Life Science Analytics Market By Component, By Type, By Application, By Delivery, By End User (Medical Devices, Pharmaceutical, Biotechnology)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027
The global Life Science Analytics market gathered revenue around USD 7.1 Billion in 2020 and market is set to grow USD 15.2 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 8.2% during the prediction period 2021 to 2027.
The growing need to improve patient outcomes and reduce healthcare costs is contributing to the growing demand for life science analytical solutions. The growing demand for personalized medicine and the rising impact of social media and the internet on shaping the healthcare industry are boosting growth. Furthermore, the growing adoption of analytical solutions and the emergence of advanced analytics for the life science industry is further driving the market during the forecast period.
The ongoing Covid-19 pandemic has burdened healthcare systems across the globe and is anticipated to drive the demand for analytics in the life science industry. Technological advancements during the pandemic have enabled healthcare systems to develop solutions to overcome physical limitations of capital and labor and open up new sources of value and growth. For instance, Moderna and IBM utilized artificial intelligence, cloud computing, and blockchain solutions to support Covid-19 vaccine management.
Based on component, the services segment accounted for the largest revenue share in 2020 owing to the increasing trend of outsourcing these services since healthcare and life science companies lack resources and capabilities to deploy analytical software and services. Additionally, the services segment is expected to exhibit the fastest growth during the forecast period owing to multi-package services offered by these outsourced companies.
In 2020, the descriptive type segment accounted for the largest revenue share owing to the growing demand for descriptive and quantifiable analysis using historic data. The growing need of understanding past behavior of consumers and serviceable audience to predict future market dynamics using data mining techniques are contributing to the growth of the descriptive type segment. On the other hand, the predictive type segment is anticipated to register the fastest-growing during the forecast period owing to the increasing adoption of advanced analytics to predict possible future outcomes and aids stakeholders in designing strategies and devise appropriate tactics to sustain and improve performance.
Based on the application, the sales and marketing support segment accounted for the largest revenue share in 2020 owing to the increasing adoption of big data analytics in the sales and marketing vertical of life science companies to attain higher consumer responsiveness and gain consumer insight to enhance sales productivity. On the other hand, the research and development segment is expected to exhibit the fastest growth during the forecast period owing to the growing pipeline of pharmaceutical and medical device companies. In addition, the segment is expected to experience an increase in demand for licensing products and technologies and would eventually contribute to the growth and development of the market.
In 2020, the on-premise delivery segment accounted for the highest revenue share owing to the ease of access from remote locations with minimized costs and maintenance. On the other hand, the on-demand delivery segment is anticipated to grow fast during the forecast period owing to the increasing adoption of cloud computing solutions. In addition, increased usage of the internet and web-based services and its enhanced accessibility from the most remote locations are contributing to segment growth.
Based on end-user, pharmaceutical companies accounted for the largest revenue share in 2020 owing to the rising adoption of analytical software solutions to enhance the efficiency of clinical trials and increase drug utilization. On the other hand, the biotechnology segment is anticipated to grow fast during the forecast period owing to the increasing adoption of analytics in genome analysis and sequencing to curb expenditure. In addition, the availability of personalized data analytic solutions is increasing the growth and development of the segment.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Life Science Analytics market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Life Science Analytics market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
|Market Size||USD 15.2 Billion by 2027|
|Growth Rate||CAGR of 8.2% From 2021 to 2027|
|Forecast Period||2021 to 2027|
|Historic Data||2017 to 2020|
|Report coverage||Growth Factors, Revenue Status, Competitive Landscape, and Future Trends|
|Segments Covered||Component, type, application, delivery, end-user and Region
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||Accenture; Cognizant; IBM; Wipro Limited; Take Solutions Limited; IQVIA; Oracle; SAS Institute, Inc|
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Life Science Analytics market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
North America dominated the life science analytics market and accounted for the largest revenue share of 51.2% in 2020, owing to factors such as developed and evolving healthcare infrastructure, growing geriatric population and rising prevalence of non-communicable diseases, widespread adoption of analytics and technological advancements, presence of key players, and evolving care models. Moreover, the adoption and implementation of advanced analytical solutions are increasing in various life science organizations.
In Asia Pacific, the market for life science analytics is anticipated to register the fastest growth rate during the forecast period. Developing healthcare infrastructure and facilities, increased healthcare expenditures, adoption of advanced technologies, and the presence of renowned players are factors propelling the market growth. In addition, infrastructure investments, regional expansion, economic development, and low-cost and high skilled workforce are few more factors driving the market for life science analytics in the region. Moreover, companies are devising entry strategies and mergers and acquisitions to cater to the European healthcare logistics and delivery services market. For instance, in April 2021, Wipro Limited acquired Ampion, Australian cybersecurity, DevOps, and quality engineering services, provider. The combined capabilities of the two companies will enable Wipro to cater to its clients with market agility solutions.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Life Science Analytics Market include: Accenture; Cognizant; IBM; Wipro Limited; Take Solutions Limited; IQVIA; Oracle; SAS Institute, Inc
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
- By Component
- By Type
- By Application
- Research and Development
- Sales and Marketing Support
- Regulatory Compliance
- Supply Chain Analytics
- By Delivery
- By End-user
- Medical Device
- United Kingdom
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Life Science Analytics market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Life Science Analytics market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Life Science Analytics markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Life Science Analytics Market Study:
- Growth of Life Science Analytics in 2021
- Market Estimates and Forecasts (2017-2027)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Life Science Analytics and How to Navigate
- Key Product Innovations and Regulatory Climate
- Life Science Analytics Consumption Analysis
- Life Science Analytics Production Analysis
- Life Science Analytics and Management