nForming Life Science Analytics Market Smart Book

The nForming Life Science Analytics Market Smart Books offer a comprehensive compilation of data pertaining to historical revenue, user volume, patient data, prices, and other relevant information for each segment. This includes products and services, type of indication, age group, and detailed analysis of service providers with coverage at both regional and country levels. The data spans the past three years and provides projections up until 2030. The smart book also provides extensive information on the leading suppliers and their corresponding market shares in the Life science analytics market. The Life science analytics market comprises a range of qualitative factors, including significant growth drivers, opportunities, and challenges.

Life Science Analytics Market: Recent Developments 

The life science analytics industry is seeing a variety of developments. Among the major development areas are:

• Recent Developments

  • In November 2022, together with Clalit (Israel), IQVIA (US) opened the nation’s first Prime Site. Focusing on the future of innovation, such as precision medicine and the provision of data-driven trials, will be made possible by the collaboration. 

• • In June 2022, SAS Institute Inc. (US) and Gunvatta (US) partnered to use the SAS Life Science Analytics Framework on Azure to accelerate FDA reporting and clinical trial completion.

Read more opportunities in the life science analytics market in the Smart Book.

Life Science Analytics Market Drivers

Growing adoption of analytics tools in clinical trials and pharmacies to drive market growth

The market for life science analytics is expanding significantly due to the growing adoption of analytics tools in clinical trials and pharmacies. Analytics solutions are being employed in clinical trials and medicines, which is driving the market’s expansion. Pharmaceutical analytics systems detect and analyze a variety of data points, such as participant demographics and past medical history, data from remote patient monitoring, and information on prior clinical trial occurrences, to help organizations expedite clinical studies. Consequently, a growing number of pharmaceutical organizations are adopting analytics solutions. For example, Amazon Web Services, Inc. (AWS), a branch of Amazon.com, Inc., declared in December 2021 that it was working with Pfizer to create innovative cloud-based solutions that might improve the creation, production, and distribution of new drugs for use in clinical trials. Moreover, the Pfizer Amazon Collaboration Team (PACT) program enables the companies to explore these developments by applying AWS capabilities in analytics, machine learning, computing, storage, security, and cloud data warehousing to Pfizer laboratory, clinical manufacturing, and clinical supply chain efforts.

Life Science Analytics Market: Restraints

High implementation expenses hinder market growth.

A significant barrier to the expansion of the life science analytics industry is the high implementation expenses. Barriers to regulation. The cost of clinical trials is increasing as a result of system implementation fees and ECOA. Drug candidates and the drug discovery process suffer from rising clinical trial expenses. Furthermore, the cost of electronic clinical outcome assessment solutions varies based on the clinical trial and platform. Most clinical trial venues affect costs. More trial sites equate to more equipment, instruction, and assistance, which raises costs in the end.

Read all the major drivers and trends of the life science analytics market in the Smart Book.

Life Science Analytics Market: Regional Landscape

North America dominated the Life Science Analytics market in 2022

Due to the increasing number of digitally literate people, improvements in healthcare IT infrastructure, the rise of start-ups, the existence of major players in the market, the aging population, the rise in the number of non-communicable diseases, the growing demand for value-based care, and the readiness to use analytical solutions,. To increase the range of products and services they offer to customers, North American market participants are always concentrating on developing new products and forming alliances.

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Life Science Analytics Market: Key Companies

• Accenture
• Cognizant
• IBM
• Oracle
• SAS Institute, Inc.
• Wipro Limited
• IQVIA
• TAKE Solutions Limited.

Life Science Analytics Market Segmentation:

The global life science analytics market has been segmented into type, application, component, delivery, and end-user.

Based on type, predictive, descriptive, and prescriptive are segments of the global life science analytics market. The descriptive segment dominated the market in 2022. Due to the growing need for descriptive analysis that is quantitative and based on historical datasets to produce data-driven analysis that is better equipped to comprehend the state of business today,. Players predict future trends and outcomes by using data mining techniques on descriptive datasets. For example, Accenture and Trifacta collaborated in December 2020 to develop effective, cutting-edge data mining methods to assist drug discovery processes.

Based on application, the market is classified into sales & marketing, regulatory compliance, R&D, and pharmacovigilance. In 2022, the sales & marketing category dominated the global market. Analytical solutions are increasingly being used in sales and marketing functions within businesses to increase sales productivity and create memorable marketing campaigns. For instance, Nemours Children’s Health System obtained analytical help from Oracle in February 2021 for the adoption of cloud business apps, which were then implemented across the organization’s business departments.

Based on components, the market is classified into software and services. In 2022, the service category dominated the global market. The life science industry is expected to experience significant growth in the next years due to the increasing trend of outsourcing services that include planning, staffing, implementation, training, and maintenance. This is because life science organizations do not have the necessary resources and skills. With an expected growth rate of 8.1% during the projected period, the services segment is expected to increase at the quickest rate. The multi-service packages that outsourcing companies provide to important players are responsible for this profitable expansion.

Based on delivery, the market is classified into on-premise, and on-demand. In 2022, the on-premise category dominated the global market. The segment’s rise can be attributed to improved accessibility from far-off places with lower upkeep and costs. Furthermore, it is projected that during the forecast period, on-demand would increase at the fastest rate—8.5%. With improvements in internet connectivity influencing the accessibility of these analytical solutions from even the most remote locations, the growing adoption rate of web-hosted and cloud-deployed analytical applications and solutions is responsible for the profitable growth of on-demand delivery. Analytical solutions and apps that are given on-demand free up infrastructure capacity and enable users to retrieve data as needed. Storage capacity, accessibility, and improved security are advantages of analytical solutions that are given on demand.

Based on end-users, the market is classified into pharmaceutical & biotechnology companies, medical device companies, research centres, and third-party administrators. In 2022, the pharmaceutical & biotechnology companies category dominated the global market. Due to the increasing use of analytical solutions in effective resource management, drug development and discovery, process design and management for clinical trials, and improved drug usage. For example, in November 2020, the COVID-19 vaccine clinical trial management was supported by SAS Institute, Inc.’s SAS Life Science Analytics Framework, which converted data into real-time information to extract data-enriched insights.

Segmentation:

Frequently Asked Questions (FAQs):

1. Which key factors will influence life science analytics market growth over 2023-2030?

The main reasons anticipated to propel the life science analytics market during the forecast period are rising instances of regulatory oversight, a growing call for healthcare spending cuts, and a decline in R&D output.

2. What will be the value of the life science analytics market during 2022-2030?

According to the report, the global life science analytics market size was worth USD 10.69 billion in 2022 and is estimated to grow to USD 19.10 billion by 2030, with a compound annual growth rate (CAGR) of approximately 7.52% over the forecast period.

3. Which region will contribute notably towards the life science analytics market value?

North America is anticipated to continue leading the life science analytics market throughout the projected period.

4. Which are the major players leveraging the life science analytics market growth?

Some of the main competitors dominating the global life science analytics market include – Accenture; Cognizant; IBM; Oracle; SAS Institute, Inc.; Wipro Limited; IQVIA; and TAKE Solutions Limited.