The life science analytics market is projected to reach USD 42.0 billion by 2025 from USD 22.1 billion in 2020, at a CAGR of 13.7% during the forecast period.
Growth in this market is mainly driven by 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, and growing pressure to curb healthcare spending. On the other hand, high implementation costs are expected to restrain the growth of this market to a certain extent.
Prescriptive analytics segment to grow at the highest CAGR during the forecast period.
Based on type, the life science analytics market is segmented into descriptive, predictive, and prescriptive analytics. The descriptive analytics segment accounted for the largest share of the life science analytics market in 2019, while the prescriptive analytics segment is projected to grow at the highest CAGR during the forecast period due to its ability to ensure the synergistic integration of predictions and prescriptions.
Services segment accounted for the largest share of the life science analytics market in 2019.
Based on components, the life science analytics market is segmented into services and software. The services segment accounted for the largest market share in 2019 and is expected to register the highest growth during the forecast period. The large share and high growth in this segment can be attributed to the recurring need for services such as software upgrades and maintenance.
Asia Pacific is expected to record the highest growth rate during the forecast period.
By region, the life science analytics market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America accounted for the largest market share in 2019. The large share of this market is attributed to the strong economies in the US and Canada, which have allowed for significant investments in technology. However, Asia is expected to grow at the highest CAGR during the forecast period. Factors such as increasing R&D investments, an increase in drug development-based research, rising pressure to comply with regulatory requirements, and low manufacturing costs in the region are supporting the growth of the life science analytics market in Asia.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Life Science Analytics Market Overview 4.2 Life Science Analytics Market, by Type 4.3 Life Science Analytics Market, by End-user 4.4 Geographic Snapshot: Life Science Analytics Market
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 22.214.171.124 Technological Advancements 126.96.36.199 Big Data in the Life Science Industry 188.8.131.52 Growing Adoption of Analytics Solutions in Clinical Trials 184.108.40.206 Increasing Adoption of Analytics for Sales and Marketing Applications 220.127.116.11 Need for Improved Data Standardization 18.104.22.168 Increasing Prevalence of Chronic Diseases 22.214.171.124 Growing Pressure to Curb Healthcare Spending and the Need for Improved Patient Outcomes 5.2.2 Restraints 126.96.36.199 High Implementation Costs 5.2.3 Opportunities 188.8.131.52 Increasing Focus on Value-Based Medicine 184.108.40.206 Use of Analytics in Precision and Personalized Medicine 220.127.116.11 Use of Big Data Analytics to Increase R&D Productivity 18.104.22.168 Emergence of Social Media and Its Impact on the Life Science Industry 5.2.4 Challenges 22.214.171.124 Data Privacy Issues 126.96.36.199 Data Integration in the Life Science Ecosystem 188.8.131.52 Dearth of Skilled Personnel 5.3 Impact of the COVID-19 Pandemic on the Life Science Analytics Market
6 Life Science Analytics Market, by Type 6.1 Introduction 6.2 Descriptive Analytics 6.2.1 Descriptive Analytics Segment to Dominate the Life Science Analytics Market 6.3 Predictive Analytics 6.3.1 Predictive Analytics Solutions Can Help Increase the Accuracy of Data - A Key Factor Driving Market Growth 6.4 Prescriptive Analytics 6.4.1 Prescriptive Analytics Segment to Witness High Growth During the Forecast Period 7 Life Science Analytics Market, by Application 7.1 Introduction 7.2 Research & Development 7.2.1 Clinical Trials 184.108.40.206 Need to Streamline Clinical Trials and Reduce the Time and Cost of Drug Development to Drive the Demand for Analytics Solutions 7.2.2 Preclinical Trials 220.127.116.11 Analytics Solutions for Preclinical Trials Help in the Entire Discovery and Research Value Chain 7.3 Sales & Marketing 7.3.1 Sales & Marketing Analytics are Essential to Increase Revenue and Profitability 7.4 Pharmacovigilance 7.4.1 Players Operating in this Segment are Increasingly Focusing on New Product Launches 7.5 Regulatory Compliance 7.5.1 Stringent Requirements Have Supported the Need for Compliance Adherence Solutions 7.6 Supply Chain Optimization 7.6.1 Growing Need to Reduce Logistics Costs to Drive the Adoption of Analytics Solutions 8 Life Science Analytics Market, by Component 8.1 Introduction 8.2 Services 8.2.1 Services Form a Larger Component of the Life Science Analytics Market 8.3 Software 8.3.1 Life Science Analytics Software Solutions Enable Pharma-Biotech Companies to Manage Clinical Trials Data 9 Life Science Analytics Market, by Delivery Model 9.1 Introduction 9.2 On-Premise Delivery Model 9.2.1 On-Premise Solutions Offer Multi vendor Architecture, Which Lowers the Risk of Data Breaches & External Attacks 9.3 On-Demand Delivery Model 9.3.1 Increasing Volume of Data Generated Across the Life Science Industry Will Drive the Adoption of On-Demand Solutions
10 Life Science Analytics Market, by End-user 10.1 Introduction 10.2 Pharmaceutical and Biotechnology Companies 10.2.1 Pharmaceutical and Biotechnology Companies Segment to Register the Highest Growth During the Forecast Period 10.3 Medical Device Companies 10.3.1 Adoption of Big Data Analytics is Helping Medical Device Manufacturers Secure a Competitive Advantage in the Industry 10.4 Research Centers 10.4.1 Increasing Research Activities to Drive the Adoption of Analytics Solutions in this End-User Segment 10.5 Third-Party Administrators 10.5.1 Rising R&D Outsourcing by Life Science Companies to Drive the Growth of this End-User Segment
11 Life Science Analytics Market, by Region 11.1 Introduction 11.2 North America 11.3 Europe 11.4 Asia-Pacific 11.5 Rest of the World 12 Competitive Landscape 12.1 Overview 12.2 Market Evaluation Framework 12.3 Market Player Ranking 12.4 Competitive Situation and Trends 12.4.1 Product Launches 12.4.2 Expansions 12.4.3 Acquisitions 12.4.4 Agreements, Partnerships, and Collaborations
13 Company Evaluation Matrix and Company Profiles 13.1 Company Evaluation Matrix Definition & Methodology 13.2 Company Evaluation Matrix 13.2.1 Stars 13.2.2 Emerging Leaders 13.2.3 Pervasive Players 13.2.4 Participants 13.3 Competitive Leadership Mapping: Start-Ups/Smes 13.3.1 Progressive Companies 13.3.2 Starting Blocks 13.3.3 Responsive Companies 13.3.4 Dynamic Companies 13.4 Company Profiles 13.4.1 Overview 13.5 IBM Corporation 13.6 Oracle Corporation 13.7 Sas Institute Inc. 13.8 Accenture 13.9 Iqvia 13.10 Cognizant 13.11 Wipro Limited 13.12 Allscripts Healthcare Solutions, Inc. 13.13 Optum 13.14 Microsoft Corporation 13.15 Maxisit 13.16 Scio Health Analytics 13.17 Take Solutions 13.18 Cerner Corporation 13.19 Cotiviti Holdings, Inc. 13.20 Other Companies 13.20.1 Thoughtspot 13.20.2 Pyramid Analytics 13.20.3 Alteryx 13.20.4 Sisense 13.20.5 Amazon Web Services