Life Science Analytics Market Size to Hit US$ 42.0 Bn by 2025
Growth in the Life Science Analytics Market is mainly driven by technological advancements, big data in the life science industry, need for improved data standardization, increasing prevalence of chronic diseases, growing adoption of analytics solutions in clinical trials, increasing adoption of analytics for sales marketing applications, growing pressure to curb healthcare spending, and the need for improved patient outcomes. On the other hand, high implementation costs are expected to restrain the growth of this market to a certain extent
According to the new market research report global Life Science Analytics Market size is expected to reach $42.0 billion by 2025 from $22.1 billion in 2020, at a CAGR of 13.7% during the forecast period of 2020 to 2025.
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Driver: Technological advancements
Over the last few years, pharmaceutical companies are increasingly considering digitization as a strategic initiative that can potentially help transform different components of their value chain to become more productive and profitable. With the help of digital technologies, such as mobility and pervasive computing, big data, and analytics, companies can effectively improve their RD productivity, manufacturing capabilities, sales and marketing effectiveness, and compliance management. In manufacturing processes, analytics technologies are being integrated to capture unit operations data automatically, and in RD, numerous labs are going paperless. This approach has helped reduce process times and minimize errors.
Restraints: High implementation costs
High costs make these solutions less affordable for small- and medium-sized pharma and biotech companies and CROs with limited budgets, thereby limiting their adoption. This trend is particularly evident in emerging economies, where it is always a struggle to secure budgets for IT over medical equipment.
Opportunities: Use of analytics in precision and personalized medicine
Precision medicine involves the use of genomic data of an individual to develop personalized medicine. Advanced analytics and predictive modeling applications can enable organizations to treat each patient in a personalized way to produce the best possible outcomes. Over the years, analytics has increasingly been used to develop personalized medicine, primarily for cancer and diabetes. To develop analytics-based solutions for precision health, various organizations are receiving grants to develop personalized medicine based on big data solutions.
- The descriptive analytics segment accounted for the largest share of the life science analytics market, by type, in 2019
- The sales marketing segment is projected to grow at the highest CAGR during the forecast period
- The pharmaceutical biotechnology companies segment accounted for the largest share of the life science analytics market in 2019.
- The Asia Pacific region is expected to show the highest growth rate during the forecast period.
The sales marketing segment is projected to grow at the highest CAGR during the forecast period
Based on application, the life science analytics market is segmented into research development (clinical trials and preclinical trials), sales marketing, regulatory compliance, supply chain optimization, and pharmacovigilance. The sales marketing segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment can be attributed to the increasing adoption of analytics by life science companies to align their sales marketing campaigns. The growing importance of post-marketing surveillance is also boosting the utilization of analytics for sales marketing.
The life science analytics market is a highly diversified and competitive market, with a large number of players, including mid-tier companies and startup firms, competing for market shares. SAS Institute, Inc. (US), IBM Corporation (US), Oracle Corporation (US), Quintiles, Inc. (US), Accenture (Ireland), Cognizant (US), Wipro (India), MaxisIT, Inc. (US), TAKE Solutions (India), and SCIO Health Analytics (US) are some of the key players in this market. These players have adopted various growth strategies, such as product launches upgrades; expansions; mergers acquisitions; and partnerships, agreements, and collaborations, to further expand their presence in the global market.
IBM Corporation (US)
IBM Corporation is one of the leading players in the life science analytics market. The company’s strong position in the market can be attributed to its brand recognition and extensive product offerings. The company focuses on inorganic as well as organic growth strategies such as acquisitions, collaborations, expansions, and product launches in order to expand its existing product portfolio and strengthen its market position. For instance, in June 2017, IBM and Cornell University announced a new collaboration using next-generation sequencing combined with big data analytics. In February 2017, the company launched the Watson Platform for Health Cloud and a specialized Watson Health Consulting Services unit. Such developments are expected to help the company to maintain its strong presence in the market.
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The Asia Pacific region is expected to show the highest growth rate during the forecast period.
On the basis of region, the life science analytics market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2019, North America accounted for the largest share of the market, followed by Europe. However, Asia is expected to grow at the highest CAGR during the forecast period owing to the increasing prevalence of chronic diseases, growth of the life science industry, rising adoption of advanced technologies, and the growing focus of major players on increasing their presence in emerging Asian countries.
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