Global Life Science Analytics Software Market 2024-2031

Global Life Science Analytics Software Market 2024-2031

Global Life Science Analytics Software Market Size, Share & Trends Analysis Report by Component (Services and Software), by Delivery Model (On-Premise Model and On-Demand Model), and by Application (Research & Development, Clinical Trials, Sales & Marketing, Supply Chain Optimization, Pharmacovigilance, and Others), Forecast Period (2024-2031)

The global life science analytics software market is anticipated to grow at a significant CAGR of 13.3% during the forecast period (2024-2031). The growing adoption of analytics software in clinical trial and design applications is the key factor supporting the growth of the market globally. Analytical software is being used by market players to speed up the discovery of new medications by facilitating a more quantitative, reliable, and collaborative approach to clinical trial design. The market players are also focusing on introducing life science analytics software solutions that further bolster the market growth. For instance, in February 2023, Cytel Inc., a statistical software and advanced analytics provider in life sciences partnered with GSK to deploy the clinical strategy platform Solara. With the use of the platform, GSK is able to effectively coordinate trial objectives, manage trial uncertainties, and create pressure-tested clinical trial designs that save costs and time. The high cost of this software can restrain their market growth.

Segmental Outlook

The global life science analytics software market is segmented on the component, delivery model, and application. Based on the component, the market is sub-segmented into services and software. Based on the delivery model, the market is sub-segmented into the on-premise model and on-demand model. Further, based on application, the market is sub-segmented in research & development, clinical trials, sales & marketing, supply chain optimization, pharmacovigilance, and others (regulatory compliance). Among the components, the software sub-segment is anticipated to hold a considerable share of the market owing to the increasing application in drug discovery and validation, laboratory administration, running clinical trials, and creating new medical devices.

The Clinical Trials Sub-Segment is Anticipated to Hold a Considerable Share of the Global Life Science Analytics Software Market

Among the applications, the clinical trials sub-segment is expected to hold a considerable share of the global life science analytics software market. The segmental growth is attributed to the increasing adoption of life science analytics solutions in clinical trials that include pathology detection and the creation of viable treatment options broadening the boundaries for patient selection, quickly sorting through different aspects, and assisting researchers in more precisely identifying individuals who meet inclusion and exclusion criteria. Various Platforms offer AI and ML-enhanced software solutions to automate critical clinical development procedures and offer an in-depth overview of trial operations and patient progress in one place. For instance, in June 2023, Saama introduced an AI-driven data platform to accelerate clinical development. The unified platform of SaaS-based products to accompany its existing portfolio of customized solutions and services.

Regional Outlook

The global life science analytics software market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, Asia-Pacific is anticipated to exhibit the highest CAGR in the global market. The increasing investments in healthcare IT, building healthcare infrastructure, the emergence of major competitors, and rising investment in clinical trials are key contributing factors to the regional market growth.

North America Holds Major Share in the Global Life Science Analytics Software Market

Among all regions, the North American region holds the major share of the global market. Regional share is attributed to the increasing adoption of analytics solutions to process large volumes of complex data and produce in-depth insights, thereby improving the overall solution for precision medicine and clinical trials driving the growth of the market. Healthcare companies provide analytics solutions for developing patient perspectives throughout all stages of treatment. Using a single platform that unifies data and has a comprehensive set of analytics and machine learning features. For instance, in March 2022, Databricks launched the industry's lakehouse platform for organizations across the healthcare and life sciences industries. With a single platform for data management, analytics, and advanced AI use cases like disease prediction, medical image classification, and biomarker discovery, healthcare organizations can deliver on the promise of precision medicine.

Market Players Outlook

The major companies serving the life science analytics software market include Cognizant Technology Solutions Corp., IQVIA Inc., Microsoft Corp., Oracle Corp., Salesforce, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2022, Francisco acquired IBM Corp.'s wide range of analytic products and data sets, such as clinical development, imaging software, social program management, health insights, and Micromedex.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global life science analytics software market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.