Life Science Analytics Market Share & Growth | Forecast 2031

Report Description

The global life science analytics market size was valued at around USD 8.5 billion in 2021 and is anticipated to expand at a CAGR of around 7.9% during the forecast period, 2022–2030. The growth of the market is attributed to rising influence of social media and the internet, which directly affects patient engagement for adoption of analytical solutions.

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Life science analysis is an analytical process which utilizes research data and provides predictive tools for patient care, plant breeding, and genetics. Study of living entities, such as microorganisms, plants, animals, humans, and fungus generate massive amounts of data, which can be retrieved and examined. Life science analytics has applications in pharmaceuticals, medical device firms, clinical research organizations, clinical trials, and pharmacovigilance. The analytics procedures are enabled by Artificial Intelligence (AI). Consumers merely need to pose a question to the analytics, and the solution will respond automatically in minimum time based on billions of data points. Life science analytics aids in optimizing drug discovery and improving the efficiency of clinical trials. R&D process and clinical research produce huge data, with the help of life science analytics pharma companies can identify potential of any drug present in the market.

The COVID-19 pandemic contributed to an increase in demand for analytics, and led to multiple clinical studies conducted by research organization to generate COVID–19 vaccines. Market participants are using artificial intelligence and data analytics in the life sciences sector. Researchers use these tools to accomplish tasks, such as tracking hospital capacity to identify high-risk patients. Scientists believe that these technologies are essential in planning for future disasters.

Market Trends, Drivers, Restraints, and Opportunities

• Emergence of advanced analytics in life science companies is expected to drive the market.
• Rising healthcare cost and surging demand for improved patient outcomes are anticipated to propel the market during the forecast period.
• Growing demand for personalized medicine is expected to boost the market in the coming years.
• Theft issues and data privacy are projected to hinder the market.
• Lack of skilled professionals is anticipated to hamper the market during the forecast period.
• Government investments in research and development is expected to create lucrative opportunities for the market players. 

Scope of the Report

The report on the global life science analytics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Pharmacovigilance segment to expand at a considerable CAGR

On the basis of applications, the life science analytics market is segmented into preclinical trials, clinical trials, and pharmacovigilance. The pharmacovigilance segment is projected to expand at a considerable CAGR during the forecast period, as it includes advanced compliance, safety data reporting, and analytics. The clinical trials segment is anticipated to account for a major market share during the forecast period, owing to rising adoption of analytical solutions in clinical trial management systems and drug discovery & development.

Descriptive segment to hold a significant share of the market

In terms of types, the market is divided into descriptive, prescriptive, reporting, and predictive. The descriptive segment is expected to hold a significant share of the market in the coming years, due to rising demand for quantifiable analysis based on historic datasets to derive future trends and outcomes. The predictive segment accounts for a significant market share, owing to increasing adoption of advanced analytical solutions in predictions of future trends and rising demand for predictive analytics by stakeholders to develop appropriate strategies and tactics to enhance market performance.

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Pharmaceutical & Biotechnology segment to register substantial CAGR

Based on end-users, the life science analytics market is segmented into pharmaceutical & biotechnology companies, research centres, medical devices companies, and third-party administrators. The pharmaceutical & biotechnology segment is projected to register substantial CAGR during the forecast period, due to rising demand for adoption of analytical solutions in efficient resource management, drug discovery & development, and clinical trials. The biotechnology companies segment is anticipated to grow at a rapid pace during the forecast period, owing to increasing adoption of analytical solutions in genome sequencing and analysis.

North America is anticipated to constitute a key market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the forecast period, owing to increasing digital literacy and advancements in healthcare IT infrastructure. The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to the presence of key market players in the region.

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