Life Science Analytics Market Forecasts to 2028 – Global Analysis By Component (Software, Hardware, Services), Type (Predictive Analytics, Prescriptive Analytics, Reporting, Descriptive Analytics), End User (Medical Device Companies, Clinics, Hospitals, L

Life Science Analytics Market Forecasts to 2028 – Global Analysis By Component (Software, Hardware, Services), Type (Predictive Analytics, Prescriptive Analytics, Reporting, Descriptive Analytics), End User (Medical Device Companies, Clinics, Hospitals, Laboratories), and By Geography

According to Stratistics MRC, the Global Life Science Analytics Market is accounted for $25.59 billion in 2021 and is expected to reach $71.46 billion by 2028 growing at a CAGR of 15.8% during the forecast period. Life science analytics aids in the optimization of drug development as well as the standardization of clinical studies. It facilitates data implementation for the fact-based analysis of predictive healthcare models. It makes it easy to process the third-party data and decrypts the complexities related to the organizational setup of the life science industry. It is a helpful tool that finds applications across various medical device, pharmaceutical, biotechnological, and life science companies. The main applications of analytics are regulatory compliance reporting, product/service enablement, and marketing/sales support.

The number of clinical trials has been increasing every year. For instance, as given by the National Institute of Health, in 2018, there were 293,322 clinical trial studies conducted, which increased to 325,845 in year 2019, and by the May 2020, the number of trails reached 338,568. The mentioned statistics indicates a rise in clinical trial studies and the requirement of tools to manage the data generated from these trials. Analytics in clinical trials is useful in understanding the outcome of the trial at each phase (Phase I, II, III, IV). This becomes a decisive factor in situations, such as whether to go forward with the trial or to stop the trial, submission of the clinical data report as required by regulatory authorities, at the earliest, and prevention of the delay of regulatory approval.

Market Dynamics:

Driver:

Technical developments

Over the last few years, pharmaceutical companies are increasingly considering digitization as a tactical initiative that can potentially help change dissimilar components of their value chain to become more prolific and gainful. With the help of digital technologies, such as mobility and pervasive computing, big data, and analytics, companies can effectively improve their R&D productivity, sales and marketing effectiveness, manufacturing capabilities, and compliance management. In manufacturing processes, analytics technologies are being integrated to capture unit operations data automatically, and in R&D, numerous labs are going paperless. This approach has helped reduce process times and minimize errors.

Restraint:

High functioning costs

High implementation costs make these solutions less affordable for small- and medium-sized pharma and biotech companies and CROs with limited budgets, thereby limiting their adoption. This trend is particularly evident in emerging economies, where it is always a struggle to secure budgets for IT over medical equipment. Due to their high price tags, these technologies aren't widely adopted by small & mid pharmaceutical and biotechnology enterprises, as well as contract research organizations. Emerging nations are especially vulnerable to this tendency since IT funds are often prioritized above medical equipment.

Opportunity:

Employ of analytics in accuracy and personalized medicine

Precision medicine involves the use of genomic data of an individual to develop personalized medicine. Advanced analytics and predictive modeling applications can enable organizations to treat each patient in a personalized way to produce the best possible outcomes. Over the years, analytics has increasingly been used to develop personalized medicine, primarily for cancer and diabetes. To develop analytics-based solutions for precision health, various organizations are receiving grants to develop personalized medicine based on big data solutions.

Threat:

Data privacy issues

The increasing numeral of databases shared with partners, research institutions, CROs, and software companies has augmented the peril of divulging sensitive patient information to undesired individuals. The Health Information Technology for Economic and Clinical Health Act (HITECH Act) in the US states that covered entities must protect individual health records and other identifiable health information by acquiring appropriate safeguards to protect privacy. The application of electronic tools for patient databases increases concerns regarding the safety and privacy of data. This creates a key challenge for pharmaceutical enterprises to comply with privacy policies while using analytics solutions.

The descriptive analytics segment is expected to be the largest during the forecast period

The descriptive analytics segment is estimated to have a lucrative growth, due to the significant usage of descriptive analytics by life science stakeholders to gain a better understanding of the past trends and events occurring in real-time. Descriptive analytics play crucial role in collecting, organizing, and presenting crucial healthcare data in proper manner. Also, the hospitals and healthcare establishments that adopted descriptive analytics can reap the benefits of utilizing more advanced level of predictive and prescriptive analytics to enhance patients’ outcome and boost revenue generation. Players use data mining techniques on descriptive datasets to derive future trends and outcomes. For instance, in December 2020, Accenture partnered with Trifacta to design efficient, advanced data mining techniques to support drug discovery procedures.

The pharmaceutical & biotechnology companies segment is expected to have the highest CAGR during the forecast period

The pharmaceutical & biotechnology companies segment is anticipated to witness the fastest CAGR growth during the forecast period, owing to the usage of analytical solutions by the biotechnology industry, high consumption of analytics solutions by these companies, the utilization of analytics in marketing and sales by pharmaceutical companies, and implementation of personalized data analytical solutions. As pharmaceutical and biotech companies are working on the development of new drugs or vaccines for this disease, they are also conducting trials for the same. Hence, as analytics is contributing to keeps the track of trial results on a large scale thus creating high demand in COVID-19 pandemic. Analytics in clinical research helps the pharmaceutical companies to analyze data, for the comparison of ongoing trials at different sites and populations, preparation of reports for submission to the regulatory authority, and for getting approvals.

Region with highest share:

North America is projected to hold the largest market share during the forecast period due to increasing digital literacy, the strong economies in the US and Canada, which have allowed for significant investments in technology in this region, advancements in healthcare IT infrastructure, the emergence of startups, and the presence of key market players & readiness to adopt analytical solutions. Growth in the North American market is supported by the growing adoption of IT in the life science industry, rising pressure to reduce healthcare costs, stringent regulations for the pharma-biotech and medical device industries, and the greater product and service availability in this region. North American market players are constantly focusing on product development and partnership strategies to expand their business offerings in North America.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period due to rising healthcare IT expenditures, growth of the life science industry, and the rising focus of major players on increasing their presence in emerging Asian countries. Key players are devising market entry strategies to expand their business presence in Asia Pacific. Also, dramatically growing prevalence of chronic diseases and rising adoption of advanced technologies such as AI and Machine learning (ML) might positively affect the APAC life science analytics market.

Key Players:

Key players in the market

Some of the key players profiled in the Life Science Analytics Market include IBM Corporation, SAS Institute Inc., Accenture Plc., Cognizant Technology Solutions Corporation, Allscripts Healthcare Solutions, IQVIA (Quintiles, Inc.), SAP SE, Oracle Corporation, Cerner Corporation, Microsoft, Wipro Limited, MaxisIT, Inc., Infosys Limited, McKesson Corporation, and Saama Technologies Inc.

Key Developments:

In July 2021, IBM entered an agreement to purchase Bluetab Solutions Group, S.L. in order to expand its data and hybrid cloud consulting services. Bluetab will join IBM's data services consulting division as a key component of the company's hybrid cloud and AI strategy.

In May 2020, Saama Technologies Inc. partnered with iNDX.Ai introduced the launch “new COVID-19 Command Center”. This platform is a combination of Saama’s Life Science Analytics Cloud (LSAC) and iNDX.Ai’s iCore Platform which will help the pharmaceutical companies to expedite the internal research and development programs for therapies to prevent and treat COVID-19.

In February 2020, IQVIA had launched Avacare Clinical Research Network that is a global-based site network, a technology-based global site network that opens opportunities for more clinical trials at experienced clinical and research sites. Avacare’s unique analytical tools help sites in Avacare’s network match patients to clinical trials faster and more effectively.

Components Covered:
• Software
• Hardware
• Services

Types Covered:
• Predictive Analytics
• Diagnostic Analytics
• Prescriptive Analytics
• Discovery Analytics
• Reporting
• Descriptive Analytics

Applications Covered:
• Regulatory Compliance
• Research & Development
• Pharmacovigilance (PV)
• Preclinical Trials
• Supply Chain Optimization
• Sales and Marketing Support
• Clinical Trials

End Users Covered:
• Medical Device Companies
• Clinics
• Third-Party Administrators
• Pharmaceutical & Biotechnology Companies
• Research Centers/Clinical Research Institutions
• Hospitals
• Laboratories

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances