“Global Life Science Analytics Software Market to reach a market value of USD 53.3 Billion by 2030 growing at a CAGR of 9.3%”
The Global Life Science Analytics Software Market size is expected to reach $53.3 billion by 2030, rising at a market growth of 9.3% CAGR during the forecast period.
Predictive analytics in sales help forecast demand, optimize inventory levels, and streamline sales planning. Life science companies can leverage these insights to ensure product availability, minimize stockouts, and improve overall supply chain management. Consequently, the sales and marketing support segment is acquiring a 9.8 % share of the market by 2030. Analytics provides a competitive edge by offering insights into market trends, competitor strategies, and pricing dynamics.
The major strategies followed by the market participants are Partnerships, Collaborations & Agreements as the key developmental strategy to keep pace with the changing demands of end users. For instance, In January 2024, Cognizant Technology Solutions Corporation entered into a partnership with Fortera, Inc., a clinical development and patient access solutions provider. Under this partnership, Fortera intends to keep progressing its mission and providing solutions to pharmaceutical, biotechnology, and medical device customers, as well as to the patients served by those customers. In November 2023, Wipro Limited, an IT service and consulting company, entered into a partnership with Amazon Web Services, Inc., a cloud service provider. Under this partnership, Wipro has unveiled the Lab of the Future, with the aim of empowering the life sciences industry with a modern, efficient, and collaborative laboratory solution. Additionally, to deliver advanced lab performance, the companies will utilize generative AI, advanced analytics, and a helpful business strategy.
Based on the Analysis presented in the KBV Cardinal matrix; Oracle Corporation and Accenture PLC are the forerunners in the Market. In February 2024, Oracle Life Sciences, a division of Oracle Corporation, expanded its partnership with Obvio Health USA, Inc., a digital clinical trials company. Through this extended partnership, the companies will make it possible to efficiently gather, combine, and analyze health data from various sources during clinical trials worldwide, including participants, clinicians, devices, and labs. And Companies such as Cognizant Technology Solutions Corporation, IQVIA Holdings, Inc., and Wipro Limited are some of the key innovators in the Market.
Life sciences data is often heterogeneous and comes from disparate sources. Analytics software helps process and integrate this data, allowing for a comprehensive view and analysis. Advanced analytics, including machine learning and data mining, can identify patterns and trends within the data that may not be apparent through traditional analysis methods. Thus, these aspects will assist in the growth of the market.
Personalized medicine often involves analyzing an individual's genetic information to understand the genetic variations that may influence disease susceptibility, progression, and response to treatment. Analytics tools are crucial in interpreting and identifying relevant patterns within vast genomic datasets. Therefore, these aspects will boost the demand for life science analytics software.
Analytics software often involves the processing and analysis of sensitive information. Implementing robust encryption measures and access controls is essential to protect patient data from unauthorized access or breaches. Hence, these aspects can hamper the growth of the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships, Collaborations & Agreements.
On the basis of component, the market is divided into software and services. The software segment recorded the maximum 58.56 % revenue share in the market in 2022. There is a heightened emphasis on leveraging data to inform decision-making processes across various aspects of the life sciences, including drug discovery, clinical trials, patient care, and public health. Hence, the segment will grow rapidly in the upcoming years.
Based on product, the market is segmented into prescriptive analytics, descriptive analytics, and predictive analytics. In 2022, the prescriptive analytics segment garnered a 28.32 % revenue share in the market. In the pharmaceutical and biotechnology industry, prescriptive analytics aids in optimizing the drug development process. This proactive approach accelerates decision-making and improves the chances of successful drug discovery. Therefore, the segment will expand rapidly in the upcoming years.
Based on end user, the market is divided into pharmaceutical & biotechnology companies, medical device companies, research centers, and third-party administrators. The pharmaceutical and biotechnology companies segment recorded a 52.19 % revenue share in the market in 2022. Analytics tools are utilized to optimize the design and execution of clinical trials. This leads to more cost-effective and efficient clinical trials. Therefore, these aspects will boost the demand in the segment.
Based on delivery model, the market is segmented into on-premises and cloud. The on-premises segment held a 41.7 % revenue share in the market in 2022. On-premises solutions give organizations greater control over their analytics software's customization and configuration. Therefore, owing to these factors, the segment will witness increased demand in the coming years.
On the basis of application, the market is divided into research & development, sales and marketing support, regulatory compliance, supply chain analytics, and pharmacovigilance. The research and development segment recorded the 42.44 % revenue share in the market in 2022. Advanced analytics tools enable researchers to analyze vast datasets, including genomics, proteomics, and metabolomics data, leading to identifying potential drug candidates with greater efficiency. Therefore, these factors will assist in the growth of the segment.
Free Valuable Insights: Global Life Science Analytics Software Market size to reach USD 53.3 Billion by 2030
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe segment acquired a 29.58 % revenue share in the market. European countries have been actively investing in research and development (R&D) initiatives in the life sciences. The demand for analytics software is driven by the need to analyze and derive insights from complex biological data generated through these initiatives. Therefore, these factors will lead to increased demand in the segment.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 26.5 Billion |
| Market size forecast in 2030 | USD 53.3 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 9.3% from 2023 to 2030 |
| Number of Pages | 338 |
| Number of Tables | 543 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Component, Product, Delivery Model, Application, End User, Region |
| Country scope |
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| Companies Included | Accenture PLC, Wipro Limited, Oracle Corporation, SAS Institute, Inc., Cognizant Technology Solutions Corporation, TIBCO Software, Inc. (Vista Equity Partners Management, LLC), IQVIA Holdings, Inc., ExlService Holdings, Inc., MaxisIT Inc., Take Solutions Limited |
By Component
By Product
By End User
By Delivery Model
By Application
By Geography
This Market size is expected to reach $53.3 billion by 2030.
Increasing volume of healthcare data are driving the Market in coming years, however, Data Security And Privacy Concerns restraints the growth of the Market.
Accenture PLC, Wipro Limited, Oracle Corporation, SAS Institute, Inc., Cognizant Technology Solutions Corporation, TIBCO Software, Inc. (Vista Equity Partners Management, LLC), IQVIA Holdings, Inc., ExlService Holdings, Inc., MaxisIT Inc., Take Solutions Limited
The expected CAGR of this Market is 9.3% from 2023 to 2030.
The Cloud segment is leading the Market by Delivery Model in 2022 there by, achieving a market value of $31.8 billion by 2030.
The North America region dominated the Market by Region in 2022 there by, achieving a market value of $19.5 billion by 2030, growing at a CAGR of 8.6 % during the forecast period.
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