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  • Published On : Sep 2022
  • Code : CMI5208
  • Industry : Healthcare IT
  • Pages : 163
  • Formats :

The global life sciences analytics market was valued at US$ 8,740.0 Mn in 2021 and is forecast to reach a value of US$ 14,789.7 Mn by 2028 at a CAGR of 7.9% between 2022 and 2028. The global life sciences analytics market is experiencing strong growth due to the rising adoption of analytics solutions in pharmaceuticals & clinical trials and emergence of advanced analytics method in life science companies. Moreover, growing pressure to reduce healthcare spending and the need for improved patient outcomes is expected to boost the market growth. However, factors such as lack of skilled personnel and high implementation costs are expected to hamper the growth of the global life sciences analytics market.

Global Life Sciences Analytics Market: Regional Insights

Based on geography, the global life sciences analytics market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period due to the rising incidence of non-communicable diseases. The main types of NCD are heart diseases, cancers, diabetes, and chronic respiratory diseases. Analytics helps understand the components needed for new drug discovery or drug development. For instance, according to the U.S. Centers for Disease Control and Prevention (CDC), chronic diseases, such as heart disease, cancer, and diabetes are the leading causes of death and disability in the U.S.

Asia Pacific is also expected to witness significant growth in the global life sciences analytics market due to the increasing prevalence of chronic diseases and growing geriatric population in this region. Life science organizations and market players are using analytical solutions in advanced revenue cycle management and population health management programs. According to the National Center for Biotechnology Information, more than 21% of the elderly in India reportedly have at least one chronic disease.

Figure 1. Global Life Sciences Analytics Market Share (%), by Region, 2021

Life Sciences Analytics  | Coherent Market Insights

Global Life Sciences Analytics Market Drivers:

Increasing prevalence of non-communicable diseases across the globe is expected to augment the growth of the global life sciences analytics market during the forecast period. For instance, according to the World Health Organization (WHO), noncommunicable diseases (NCDs), such as heart disease, diabetes, cancer, stroke, and chronic lung disease, are collectively responsible for almost 70% of all deaths worldwide. Noncommunicable diseases (NCDs) kill around 41 million people each year, equivalent to 71% of all deaths worldwide.

Growing adoption of analytics solutions is expected to boost growth of the global life sciences analytics market during the forecast period. For instance, life science organizations/companies and other healthcare industry players increasing adoption of analytics by life science companies to align their sales & marketing campaigns. In February 2019, Clarivate Analytics launched a Life Science Alliances Program to provide drug and medical device developers with a new way to significantly advance their research and development and commercialization initiatives.

Global Life Sciences Analytics Market Opportunities:

Increasing adoption of analytics for sales and marketing applications in life science companies is expected to offer robust growth opportunities for players in the life sciences analytics market. For instance, life science companies and other healthcare industry players increasing adoption of analytics by life science companies to align their sales and marketing campaigns. According to the 2021 ISG Provider Lens Life Sciences Digital Services Report, life sciences companies in the European region are interested in using analytics to support marketing and sales efforts and optimize supply chain operations.

Increase in focus on the drug development is expected to provide lucrative growth opportunities for players in the global life sciences analytics market. For instance, in June 2020, Malvern Panalytical and Concept Life Sciences launched Amplify Analytics, a range of highly flexible services designed to help pharmaceutical companies rapidly identify those drug candidates that meet bioavailability & processability requirements, speeding & de-risking drug development. Each element is designed to enable fast, reliable decision-making on the suitability of the drug candidate for the further development.

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Life Sciences Analytics Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 8,740.0 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2028
Forecast Period 2022 to 2028 CAGR: 7.9% 2028 Value Projection: US$ 14,789.7 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Product Type: Descriptive Analytics, Predictive Analytics, Prescriptive Analytics
  • By Application: Research and Development, Supply Chain Analytics, Sales and Marketing, Other Applications
  • By Component: Services, Software
  • By End User: Clinical Research Institutions, Pharmaceutical and Biotechnology Companies, Medical Device Companies, Other End Users
Companies covered:

Apollo Intelligence, SERMA Group, M3 (EU) Ltd., Dynata, Wipro Limited, SAS Institute Inc., IQVIA, Oracle Corporation, MaxisIT, IBM Corporation, Cognizant, Accenture, EXL Service (SCIOInspire Corp.), and TAKE Solutions Limited, among others.

Growth Drivers:
  • High prevalence of non-communicable diseases
  • Increasing adoption of analytics solutions
Restraints & Challenges:
  • High cost of implementation
  • Lack of skilled personnel

Global Life Sciences Analytics Market Trends:

Rising adoption of web-hosted and cloud-deployed analytical solutions is expected to propel growth of the global life sciences analytics market. For instance, in March 2022, Snowflake announced the launch of the Healthcare & Life Sciences Data Cloud to enable organizations to securely centralize, integrate, and exchange critical/sensitive data at scale. Snowflake ensures high levels of data security and governance, and its built-in capabilities and extended partner network allow companies to meet compliance requirements and satisfy industry regulations.

Need for improved data standardization is expected to drive growth of the global life sciences analytics market. For instance, in June 2020, Oracle Health Sciences introduced Clinical One Data Collection Cloud Service. This software can integrate data from multiple sources into a single platform, which in turn helps improve the speed and efficiency of clinical trial studies. ​

Global Life Sciences Analytics Market Restraints:

High cost of implementation is expected to hamper growth of the global life sciences analytics market. For instance, according to the Clinical Trial Management Software Pricing Guide and Cost Comparison by Capterra, CANTAB costs about US$ 30,000, MEDAS-HIMS costs about US$ 25,000, and TrialPoint Software costs about US$ 15,000. This further indicates the cost of data analytics products to be high.

Lack of skilled personnel or dearth of skilled professionals is expected to hinder growth of the life sciences analytics market. The data scientist shortage leaves some organizations unable to employ data science to aid the decision-making process. Both big & small businesses are using data analytics to make informed decisions, thus increasing the competition for finding quality candidates. This demand for data analysts is probably the biggest reason for the shortage of data analysts in the hiring market.

Figure 2. Global Life Sciences Analytics Market Share (%), by Product Type, 2021

Life Sciences Analytics  | Coherent Market Insights

Global Life Sciences Analytics Market Segmentation:

The global life sciences analytics market report is segmented into Product Type, Application, Component, End-User, and Region.

Based on Product Type, the market is segmented into Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics. Of which, Descriptive Analytics Segment is expected to dominate the life sciences analytics market over the forecast period and this is attributed to the increasing demand for quantifiable, descriptive analysis based on historic datasets to derive data-driven analysis to better understand the current business scenario.

Predictive Analytics Segment is also expected to witness significant growth in the near future and this is due to the growing adoption of advanced analytical solutions and favorable strategies and tactics to enhance market performance.

Based on Application, the market is segmented into Research & Development, Supply Chain Analytics, Sales & Marketing, and Other Applications. Of which, Research and Development Segment is expected to dominate the market over the forecast period and this is attributed to the increasing adoption of analytical solutions in drug discovery and development and clinical trial management systems.

Sales & Marketing Segment is also expected to witness significant growth in the near future and this is owing to the growing adoption of analytical solutions in sales and marketing to boost sales and design effective and impactful marketing campaigns.

Based on Component, the market is segmented into Services and Software. Of which, Both Segments are expected to dominate the market during the forecast period and this is attributed to the increasing adoption of analytical solutions.

Based on End User, the life sciences analytics market is segmented into Clinical Research Institutions, Pharmaceutical and Biotechnology Companies, Medical Device Companies, and Other End Users. Out of which, All Segments are expected to dominate the market during the forecast period and this is attributed to the rise in prevalence of non-communicable diseases.

Global Life Sciences Analytics Market: Key Developments

In February 2022, Clinixir Company Limited selected Oracle’s innovative clinical research and pharmacovigilance solutions as its eClinical platform. Clinixir chose Oracle Health Sciences Clinical One Cloud Service for its comprehensive, end-to-end technology capabilities and breadth of applications.

In August 2021, Accenture Federal Services (AFS), a subsidiary of Accenture PLC, completed acquisition of Novetta, a McLean, Virginia-based advanced analytics company.

In July 2021, Philips  & Cognizant  teamed up  to  develop  end-to-end  digital health  solutions  that  will  enable  healthcare organizations and life sciences companies to improve patient care and accelerate clinical trials.

In March 2021, Cleveland Clinic and IBM teamed up to establish the Discovery Accelerator, a joint Cleveland Clinic - IBM centre to fundamentally advancing the pace of the discovery in healthcare and life sciences through the use of artificial intelligence (AI), quantum computing technologies, and high-performance computing on the hybrid cloud.

Global Life Sciences Analytics Market: Key Companies Insights

The global life sciences analytics market is highly competitive. This is attributed to the rising adoption of analytics solutions in pharmaceuticals and clinical trials, as a result, players in the market are focusing on launching novel analytics solutions in the market.

Some of the key players in the global life sciences analytics market are:

Apollo Intelligence, SERMA Group, M3 (EU) Ltd., Dynata, Wipro Limited, SAS Institute Inc., IQVIA, Oracle Corporation, MaxisIT, IBM Corporation, Cognizant, Accenture, EXL Service (SCIOInspire Corp.), and TAKE Solutions Limited, among others.

*Definition: Life sciences analytics is the process of clinical data analysis which provides predictive tools for better patient care. The application of analytics has emerged as a helpful tool for pharmaceutical, biotechnological, and medical device companies, as it helps overcome challenges in data integration and enhance operational efficiency.

Life sciences analytics is the process of clinical data analysis which provides predictive tools for better patient care. It is an analytical application used in medical device, pharmaceutical, and biotechnological companies, clinical research organizations, and various divisions, such as research, marketing, supply chain, pharmacovigilance, and others. The application of analytics has emerged as a helpful tool for several pharmaceutical, biotechnological, and medical device enterprises, as it helps overcome various challenges and enhance operational efficiency.

Market Dynamics:

Increasing adoption of analytics solutions in pharmaceuticals and clinical trials, emergence of advanced analytics method in life science companies, need for improved patient outcomes, and growing pressure to reduce healthcare spending are some major factors expected to aid in the growth the global life sciences analytics market.

In July 2022, Charles River Associates announced the launch of its new data analytics suite, the Healthcare Claims Analytics Platform (HCAP), at the World Orphan Drug Congress USA 2022 in Boston. Developed by CRA’s Life Sciences Practice, HCAP is a modular, dynamic, data-visualization tool that provides streamlined analysis of patient, Health Care Practitioner, and Health Care Organization data to support insight generation and decision-making.

In February 2020, IQVIA announced the launch of the Avacare Clinical Research Network, a technology-based worldwide site network that allows for extra clinical trials to be conducted at established clinical and research facilities. The Avacare Clinical Research Network expands research and clinical alternatives for patients. According to IQVIA, the analytical techniques allow Avacare's network sites to swiftly and efficiently connect patients to clinical trials.

Key features of the study:

  • This report provides in-depth analysis of the global life sciences analytics market, and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022–2028), considering 2021 as the base year.
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
  • It profiles key players in the global life sciences analytics market based on the following parameters such as company highlights, products portfolio, key highlights, financial performance, and strategies.
  • Key companies covered as a part of this study include Apollo Intelligence, SERMA Group, M3 (EU) Ltd., Dynata, Wipro Limited, SAS Institute Inc., Oracle Corporation, MaxisIT, IBM Corporation, Cognizant, Accenture, EXL Service (SCIOInspire Corp.), IQVIA, and TAKE Solutions Limited, among others.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
  • The global life sciences analytics market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global life sciences analytics market.

Detailed Segmentation:

  • Global Life Sciences Analytics Market By Product Type:
    • Descriptive Analytics
    • Predictive Analytics
    • Prescriptive Analytics
  • Global Life Sciences Analytics Market By Application:
    • Research and Development
    • Supply Chain Analytics
    • Sales and Marketing
    • Other Applications
  • Global Life Sciences Analytics Market By Component:
    • Services
    • Software
  • Global Life Sciences Analytics Market By End User:
    • Clinical Research Institutions
    • Pharmaceutical and Biotechnology Companies
    • Medical Device Companies
    • Other End Users
  • Global Life Sciences Analytics Market By Geography:
    • North America
    • Europe
    • Asia-Pacific
    • South America
    • Middle East & Africa
  • Company Profiles
    • Apollo Intelligence,
    • SERMA Group,
    • M3 (EU) Ltd.,
    • Dynata,
    • Wipro Limited,
    • SAS Institute Inc.,
    • IQVIA,
    • Oracle Corporation,
    • MaxisIT,
    • IBM Corporation,
    • Cognizant,
    • Accenture,
    • EXL Service (SCIOInspire Corp.)
    • TAKE Solutions Limited

Frequently Asked Questions

The global life sciences analytics market size is estimated to be valued at US$ 8,740.0 Million in 2022 and is expected to exhibit a CAGR of 7.9% between 2022 and 2028.
High prevalence of non-communicable diseases and increasing adoption of analytics solutions is fueling the growth of the market.
Descriptive analytics segment is the leading product type segment in the market.
High cost of implementation and lack of skilled personnel are some major factors restraining growth of the market.
Major players operating in the market include Apollo Intelligence, SERMA Group, M3 (EU) Ltd., Dynata, Wipro Limited, SAS Institute Inc., IQVIA, Oracle Corporation, MaxisIT, IBM Corporation, Cognizant, Accenture, EXL Service (SCIOInspire Corp.), and TAKE Solutions Limited, among others.

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