Global Life Science Analytics Market to Grow at 11.97% During 2024-2032, Bolstered by Several Technological Advancements

May 27, 2021 | Healthcare

According to the latest report by IMARC Group, titled “Life Science Analytics Market Report by Type (Reporting, Descriptive, Predictive, Prescriptive), Component (Software, Services), Deployment Mode (On-demand, On-premises), Application (Research and Development, Sales and Marketing Support, Supply Chain Analytics, Pharmacovigilance (PV), and Others), End Use (Medical Devices, Pharmaceutical, Biotechnology, and Others), and Region 2024-2032, the global life science analytics market is expected to exhibit a CAGR of 11.97% during 2024-2032. Life science analytics refers to the process that provides predictive tools for better patient care and accurate clinical research information. Various pharmaceutical and life science companies are extensively employing analytics in life sciences to overcome unpredictable demands, data integration challenges, and operational inefficiencies. Life science analytics also helps standardize clinical trial data and validates its adherence across medical research organizations, pharmaceuticals, medical device companies, research, supply chain, and pharmacovigilance. In recent years, life science analytics has gained prominence as it aids in the early detection of potential risks while enabling the system to address the risks. Moreover, it also efficiently processes third-party data and decrypts the complexities of the organizational setup.

Global Life Science Analytics Market Trends:

The global life science analytics market is primarily driven by the increasing utilization of advanced analytics in life science applications to assess risks, evaluate the effectiveness of clinical trials, provide personalized medicine, and develop a faster and productive research and development (R&D) pipeline. Besides this, life science analytics is employed in the medical sector with the integration of artificial intelligence (AI) to develop precision and personalized medicines that use specific genomic data of the patients with specific medical requirements. Furthermore, the increasing need for improved data standardization, the rising prevalence of chronic diseases and pressure to reduce healthcare spending and the development of innovative telemedicine, mHealth and e-prescribing tools are some of the factors that are positively influencing the market growth.

Market Summary:

  • Based on the type, the market has been segmented into reporting, descriptive, predictive, and prescriptive analytics.
  • On the basis of the component, the market has been bifurcated into software and services.
  • The market has been categorized based on the deployment mode into on-demand and on-premises.
  • On the basis of the application, the market has been segregated into research and development, sales and marketing support, supply chain analytics, pharmacovigilance (PV), and others.
  • Based on the end use, the market has been classified into medical devices, pharmaceuticals, biotechnology and others.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined, with some of the key players being Accenture Plc, Cognizant, Infosys Limited, International Business Machines Corporation, IQVIA Inc., Oracle Corporation, Rockwell Automation Inc., SAS Institute Inc., TAKE Solutions Limited and Wipro Limited.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Component, Deployment Mode, Application, End Use, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Accenture Plc, Cognizant, Infosys Limited, International Business Machines Corporation, IQVIA Inc., Oracle Corporation, Rockwell Automation Inc., SAS Institute Inc., TAKE Solutions Limited and Wipro Limited
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Life Science Analytics Market to Grow at 11.97% During 2024-2032, Bolstered by Several Technological Advancements
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