Life Science Analytics Market worth $61.94 billion by 2029
The report "Life Science Analytics Market by Type (Descriptive, Prescriptive, Predictive), Service (Analytics), Application (Drug Discovery, Trials, RWE, Access, Sales & marketing, Drug Safety), End User (Pharma, Medical Device), & Region - Global Forecast to 2029", is projected to reach USD 61.94 billion by 2029 from USD 35.69 billion in 2024, at a CAGR of 11.7% during the forecast period.
Browse 455 market data Tables and 54 Figures spread through 385 Pages and in-depth TOC on "Life Science Analytics Market by Type (Descriptive, Prescriptive, Predictive), Service (Analytics), Application (Drug Discovery, Trials, RWE, Access, Sales & marketing, Drug Safety), End User (Pharma, Medical Device), & Region - Global Forecast to 2029"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/pharmaceutical-life-science-analytic-market-174990653.html
The market for life science analytics solutions is expanding rapidly owing to a number of factors. The growing focus on value-based care, the surging demand for big data analytics for R&D products, the growing adoption of cloud-based analytics solutions, and the use of analytics In personalized & precision medicine offer lucrative opportunities for the growth of the market. However, issues associated with data integration, the shortage of skilled professionals to operate & perform analytical operations, and the reluctance to adapt in emerging economies are some of the factors that challenge market growth.
The managed service segment holds the largest market share in the life science analytics services market by type.
On the basis of type, the life science analytics services market is segmented into managed services, and professional services. In 2023, the managed services segment is accounted to hold the largest share of the life science analytics market. The large share of this segment can be attributed to the surging demand for advanced insights, the demand for cost-effective drug development, technological advancements in the industry, and the need for continuous support in strategic decision-making, which makes outsourcing analytics and consulting more appealing for life science companies. Leading players provide consulting services using data and analytics to evaluate opportunities, design analytics strategies, and implement the right technology solutions. In May 2023, SAS Institute (US) partnered with HTEC (US) to provide strategic analytics consulting services in life sciences, healthcare, logistics, and more.
The Research & Development accounted to hold the largest share in the life science analytics market, by application.
Research & development, commercial analytics, regulatory compliance, manufacturing & supply chain optimization, and safety make up the life science analytics market, by application. The research & development segment accounted for the largest share of the life science analytics market in 2023. Significant share of this segment is attributed to their ability to accelerate drug discovery, optimize clinical trials, and enhance research accuracy through advanced data analysis and AI-driven insights. Moreover, surging R&D expenditure in pharma & biopharma, growing patent expiries & diminishing drug pipelines, increasing emphasis on personalized medicine & precision therapeutics are further fuelling the growth.
Asia Pacific to witness a considerable growth rate during the forecast period.
The Life science analytics market is segmented into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is projected to see a significant growth with a noticeable annual growth rate during the forecast period. Factors driving the growth of life science analytics solutions in the region include a gradual shift towards adopting technologies like automation, AI, ML, etc., rising investments attracting new market players, and the presence of leading educational institutions and research centers in Asia-Pacific that drive scientific innovation and technological progress. Moreover, increased direct investments from European and North American pharmaceutical and biotechnology companies in Asia are expected to drive the adoption of life science analytics solutions in the region.
Key Players
Oracle (US), Merative (formerly IBM) (US), SAS Institute (US), Accenture (Ireland), IQVIA (US), Cognizant (US), Wipro (India), Veradigm (US), Optum (US), Microsoft (US), MaxisIT (US), ExlService Holdings (US), Inovalon (US), CitiusTech (US), Saama (US), Axtria (US), Clarivate (UK), ThoughtSphere (US), ThoughtSpot (US), Salesforce (US), Google LLC (US), Amazon Web Services, Inc. (US), Veeva Systems (US), Elsevier (Netherlands), and Komodo Health, Inc. (US) are the major players in this market. These companies are majorly focusing on the strategies such as acquisitions, collaborations, partnerships, expansion and product launches and updates in order to remain competitive and further increase their share in the market.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA : 1-888-600-6441
[email protected]
- Triangulate with your Own Data
- Get Data as per your Format and Definition
- Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
- Any level of Personalization
- What are the Known and Unknown Adjacencies Impacting the Life Science Analytics Market
- What will your New Revenue Sources be?
- Who will be your Top Customer; what will make them switch?
- Defend your Market Share or Win Competitors
- Get a Scorecard for Target Partners
