Life Science Analytics Market Growth & Trends

The global life science analytics market size is expected to reach USD 13.2 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.9% from 2020 to 2027. Rising applications of advanced analytics in life science applications and increasing demand from pharmaceutical and medicaldeviceindustry are the major parameters driving the market. Analytics are used widely used in the life science analytics industry to assess risk, assessment of the effectiveness of clinical trials, provide personalized medicine, develop faster and more productive research and development pipeline, forecasting profits, budgeting, controlling product price, and predict virus evolution.

Rising adoption of big data and artificial intelligence in the healthcare sector is estimated to drive the market during the forecast period. A survey conducted by Applied Clinical Trials in 2016 depicted that 58.0% of the clinical trials industry professionals considers big data in clinical trials as extremely important while 32.0% considered it moderately important. Furthermore, the growing impact of social media on healthcare sector is fueling the growth of the market. As of 2016, the CDC has 18 Facebook profiles with a reach of 370,000 populations; YouTube channel with over 8.8 million public views; 13 blogs; LinkedIn accounts; mobile apps, and many other reaches through social networking. The concept of social media is enabling the organizations to facilitate the integration of multiple information in a platform, rationalize the cost, and better targeting of providers and consumers (or patients).

mHealth, Electronic Health Records (EHR), eHealth,and mobile applications along with artificial and human intelligence data analytics are offering opportunities for customization of medical approaches, which in turn is increasing demand for data analytic tools in the life science industry over the forecast period. According to Personalized Medicine Coalition, the number of drugs manufactured by personal medicine approaches has grown by 62%, since 2012.Moreover, strategies adopted by key players such as partnerships, product launches, collaborations, mergers & acquisitions, and government initiatives is further boosting the market. For instance, in April 2016, IBM acquired Truven Health Analytics, a leading provider of cloud-based healthcare data and analytics, to strengthen its Watson Health portfolio. This was expected to give the company access to over 8,500 clients of Truven Health Analytics.

The report “Life Science Analytics Market Size, Share & Trends Analysis Report By Component, By Type (Reporting, Descriptive, Predictive, Prescriptive), By Application, By Delivery, By End User, By region, And Segment Forecasts, 2020 - 2027” is available now to Grand View Research customers and can also be purchased directly fromhttp://www.grandviewresearch.com/industry-analysis/life-science-analytics-market

Life Science Analytics Market Report Highlights

  • Descriptive analytics type emerged as leading ingredient typesegment in 2019 with a revenue share of 36.0% in the market
  • Based on components, the services segment accounted for the largest revenue share in 2019, and is also projected to expand at fastest CAGR during the forecast period
  • Amongst application segment, sales and marketing support accounted for the largest revenue share in 2019, whereas research and developmentis projected to expand at fastest CAGR during the forecast period
  • Amongst delivery segment,on-premisesaccounted for the largest revenue share in 2019, whereas on-demandis projected to expand at fastest CAGR during the forecast period
  • Based on end-user, the pharmaceuticals segment accounted for the largest revenue share in 2019, whereas biotechnology is projected to expand at fastest CAGR during the forecast period
  • North America accounted for the largest revenue share due to increasing government support and growing demand for analytics from life science companies