Life Science Analytics Software Market Report 2024

This Life Science Analytics Software market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The life science analytics software market size has grown rapidly in recent years. It will grow from $8.47 billion in 2023 to $9.77 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The increase observed during the historic period is linked to a rise in diabetes and cardiovascular diseases, greater adoption of analytics solutions, an aging population, and a higher prevalence of healthcare needs.

The life science analytics software market size is expected to see rapid growth in the next few years. It will grow to $17.34 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The anticipated growth in the forecast period is driven by a rise in chronic diseases, more clinical trials, higher rates of non-communicable diseases, a growing general population, and an increasing number of patients. Key trends for this period include advancements in new drug therapies, medical technologies, artificial intelligence, cloud-based platforms, and patient engagement solutions.

The growing number of clinical trials is anticipated to drive the expansion of the life science analytics software market. Clinical trials are research studies conducted on human subjects to assess the safety and efficacy of medical interventions such as drugs, treatments, devices, or preventive measures. The increase in clinical trials is driven by the rising demand for innovative treatments and the need to address a global surge in disease prevalence. Life Science Analytics Software plays a crucial role in these trials by analyzing and interpreting data, optimizing processes, and ensuring regulatory compliance, which improves decision-making and patient outcomes. For example, the Association of the British Pharmaceutical Industry reported in November 2023 that the number of industry clinical trials initiated in the UK per year grew slightly by 4.3%, from 394 in 2021 to 411 in 2022. Consequently, the rise in clinical trials is propelling growth in the life science analytics software market.

Leading companies in the life science analytics software market are focusing on developing advanced technologies, such as artificial intelligence (AI)-powered analytics platforms, to gain a competitive edge. These AI-powered platforms leverage artificial intelligence and machine learning algorithms to analyze large datasets, detect patterns, and provide actionable insights. For instance, in February 2024, Trinity Life Sciences, a US-based life sciences consulting firm, introduced Brand Insights AI, an advanced chat-based AI interface designed to improve the analysis and utilization of biopharmaceutical brand research. This tool allows insights and analytics teams to quickly access and synthesize extensive volumes of data from various sources, uncover hidden patterns, and accelerate decision-making, thereby enhancing research processes and strategic outcomes in the life sciences sector.

In June 2024, EPAM Systems Inc., a US-based software company, acquired Odysseus Data Services Inc. for an undisclosed sum. This acquisition significantly boosts EPAM’s capabilities in data analytics, real-world evidence, and life sciences solutions, establishing the combined entity as a leader in transforming the life sciences value chain. Odysseus Data Services Inc. is a US-based provider specializing in life sciences analytics software.

Major companies operating in the life science analytics software market are McKesson Corporation, Accenture Plc, International Business Machines Corporation (IBM), Oracle Corporation, Cognizant Technology Solutions Corporation, Koninklijke Philips N.V., IQVIA, Wipro Limited, Genpact, EPIC Systems Corporation, PerkinElmer Inc., SAS Institute Inc., Veeva Systems Inc, M3 (EU) Ltd, ExlService Holdings Inc., eClinicalWorks, TIBCO Software Inc., Allscripts Healthcare LLC, Computer Programs and Systems Inc., Elinext, Analytics8, MaxisIT Incorporated, Jag products LLC.

North America was the largest region in the life science analytics software market in 2023. The regions covered in the life science analytics software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the life science analytics software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Life science analytics software is a specialized tool designed to analyze and interpret intricate data within the life sciences field, such as biology, healthcare, pharmaceuticals, and biotechnology. This software supports decision-making, research, clinical trials, and regulatory compliance by offering insights through data visualization, predictive modeling, and statistical analysis.

The key products in life science analytics software include prescriptive analytics, descriptive analytics, and predictive analytics. Prescriptive analytics recommends actions to achieve specific outcomes based on data, integrating insights from both descriptive and predictive analytics to suggest optimal strategies for future opportunities or risks. This software is available both on-premise and via cloud. It is utilized across various applications, including research and development, sales and marketing support, regulatory compliance, supply chain analytics, and pharmacovigilance, by end users such as pharmaceutical and biotechnology firms, medical device companies, research institutions, and third-party administrators.

The life science analytics software market research report is one of a series of new reports that provides life science analytics software market statistics, including life science analytics software industry global market size, regional shares, competitors with a life science analytics software market share, detailed life science analytics software market segments, market trends and opportunities, and any further data you may need to thrive in the life science analytics software industry. This life science analytics software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The life science analytics software market includes revenues earned by entities by providing services such as clinical data management, data integration, risk management, and genomic data analysis. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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