Life Science Analytics Market, By Component (Software and Services), By Type (Reporting, Descriptive, Predictive, and Prescriptive), By Delivery Model (On-demand and On-premises), By Application (Research and Development, Sales and Marketing, Regulatory Compliance, Supply Chain Analytics, and Pharmacovigilance), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2029

Life science analytics refers to the computational analysis & evaluation of biological data. It consists of analytical tool for data integration & increase operational efficiency in pharmaceutical & life science sectors. Application based approach of Artificial Intelligence, Machine learning & technologically advanced devices in life sciences made descriptive, predictive & prescriptive analytical study possible. These technologies have applicability in various sectors like pharmacovigilance, drug discovery & development, clinical research, early disease diagnosis & development of effective treatment and early detection & analysis of potential risks, etc. This technology also ensures patient safety and also maintains regulatory compliance. It helps in suggesting the ways to reduce the trial costs without data compromising and study requirement. Life science analytics provide analytical solution which is used to develop personalized medicine which utilized specific genomic data of the patients. The Life Science Analytics Market accounted for US$ 51.3 billion in 2019 and is estimated to be US$ 117.1 billion by 2029 and is anticipated to register a CAGR of 8.7%.

Impact of Covid-19 pandemic on market

The ongoing Covid-19 pandemic significantly pressurized the healthcare systems and disrupted manufacturing, supply demand channels, payment cycles as well as on sales and revenue cycles, which develops negative impact on current economy. However, on the other hand, significant increase in the need for effective teleconsultation solutions due to rapid adoption of analytical solutions by organizations & key players for improved patient data management & enhancing the digitalization of healthcare factors. Also, due to development of this tool, organizations started implementation of advanced analytics in clinical decision & trial management system & data mining techniques.

Increasing number of chronic illnesses, development of life science sector & application-based approach of AI will drive the Global life science analytics market in future.

Significant development of life science industry, along with the increasing need of analytical insights for clinical trials, is one of the key factors creating a positive outlook for the market. Moreover, rising incidences of chronic diseases & data integration for chronic disease management is also driving the market growth. Improvements in current healthcare infrastructure, as well as intensive research and development (R&D) operations, are expected to propel the industry even further. Market players are now more focused on developing strategies to integrate AI-based algorithms into data analytics to efficiently mine data from health datasets. Increasing use of eHealth, mHealth, and electronic health records (EHR) & demand for its solution for management of data generated through it also represents the significant growth of this market.

Lack of skilled personnel, poor internet connectivity expected to hampers the Global life science analytics market in future.

There are few restrains to the market due to limitations associated life science analytics market which includes the lack of skilled staffs, illiteracy regarding use of advanced technology in poor countries, less availability of web-hosted and cloud-deployed analytical applications and solutions with proper internet connectivity expected to hamper the growth of the market in forecast period.

The global life science analyst market has been segmented into component, type, delivery mode, application and region.

The Component segment market is divided into Software and Services.

On the basis of Type of  the target market has been segmented as Reporting, Descriptive, Predictive, and Prescriptive.

Based on delivery mode, the market has been segmented into On-demand and On-premises.

On the basis of Application, the market has been segmented into Research and Development, Sales and Marketing, Regulatory Compliance, Supply Chain Analytics, and Pharmacovigilance.

Regional Insights:

On region the global life science analytics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is dominating the target market during forecast period due to growing digital literacy, advancements in healthcare IT infrastructure, the emergence of startups, the presence of key market players & readiness to adopt analytical solutions. Asia-Pacific is anticipated to register the fastest growth rate over the forecast period and this lucrative growth is attributed to the growing healthcare IT expenditures, developing healthcare infrastructure, the entry of key market players, and growing digital literacy. 

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029. For the purpose of this study, has segmented the global life science analytics market report based on component, type, delivery mode, application & region.

Global Life Science Analytics Market, By Region:

• North America
  • • • • U.S.
        • Canada
    • Europe
      • • Germany
        • UK
        • France
        • Russia
        • Italy
        • Rest of Europe
    • Asia Pacific
      • • China
        • India
        • Japan
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • • GCC
        • Israel
        • South Africa
        • Rest of Middle East & Africa

The key players operating in the global life science analytics market includes the prominent players such as Accenture PLC, SAS Institute, Inc., IBM Corporation, MaxisIT, Inc., Oracle Corporation, Wipro Limited, Cognizant Technology Solutions Corporation, SAP SE, Take Solutions, Inc., IQVIA, Inc.

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• Accenture PLC
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• SAS Institute, Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

•    IBM Corporation
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• MaxisIT, Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Oracle Corporation
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Wipro Limited
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Cognizant Technology Solutions Corporation
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• SAP SE
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Take Solutions, Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• IQVIA, Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

 “*” marked represents similar segmentation in other categories in the respective section