Life Science Analytics Market Size and Forecasts 2027
Life Science Analytics Market in terms of revenue was estimated to be worth $27.1 billion in 2022 and is poised to reach $47.5 billion by 2027, growing at a CAGR of 11.8% from 2022 to 2027 according to a new report by MarketsandMarkets™. The life science analytics market is mainly driven by factors such as rising technological advancements in analytical solutions and increasing adoption of analytics for sales and marketing applications. However, high implementation costs and data privacy concerns are expected to restrain the growth of this market to a certain extent.
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Browse in-depth TOC on "Life Science Analytics Market"
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Key Market Players of Life Science Analytics Industry:
Prominent players in this market include Oracle (US), IBM (US), SAS Institute Inc. (US), Accenture (Ireland), IQVIA Inc, (US), Cognizant (US), Wipro (India), Allscripts Healthcare, LLC (US), Optum, Inc. (US), Microsoft (US), MaxisIT (US), ExlService Holdings, Inc. (US), Cerner Corporation (US), Cotiviti, Inc. (US), Inovalon (US), CitiusTech Inc (US), Saama Technologies, LLC. (US), Axtria (US), Clarivate (UK), ThoughtSphere (US), ThoughtSpot Inc. (US), Alteryx, Inc. (US), Sisense Inc. (US), Amazon Web Services, Inc., and Veeva Systems (US).
Life Science Analytics Market Dynamics:
Drivers:
- 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
- Growing pressure to curb healthcare spending and the need for improved patient outcomes
Restraints:
- High implementation costs
Opportunities:
- Increasing focus on value-based medicine
- Use of analytics in precision and personalized medicine
- Use of big data analytics to increase R&D productivity
- Emergence of social media and its impact on the life science industry
Challenges:
- Data privacy issues
- Data integration in the life science ecosystem
- Dearth of skilled personnel
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North America is expected to hold the largest share of the life science analytics market
Based on region, the life science analytics market is divided into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Factors such as growing adoption of IT in the life science industry, rising pressure to reduce healthcare costs and presence of leading players are driving the growth in North American market.
The research report categorizes the life science analytics market to forecast revenue and analyze trends (life science industry trends) in each of the following submarkets:
By Type
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
By Component
- Services
- Software
By Delivery Model
- On-premise model
- On-demand model
By Application
- Research & Development
- Preclinical Trials
- Clinical Trials
- Sales & Marketing
- Regulatory Compliance
- Supply Chain Optimization
- Pharmacovigilance
By End User
- Pharmaceutical & Biotechnology Companies
- Medical Device Companies
- Research Centers
- Third-party Administrators
By Region
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
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