Life Science Analytics Market by Type (Predictive, Descriptive, Prescriptive), Application(Sales & Marketing, Regulatory Compliance, R&D, Pharmacovigilance), Component(Software, Service), Delivery (On Premise, On Demand), End User -Global Forecast to 2027

Life Science Analytics Market by Type (Predictive, Descriptive, Prescriptive), Application(Sales & Marketing, Regulatory Compliance, R&D, Pharmacovigilance), Component(Software, Service), Delivery (On Premise, On Demand), End User -Global Forecast to 2027

The life science analytics market is projected to reach USD 47.5 billion by 2027 from USD 27.1 billion in 2022, at a CAGR of 11.8% during the forecast period. Growth in this market is mainly driven by rising pressure to curb healthcare spending, the rising need for improved data standardization, and the increasing adoption of analytical solutions in clinical trials. On the other hand, a high implementation price is expected to restrain the growth of this market.

Descriptive analytics type segment holds the largest share of the life science analytics market in 2021”

On the basis of type, the life science analytics market is bifurcated into descriptive, predictive, and prescriptive analytics. The descriptive analytics segment accounted for the largest market share in 2021. Due to its ability to confirm the synergistic integration of predictions and prescriptions, prescriptive analytics segment is projected to grow at the highest CAGR during the forecast period.

“Services segment accounted for the largest share of the life science analytics market in 2021.”

On the basis of component, the life science analytics market is bifurcated into services and software. The services segment accounted for the largest market share in 2021 and is expected to register the highest growth during the forecast period. The large share and high growth in this segment can be attributed to the frequent need for services such as software upgrades and maintenance.

“Asia Pacific to be the fastest-growing regional market in 2021.”

On the basis of region, the life science analytics market is bifurcated into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2021, North America accounted for the largest market share. The large share of this market is attributed to the strong economies in the US and Canada, which have allowed for considerable investments in technology in this region. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period. Factors such as the rising adoption of advanced technologies, the increasing growth in the life science industry, and the growing focus of major players on increasing their presence in emerging APAC countries are expected to drive market growth in this regional segment.

The primary interviews conducted for this report can be categorized as follows:

By Company Type: Tier 1 (32%), Tier 2 (44%), and Tier 3 (24%)

By Designation: C-level (30%), D-level (34%), and Others (36%)

By Region: North America (40%), Europe (28%), Asia Pacific (20%), and the RoW (12%)

Prominent players in this market include Oracle (US), IBM (US), SAS Institute Inc. (US), Accenture (Ireland), IQVIA Inc, (US), Cognizant (US), Wipro (India), Allscripts Healthcare, LLC (US), Optum, Inc. (US), Microsoft (US), MaxisIT (US), ExlService Holdings, Inc. (US), Cerner Corporation (US), Cotiviti, Inc. (US), Inovalon (US), CitiusTech Inc (US), Saama Technologies, LLC. (US), Axtria (US), Clarivate (UK), ThoughtSphere (US), ThoughtSpot Inc. (US), Alteryx, Inc. (US), Sisense Inc. (US), Amazon Web Services, Inc., and Veeva Systems (US).

Research Coverage:

This report provides a picture of the life science analytics market. It aims at estimating the size and future growth potential of the market across different segments, such as type, component, deployment model, application, end user, and region. The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.

Key Benefits of Buying the Report:

The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall life science analytics market and its subsegments. This report will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. It will also enable stakeholders to understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities.