Global Life Science Analytics Market To Be Driven By The Growing Use Of Digitisation As A Strategy In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Life Science Analytics Market Analysis, Size, Share, Trends, Growth, Report and Forecast 2023-2031’, gives an in-depth analysis of the global life science analytics market, assessing the market based on its segments like product, end-use, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2031)
- Historical Market Size (2022): USD 9.0 billion
- Forecast CAGR (2023-2031): 8.10%
- Forecast Market Size (2031): USD 18.1 billion
Pharmaceutical companies have been increasingly considering digitisation as a strategy in recent years which can help transform various components of their value chain and make them more efficient and profitable.
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Companies are increasing their manufacturing skills, sales and marketing effectiveness, and compliance management with the aid of digital technology like mobility and ubiquitous computing, big data, and analytics.
Analytics technologies are being incorporated into manufacturing processes to automatically capture unit operations data, and several research and development labs are going paperless. This method has aided in the reduction of process times and errors, which is expected to be a major factor that will drive the growth of the market over the forecast period.
Life Science Analytics Industry Definition and Major Segments
Analytics has emerged as a useful tool for a number of pharmaceutical, biotechnological, and medical device companies, as these options help solve data integration problems and improve operational performance.
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Based on product, the industry is divided as:
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
Based on end-use, the industry can be segmented as:
- Clinical Research Institution
- Pharmaceuticals and Biotechnology Companies
- Medical Device Companies
- Others
Based on application, the industry can be divided into:
- Research and Development
- Supply Chain Analytics
- Sales and Marketing
- Others
Regionally, the market is classified into:
- North America
- Latin America
- Europe
- Middle East and Africa
- Asia Pacific
Life Science Analytics Market Trends
One of the primary drivers driving the market’s favourable outlook is significant growth in the life science industry, which is accompanied by an increased demand for analytical insights for clinical trials. Other growth-inducing factors include technological advancements such as the creation of new telemedicine, mhealth, and e-prescribing systems.
These analytics solutions are also commonly used to generate precision and tailored medicines, which rely on precise genomic data from patients with specific medical needs. Improvements in existing healthcare infrastructure, and intensive research and development (R&D) operations, are expected to propel the industry even further. The market is also growing due to the extensive usage of life science analytics solutions for data standardisation in the management of chronic diseases.
Key Market Players
The major players in the market are Accenture PLC, Cognizant Technology Solutions Corp, IBM Corporation, MaxisIT Inc., Oracle Corporation, IQVIA Holding Inc., SAS Institute Inc., SCIOInspire Corp., TAKE Solutions Limited, and Wipro Limited.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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