Life science analytics is a field dedicated to the study and advancement of human life, playing a crucial role in comprehending diseases' nature and severity. It involves clinical data analysis, offering predictive tools to enhance patient care and safeguard both animal and human well-being.
Within the life science market, there are three primary types of analytics: descriptive, predictive, and prescriptive. Descriptive analytics involves manually examining data to answer questions about what has happened or is currently occurring. It encompasses traditional business intelligence tools like bar charts, pie charts, line graphs, tables, and narrative generation. This analytical approach utilizes software and services and can be deployed on-demand or on-premises. Its applications span across research and development, preclinical and clinical trials, sales and marketing, regulatory compliance, supply chain optimization, and pharmacovigilance. Various end-users, including medical devices, pharmaceuticals, biotechnology, and others, benefit from these analytics.
The life science analytics market research report is one of a series of new reports that provides life science analytics market statistics, including life science analytics industry global market size, regional shares, competitors with a life science analytics market share, detailed life science analytics market segments, market trends and opportunities, and any further data you may need to thrive in the life science analytics industry. This life science analytics 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 market size has grown rapidly in recent years. It will grow from $26.2 billion in 2023 to $29.2 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. During the historical period, the growth can be attributed to several factors, including increased pharmaceutical sales and marketing efforts, initiatives to reduce healthcare costs, global health preparedness measures, advancements in biopharmaceutical manufacturing, and the widespread adoption of digital health technologies.
The life science analytics market size is expected to see rapid growth in the next few years. It will grow to $48.41 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. In the forecast period, the anticipated growth can be linked to the increasing adoption of telemedicine, population growth, the uptake of drug repurposing strategies, regulatory reforms, and a rise in disease surveillance efforts. Notable trends expected in this period encompass the use of artificial intelligence to enhance drug safety, the integration of predictive analytics in diagnostics, advancements in gene editing technologies, the utilization of data visualization tools, and the implementation of blockchain for enhanced data security.
The growth of the life science analytics market is anticipated to be propelled by the increasing prevalence of chronic diseases. Chronic diseases, characterized by long-term persistence, necessitate advanced analytics for early detection and intervention. Predictive analytics, a component of life science analytics, plays a crucial role in chronic disease prevention. According to the International Diabetes Federation (IDF), the global diabetic population reached approximately 537 million adults in 2021, with projections indicating an increase to 643 million by 2030 and 783 million by 2045. This escalating prevalence of chronic diseases is a key factor driving the expansion of the life science analytics market.
The life science analytics market is expected to experience growth due to the rising demand for personalized medicine. Personalized medicine tailors medical treatments to an individual's unique genetic makeup, enhancing the effectiveness and precision of healthcare interventions. Life science analytics are integral to personalized medicine for various purposes, including drug discovery, biomarker identification, genomic and molecular data analysis, and clinical decision support. In 2022, the Food and Drug Administration’s Center for Drug Evaluation and Research (CDER) approved 37 new molecular entities (NMEs), with approximately 34% classified as personalized medicines, according to the Personalized Medicine Coalition. This surge in demand for personalized medicine is a significant driver of the life science analytics market.
A prominent trend in the life science analytics market is the adoption of technological advancements. Major companies in the sector are actively developing new technological solutions to strengthen their market position. For example, Charles River Associates introduced the healthcare claims analytics platform (HCAP) in July 2022. HCAP, a dynamic and modular data visualization tool, streamlines the analysis of patient, healthcare practitioner (HCP), and healthcare organization (HCO) data, enabling informed decision-making through insights and analytics. This focus on technological innovation is shaping the landscape of the life science analytics market.
Major players in the life science analytics market are emphasizing product innovation, particularly in the development of data-driven platforms. These platforms serve as integrated solutions that meet an organization's end-to-end data needs. In September 2021, ZS Associates launched ZAIDYN, a platform facilitating digital transformation and growth in customer engagement, field performance, analytics, and clinical capabilities for life sciences firms. ZAIDYN, with its intelligent business applications and a self-learning network, provides value through a ready-to-use algorithm library and a cloud-based architecture compatible with existing technology environments.
In July 2022, Trinity Life Sciences strategically acquired D Cube Analytics, a healthcare analytics company based in Illinois, for an undisclosed amount. This acquisition enhances Trinity's product offerings by incorporating extensive data science and digital transformation capabilities. The move underscores the significance of data analytics in the evolving landscape of life sciences commercialization services.
Major companies operating in the life science analytics market include Oracle Corporation., Accenture plc., SAS Institute Inc., International Business Machines Corporation (IBM), IQVIA Holdings Inc., Wipro Limited, Cognizant Technology Solutions Corporation, SCIOInspire Corp., Cerner Corporation, Optum Inc., Microsoft Corporation, MaxisIT Inc., Cotiviti Holdings Inc., Allscripts Healthcare Solutions Inc., ExlService Holdings Inc., Inovalon Holdings Inc., CitiusTech Inc., Saama Technologies LLC., Axtria Inc., Clarivate PLC, ThoughtSphere Ltd., ThoughtSpot Inc., Alteryx Inc., TAKE Solutions Ltd., Dynata LLC., M3 EU Ltd., BioSymetrics Inc., PerkinElmer Inc., Medidata Solutions Inc., PAREXEL International Corporation
North America was the largest region in the life science analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the life science analytics market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the life science analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The life science analytics market includes revenues earned by entities by reporting, diagnostic and discovery. 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.
This product will be delivered within 3-5 business days.
Within the life science market, there are three primary types of analytics: descriptive, predictive, and prescriptive. Descriptive analytics involves manually examining data to answer questions about what has happened or is currently occurring. It encompasses traditional business intelligence tools like bar charts, pie charts, line graphs, tables, and narrative generation. This analytical approach utilizes software and services and can be deployed on-demand or on-premises. Its applications span across research and development, preclinical and clinical trials, sales and marketing, regulatory compliance, supply chain optimization, and pharmacovigilance. Various end-users, including medical devices, pharmaceuticals, biotechnology, and others, benefit from these analytics.
The life science analytics market research report is one of a series of new reports that provides life science analytics market statistics, including life science analytics industry global market size, regional shares, competitors with a life science analytics market share, detailed life science analytics market segments, market trends and opportunities, and any further data you may need to thrive in the life science analytics industry. This life science analytics 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 market size has grown rapidly in recent years. It will grow from $26.2 billion in 2023 to $29.2 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. During the historical period, the growth can be attributed to several factors, including increased pharmaceutical sales and marketing efforts, initiatives to reduce healthcare costs, global health preparedness measures, advancements in biopharmaceutical manufacturing, and the widespread adoption of digital health technologies.
The life science analytics market size is expected to see rapid growth in the next few years. It will grow to $48.41 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. In the forecast period, the anticipated growth can be linked to the increasing adoption of telemedicine, population growth, the uptake of drug repurposing strategies, regulatory reforms, and a rise in disease surveillance efforts. Notable trends expected in this period encompass the use of artificial intelligence to enhance drug safety, the integration of predictive analytics in diagnostics, advancements in gene editing technologies, the utilization of data visualization tools, and the implementation of blockchain for enhanced data security.
The growth of the life science analytics market is anticipated to be propelled by the increasing prevalence of chronic diseases. Chronic diseases, characterized by long-term persistence, necessitate advanced analytics for early detection and intervention. Predictive analytics, a component of life science analytics, plays a crucial role in chronic disease prevention. According to the International Diabetes Federation (IDF), the global diabetic population reached approximately 537 million adults in 2021, with projections indicating an increase to 643 million by 2030 and 783 million by 2045. This escalating prevalence of chronic diseases is a key factor driving the expansion of the life science analytics market.
The life science analytics market is expected to experience growth due to the rising demand for personalized medicine. Personalized medicine tailors medical treatments to an individual's unique genetic makeup, enhancing the effectiveness and precision of healthcare interventions. Life science analytics are integral to personalized medicine for various purposes, including drug discovery, biomarker identification, genomic and molecular data analysis, and clinical decision support. In 2022, the Food and Drug Administration’s Center for Drug Evaluation and Research (CDER) approved 37 new molecular entities (NMEs), with approximately 34% classified as personalized medicines, according to the Personalized Medicine Coalition. This surge in demand for personalized medicine is a significant driver of the life science analytics market.
A prominent trend in the life science analytics market is the adoption of technological advancements. Major companies in the sector are actively developing new technological solutions to strengthen their market position. For example, Charles River Associates introduced the healthcare claims analytics platform (HCAP) in July 2022. HCAP, a dynamic and modular data visualization tool, streamlines the analysis of patient, healthcare practitioner (HCP), and healthcare organization (HCO) data, enabling informed decision-making through insights and analytics. This focus on technological innovation is shaping the landscape of the life science analytics market.
Major players in the life science analytics market are emphasizing product innovation, particularly in the development of data-driven platforms. These platforms serve as integrated solutions that meet an organization's end-to-end data needs. In September 2021, ZS Associates launched ZAIDYN, a platform facilitating digital transformation and growth in customer engagement, field performance, analytics, and clinical capabilities for life sciences firms. ZAIDYN, with its intelligent business applications and a self-learning network, provides value through a ready-to-use algorithm library and a cloud-based architecture compatible with existing technology environments.
In July 2022, Trinity Life Sciences strategically acquired D Cube Analytics, a healthcare analytics company based in Illinois, for an undisclosed amount. This acquisition enhances Trinity's product offerings by incorporating extensive data science and digital transformation capabilities. The move underscores the significance of data analytics in the evolving landscape of life sciences commercialization services.
Major companies operating in the life science analytics market include Oracle Corporation., Accenture plc., SAS Institute Inc., International Business Machines Corporation (IBM), IQVIA Holdings Inc., Wipro Limited, Cognizant Technology Solutions Corporation, SCIOInspire Corp., Cerner Corporation, Optum Inc., Microsoft Corporation, MaxisIT Inc., Cotiviti Holdings Inc., Allscripts Healthcare Solutions Inc., ExlService Holdings Inc., Inovalon Holdings Inc., CitiusTech Inc., Saama Technologies LLC., Axtria Inc., Clarivate PLC, ThoughtSphere Ltd., ThoughtSpot Inc., Alteryx Inc., TAKE Solutions Ltd., Dynata LLC., M3 EU Ltd., BioSymetrics Inc., PerkinElmer Inc., Medidata Solutions Inc., PAREXEL International Corporation
North America was the largest region in the life science analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the life science analytics market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the life science analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The life science analytics market includes revenues earned by entities by reporting, diagnostic and discovery. 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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Life Science Analytics Market Characteristics3. Life Science Analytics Market Trends And Strategies31. Global Life Science Analytics Market Competitive Benchmarking32. Global Life Science Analytics Market Competitive Dashboard33. Key Mergers And Acquisitions In The Life Science Analytics Market
4. Life Science Analytics Market - Macro Economic Scenario
5. Global Life Science Analytics Market Size and Growth
6. Life Science Analytics Market Segmentation
7. Life Science Analytics Market Regional And Country Analysis
8. Asia-Pacific Life Science Analytics Market
9. China Life Science Analytics Market
10. India Life Science Analytics Market
11. Japan Life Science Analytics Market
12. Australia Life Science Analytics Market
13. Indonesia Life Science Analytics Market
14. South Korea Life Science Analytics Market
15. Western Europe Life Science Analytics Market
16. UK Life Science Analytics Market
17. Germany Life Science Analytics Market
18. France Life Science Analytics Market
19. Italy Life Science Analytics Market
20. Spain Life Science Analytics Market
21. Eastern Europe Life Science Analytics Market
22. Russia Life Science Analytics Market
23. North America Life Science Analytics Market
24. USA Life Science Analytics Market
25. Canada Life Science Analytics Market
26. South America Life Science Analytics Market
27. Brazil Life Science Analytics Market
28. Middle East Life Science Analytics Market
29. Africa Life Science Analytics Market
30. Life Science Analytics Market Competitive Landscape And Company Profiles
34. Life Science Analytics Market Future Outlook and Potential Analysis
35. Appendix
Executive Summary
Life Science Analytics Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on life science analytics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description:
Where is the largest and fastest growing market for life science analytics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.The 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.
Scope
- Markets Covered: 1) By Type: Descriptive Analytics; Predictive Analytics; Prescriptive Analytics 2) By Component: Software; Services 3) By Deployment: On-Demand; On-Premises
- Companies Mentioned: Oracle Corporation.; Accenture plc.; SAS Institute Inc.; International Business Machines Corporation (IBM); IQVIA Holdings Inc.
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- Oracle Corporation.
- Accenture plc.
- SAS Institute Inc.
- International Business Machines Corporation (IBM)
- IQVIA Holdings Inc.
- Wipro Limited
- Cognizant Technology Solutions Corporation
- SCIOInspire Corp.
- Cerner Corporation
- Optum Inc.
- Microsoft Corporation
- MaxisIT Inc.
- Cotiviti Holdings Inc.
- Allscripts Healthcare Solutions Inc.
- ExlService Holdings Inc.
- Inovalon Holdings Inc.
- CitiusTech Inc.
- Saama Technologies LLC.
- Axtria Inc.
- Clarivate Plc
- ThoughtSphere Ltd.
- ThoughtSpot Inc.
- Alteryx Inc.
- TAKE Solutions Ltd.
- Dynata LLC.
- M3 EU Ltd.
- BioSymetrics Inc.
- PerkinElmer Inc.
- Medidata Solutions Inc.
- PAREXEL International Corporation
Methodology
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