“Technological advancements, the need for improved data standardization, and the growing adoption of analytics solutions in clinical trials are the key factors driving the life science analytics market.”
The life science analytics market is projected to reach USD 33.2 billion by 2024 from USD 19.3 billion in 2019, at a CAGR of 11.5% during the forecast period. Growth in this market is mainly driven by technological advancements, big data in the life science industry, growing adoption of analytics solutions in clinical trials, increasing adoption of analytics for sales and marketing applications, need for improved data standardization, increasing prevalence of chronic diseases, and growing pressure to curb healthcare spending. On the other hand, high implementation costs are expected to restrain the growth of this market to a certain extent
“Prescriptive analytics segment to grow at the highest CAGR during the forecast period.”
Based on type, the life science analytics market is segmented into descriptive, predictive, and prescriptive analytics. The descriptive analytics segment accounted for the largest share of the life science analytics market in 2018, while the prescriptive analytics segment is projected to grow at the highest CAGR during the forecast period due to its ability to ensure the synergistic integration of predictions and prescriptions.
“Services segment accounted for the largest share of the life science analytics market in 2019.”
On the basis of component, the life science analytics market is segmented into services and software. The services segment accounted for the largest market share in 2018 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 recurring need for services such as software upgrades and maintenance.
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“Asia to be the fastest-growing regional market.”
By region, the life science analytics market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America accounted for the largest market share in 2018. The large share of this market is attributed to the strong economies in the US and Canada, which have allowed for significant investments in technology in this region. However, Asia is expected to grow at the highest CAGR during the forecast period. Factors such as growing R&D investments, increase in drug development-based research, rising pressure to comply with regulatory requirements, and low manufacturing costs in the region are supporting the growth of the life science analytics market in Asia.
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 (20%), and the RoW (12%)
List of Companies Profiled in the Report
- IBM Corporation (US)
- SAS Institute, Inc. (US)
- Oracle Corporation (US)
- Quintiles, Inc. (US)
- Accenture (Ireland)
- Cognizant (US)
- Wipro Limited (India)
- MaxisIT Inc. (US)
- TAKE Solutions (India)
- SCIO Health Analytics (US)
- 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.