Life Science Analytics Market was valued at USD 21.5 billion in 2020 and it is expected to reach USD 63.9 billion by 2030 with the CAGR of 11.5% during 2020-2030. In recent years, life science has been generating large amount of data related to healthcare industry, scientific research and R&D process. Over the period, difficulty level is increased to manage such large volume of datasets with conventional software. Life science analytical tools will pave the way for data management and work efficiency. Moreover, it helps to standardize clinical trials data and aids in early detection of potential risks. Using life science analytics tools, pharma companies can identify potential drug candidates having a high probability of successfully developing into drugs with the huge data generated from the clinical research and R&D process. Constantly expanding data volumes generated and increasing digitalization in pharma & life sciences industry are driving the life science analytics market.

Market Segmentation:

On the basis of type, the global life science analytics market is segmented into descriptive analytics, predictive analytics and prescriptive analytics. Based on application, the market is divided into research and development, clinical trials, preclinical trials, sales and marketing support and supply chain analytics. According to delivery model, the market is bifurcated into on-premise and cloud. On the basis of end user, the life science analytics market is classified into pharmaceutical & biotechnology companies, research centers, and medical device companies. On the basis of region, the life science analytics markeFt is classified into North America, Europe, Asia-Pacific, and RoW.

Market Dynamics and Factors:

Growth in the market is mainly driven by increasing use of big data and analytics solutions in the life science industry and growing need for improved data standardization. Moreover, rising incidence of chronic diseases requires need for research in the field which will further boost the life science analytics market growth. Globally, approximately one in three of all adults suffer from multiple chronic conditions (MCCs). In addition, constantly changing regulatory protocol requirements for clinical trial conduction makes process of data collection, analyzing and preparing a report rigorous. This is making the adoption of analytical tools for clinical trials on the rise. In addition, global outbreak of covid-19 will propel the life science analytics market growth owing to the need of intense research in the field. However, high implementation costs may limit the life science analytics market growth to a certain extent during forecast period.

Geographic Analysis:

North America market accounts for largest life science analytics market share in terms of revenue. Presence of major service providers and advanced healthcare infrastructure are likely to be responsible to maintain its dominance over the forecast period. In 2017, the U.S. spent about USD 3.5 trillion, or 18 percent of GDP, on health expenditures which is more than twice the average among developed countries. Europe is predicted to have the second-largest life science analytics market share in terms of revenue over the forecast period owing to the better availability of healthcare services and solutions. Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to the growth of the life science industry and rising adoption of advanced technologies.

Competitive Scenario:

Some of the major players of global life science analytics market are Wipro Limited, SAS Institute, Inc., Oracle Corporation, IBM Corporation, MaxisIT, Inc., Quintiles, Inc., Accenture plc, TAKE Solutions, SCIO Health Analytics, IQVIA Holdings Inc.

Life Science Analytics Market Report Scope