Life Science Analytics Market Size, Share, And Growth Report 2032

Life Science Analytics Market Size

The global life science analytics market size was worth around USD 30.84 billion in 2023 and is predicted to grow to around USD 84.85 billion by 2032 with a compound annual growth rate (CAGR) of roughly 11.9% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the life science analytics market on a global and regional level.

Request Free Sample

Life Science Analytics Market: Overview

Life science analytics have enabled patients to have their health records at their fingertips. The patients look for expert advice and proactive care from the healthcare industry. According to an authentic study, the profits of analytics in life sciences are manifested in important areas, such as the early discovery of prescription and treatment patterns, planning the patient’s treatment to obtain best results, and achieving the operational excellence to drive through the intellectual journey of patient centricity.

The life science analytics solutions manage the transformation, analysis, and reporting of clinical trials data with a single and cloud-based life science analytics framework in an efficient manner. The life science industry is facing increasing regulatory oversights, low research and development productivity, and impact on digitization within its value chain. The regulatory environment is becoming more and more stringent. The cost of compliance is rising and there is a significant risk of non-compliance. Rising R&D expenditures, failing FDA approvals, and deteriorating outcomes have increased the adoption of life science analytics solutions globally.

Technological advancements related to analytics, cloud computing, big data, rising adoption rate of analytics solutions in the field of clinical trials, life sciences, rising adoption rate of analytics in the sales and marketing applications, increasing need for improved data regularization, alarming increase in the prevalence of chronic diseases, and rising need for improved patient outcomes are fuelling the global life science analytics market expansion. Moreover, the need for precise and personalized medicines and cloud-based life science analytics and the growing use of big data are driving the life science analytics market. Increasing healthcare costs to boost the demand for life science analytics would streamline the third-party processes and optimize the overall costs. However, the growing healthcare costs and analytics solution service charges may restrict the global life science analytics market expansion.

Request Free Sample

Life Science Analytics Market: Segmentation

The study provides a decisive view of the life science analytics market based on type, component, delivery mode, application, end-user, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

The type segment includes descriptive, predictive, and prescriptive.

The component segment includes software and services.

By delivery mode, the market is segmented into on-premises and on-demand.

The application segment includes clinical and preclinical trials, research and development, regulatory compliance, sales and marketing, supply chain management, and pharmacovigilance.

The end-user segment includes pharmaceutical and biotechnology companies, medical device companies, biomedical research centers, and third-party administrators.

Life Science Analytics Market: Report Scope

Life Science Analytics Market: Regional Analysis

The regional segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

By region, North America is expected to lead the global life science analytics market over the forecast time period and will be closely followed by Europe. The Asia Pacific life science analytics market is likely to experience a rapid rise in the compound annual growth rate.

Life Science Analytics Market: Competitive Players

Some key players of the global life science analytics market are:

• TAKE Solutions
• Accenture
• SAS Institute Inc 
• Oracle Corporation
• Quintiles Inc.
• Cognizant
• IBM Corporation
• Wipro Limited
• MaxisIT Inc.
• SCIO Health Analytics

The Global Life Science Analytics Market is segmented as follows:

Global Life Science Analytics Market: Type Analysis

• Descriptive
• Predictive
• Prescriptive

Global Life Science Analytics Market: Component Analysis

• Software
• Services

Global Life Science Analytics Market: Delivery Mode Analysis

• On-Premises
• On-Demand

Global Life Science Analytics Market: Application Analysis

• Clinical and Preclinical Trials
• Research and Development
• Regulatory Compliance
• Sales and Marketing
• Supply Chain Management
• Pharmacovigilance

Global Life Science Analytics Market: End-User Analysis

• Pharmaceutical and Biotechnology Companies
• Medical Device Companies
• Biomedical Research Centers
• Third-Party Administrators (TPA)

Global Life Science Analytics Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa