Life sciences analytics is used to accelerate the development of new drugs, optimize clinical trials, and monitor patient behavior. The analytics solutions adoption in clinical trials as well as pharmaceuticals increasing around the world. Moreover, several life science companies are adopting advanced analytical technique, and this is likely to push the market growth of life science analytics. Furthermore, rise in demand to reduce healthcare expenditure and growing demand for better patient outcomes are likely to drive the market growth.
The global life sciences analytics market was valued at US$ 8,740.0 Mn in 2021 and is forecast to reach a value of US$ 14,789.7 Mn by 2028 at a CAGR of 7.9% between 2022 and 2028.
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The number of non-communicable disease cases is growing all over the world, which is expected to propel growth of the global life sciences analytics market over the forecast period. For instance, as per the World Health Organization (WHO) data, nearly 70% of people around the globe die due to noncommunicable diseases such as cancer, heart disease, stroke, diabetes and lung diseases. These diseases cause death of nearly 41 million individuals every year globally.
Moreover, rising analytics solutions adoption is also expected to fuel growth of the global life sciences analytics market during the forecast period. For instance, in February 2019, Calrivate Analytics announced the launch of a Life Science Alliance Program aimed at providing novel solutions to improve R&D and for commercialization initiatives to developers of drugs as well as medical devices.
Factors such as dearth of trained professionals and high implementation cost are likely to obstruct growth of the global life sciences analytics market over the forecast period. Due to lack of data scientists, companies cannot deploy data science to support the process of decision making. For instance, as per the data of Clinical Trial Management Software Pricing Guide and Cost Comparison from Capterra, the cost of CANTAB is nearly US$ 30,000, TrialPoint Software US$ 15,000, and the cost of MEDAS-HIMS is nearly US$ 25, 000.
Analytics is increasingly being adopted for marketing and sales applications in life science companies, which is likely to create various growth opportunities for the players in the market. For instance, as per the ISG Provider Lens Life Sciences Digital Services Report 2021, the life science organization in Europe are using analytics for supporting sales and marketing efforts and for optimizing supply chains activities.
Furthermore, growing focus of market players on development of new drugs is also expected to offer various growth opportunities in the global life sciences analytics market during the forecast period. For instance, in June 2020, Malvern Panalytical and Concept Life Science announced the launch of a range of highly flexible services, Amplify Analytics, which is designed for helping pharma companies to fasten identification of drug candidates meeting requirements for bioavailability and processability.
Growing adoption of cloud-deployed and web-hosted analytical solutions is growing trend, which is projected to fuel growth of the global life sciences analytics market during the forecast period. For instance, in March 2022, Snowflake introduced the Healthcare & Life Sciences data scale to ensure security and governance of high levels of data.
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Furthermore, growing demand for data standardization is also a growing market trend, which is anticipated to augment growth of the global life sciences analytics market during the forecast period. For instance, in June 2020, Oracle Health Sciences launched Clinical One Data Collection Cloud Service, to offer integration of data from different sources into one platform.
North America among regions is anticipated to witness substantial growth in the global life sciences analytics market during the forecast period. This is due to growing cases of non-communicable diseases in the region. For instance, as per the U.S. CDC (Centers for Disease Control and Prevention) data, the leading causes of disability and deaths in the United States are chronic diseases such as cancer, diabetes and heart diseases.
Moreover, Asia Pacific is also anticipated to witness significant growth in the global life sciences analytics market during the forecast period, owing to rise in number of old age populations and growing chronic disease prevalence across the region. For instance, as per the data of National Center for Biotechnology Information, the rate of geriatric people with chronic condition is more than 21% in India.
Major players functioning in the global life sciences analytics market are TAKE Solutions Limited, Apollo Intelligence, EXL Service (SCIOInspire Corp.), SERMA Group, Accenture, M3 (EU) Ltd., Cognizant, Dynata, IBM Corporation, Wipro Limited, MaxisIT, SAS Institute Inc., Oracle Corporation, and IQVIA
- February 2022: Clinixir Company Limited adopted new clinical research and pharmacovigilance solutions of Oracle, Oracle Health Sciences Clinical One Cloud Service as company’s eClinical platform.
- August 2021: Accenture Federal Services (AFS), acquired Novetta, a Mclean, advanced analytical company.
- July 2021: Philips partnered with Cognizant for development of end-to-end digital health solutions to enable life science and health care companies enhance patient care.
- March 2021: Cleveland Clinic announced the partnership with IBP for establishing the Discovery Accelerator, a joint center for advancing the discovery pace in life science and healthcare with the use of AI, high performance computing and quantum computing technologies on the hybrid cloud.
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Reasons to buy this Life Sciences Analytics Market Report
☑ It attempts an analysis of the competing scenario.
☑ The current and exceptional product revenue market.
☑ An in-depth data on the regional investigation and competitive landscape structure.
☑ It benefits in creating an awareness of the important key product segments.
☑ The marketing strategies, opportunities, and development factors are explained.
☑ Life Sciences Analytics market size estimation and recent advancements in the industry are explained.
The Study Objectives are:
✔ A comprehensive insight into key players operating in the Life Sciences Analytics Market and their corresponding data.
✔ It includes product portfolio, annual revenue, expenditure on research and development, geographical presence, key developments in recent years, and growth strategies.
✔ Regional analysis, which includes insight into the dominant market and corresponding market share.
✔ It also includes various socio-economic factors affecting the evolution of the market in the region.
✔ The report offers a comprehensive insight into different individuals from value chains such as raw materials suppliers, distributors, and stockholders.
Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Life Sciences Analytics Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Life Sciences Analytics Industry Impact
Chapter 2 Global Life Sciences Analytics Competition by Types, Applications, and Top Regions and Countries
2.1 Global Life Sciences Analytics (Volume and Value) by Type
2.3 Global Life Sciences Analytics (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Life Sciences Analytics Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Life Sciences Analytics Market Analysis
Chapter 6 East Asia Life Sciences Analytics Market Analysis
Chapter 7 Europe Life Sciences Analytics Market Analysis
Chapter 8 South Asia Life Sciences Analytics Market Analysis
Chapter 9 Southeast Asia Life Sciences Analytics Market Analysis
Chapter 10 Middle East Life Sciences Analytics Market Analysis
Chapter 11 Africa Life Sciences Analytics Market Analysis
Chapter 12 Oceania Life Sciences Analytics Market Analysis
Chapter 13 South America Life Sciences Analytics Market Analysis
Chapter 14 Company Profiles and Key Figures in Life Sciences Analytics Business
Chapter 15 Global Life Sciences Analytics Market Forecast (2022-2028)
Chapter 16 Conclusions
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