (revenue share analysis of leading players) and top-down approach (assessment of utilization/adoption/penetration trends, by type, component, application, end user, and region).
Data Triangulation
After arriving at the overall market size—using the market size estimation processes—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and sub-segment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the life science analytics market.
Market Definition
Life science analytics is the efficient use of data and related business insights developed through statistical, quantitative, predictive, comparative, cognitive, and other emerging applied analytical models. Life science analytics tools help reveal and understand historical data patterns, predict future outcomes, and provide actionable insights to drive fact-based decision-making for improved performance of life science organizations.
Stakeholders
-
Pharmaceutical and biotechnology companies
-
Medical device companies
-
Contract research organizations (CROs)
-
Life science analytics vendors
-
Platform providers
-
Technology providers
-
System integrators
-
Healthcare IT service providers
-
Forums, alliances, and associations
-
Distributors
-
Government organizations
-
Academic research institutes
-
Institutional investors and investment banks
-
Investors/Shareholders
-
Venture capitalists
-
Research and consulting firms
Report Objectives
-
To define, describe, and forecast the global Life science analytics market based on type, component, application, end user, and region
-
To provide detailed information regarding the factors influencing the growth of the market (such as the drivers, restraints, opportunities, and challenges)
-
To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall life science analytics market
-
To analyze market opportunities for stakeholders and provide details of the competitive landscape for market leaders
-
To forecast the size of the life science analytics market in five main regions (along with their respective key countries): North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
-
To profile key players and comprehensively analyze their product portfolios, market positions, and core competencies in the market
-
To track and analyze competitive developments such as product & service launches; expansions; partnerships, agreements, and collaborations; and acquisitions in the life science analytics market
-
To benchmark players within the life science analytics market using the Company Evaluation Matrix framework, which analyzes market players on various parameters within the broad categories of business strategy, market share, and product offering
HIGHEST CAGR MARKET IN 2023
US FASTEST GROWING MARKET IN THE REGION
Growth opportunities and latent adjacency in Life Science Analytics Market