According to P&S Intelligence, the life science analytics market garnered $8,078.8 million in 2021, and it is projected to generate $18,386.0 million by 2030, advancing at a rate of 9.6%. The rising prominence of the early detection of diseases with existing data analysis, to provide support in understanding prescription and treatment patterns, is the strongest reason for the market growth.
Higher Efficiency of Descriptive Analytics
Descriptive analytics help identify trends and relationships, for studying current and historical data. It is the easiest data analysis form due to its ability to describe trends and relationships, which is why these solutions generate over 35% of the revenue for healthcare IT firms.
The rising footfall of patients, surging availability of function-specific analytics software, and growing cloud-based life sciences solutions demand are expected to propel the analytics software adoption in the future. In addition, the large-scale utilization of big data analytics by healthcare, pharmaceutical, and medical device enterprises is why descriptive analysis solutions are so popular.
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Predictive Analytics Following Closely behind
Predictive analytics is substantially utilized by life sciences companies, which are implementing business intelligence solutions for allowing themselves a more-agile approach to operations. This is due to the numerous challenges faced by the life sciences sector while dealing with healthcare reforms navigation, innovation, value delivery, and improving supply chains.
Rising Penetration of Multinational Companies
The demand for services is projected to rise the fastest due to the growing penetration of multinational companies in the life sciences sector, such as Accenture, Oracle, and IBM. These companies provide a whole range of services in consulting, strategy, operations, and technology, to help deliver more-personalized and improved healthcare and patient outcomes.
For instance, Accenture provides numerous services to the life sciences sector, such as research & development, medical technology, supply chain, cloud computing, and patient services. These solutions provide support in lowering costs, increasing engagement, and running a profitable business for healthcare companies, customers, and payors.
Prominence of On-Demand Analytics Solutions
The demand for on-demand analytics solutions will grow at a 9.7% CAGR, as they support users in altering approvals, implementing new technologies, carrying out regulatory planning and submissions procedures, and implementing RWE/D generation’s methodical use, storage, and analysis.
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Fastest Growth in Adoption of Life Science Analytics in APAC
The demand for life science analytics solutions is projected to experience the greatest growth in the APAC region, of 9.9%, in the future. This is led by the increasing prevalence of chronic diseases, expanding life sciences sector, and rising demand for cutting-edge technologies.
Countries such as China, India, and South Korea widely utilize analytics for extracting crucial insights from databases, led by the availability of a massively trained researcher and healthcare staff and growing analytics demand in numerous third-party BPS organizations.
Global Life Science Analytics Market Size Breakdown by Segment
By Type
- Reporting
- Descriptive
- Predictive
- Prescriptive
By Component
- Software
- Services
By Key Delivery
- On Demand
- On Premise
By Application
- Research and Development
- Sales and marketing Support
- Regulatory Compliance
- Supply Chain Analytics
- Pharmacovigilance
By End user
- Medical Devices
- Pharmaceuticals
- Biotechnology
Regional Analysis
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Spain
- Italy
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- South Africa
- Saudi Arabia
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