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The life sciences analytics market size is estimated to grow by USD 7.83 billion accelerating at a CAGR of 12.02% between 2023 and 2028.
Life Sciences Analytics Market Share
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the life sciences analytics market growth is the increasing adoption of EHRs. EHRs are essentially a digital collection of medical information of patients.EHRs and EMRs are mainly used for the storage of information about patients in electronic documents. In addition, EHR systems automate access to information and streamline hospital workflows.
Moreover, the digital records that are collected through EHRs and EMRs can be shared across devices that are connected to a network. Therefore, physicians and doctors can use EHRs to access medical histories, diagnoses, medications, treatment plans, immunization dates, allergies, radiology /images, and test results of patients. Hence, the increasing adoption of EHRs in healthcare institutions positively impacts the market. Therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the life sciences analytics market growth is the increasing focus on value-based medicine. Value in health care can be referred to as the measured improvement in a person's health outcomes for the cost of achieving that improvement. In addition, value-based health care (VBHC) is a framework for restructuring healthcare systems with the overarching goal of value for patients, with value defined as health outcomes per unit of costs.
Moreover, value-based healthcare is a method of providing medical care in which hospitals and doctors are compensated according to the progress of their patient's health. Furthermore, value-based care agreements pay providers to assist patients in living healthier lives, reducing the effects and incidence of chronic disease, and improving their overall health. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
The high implementation cost of life sciences analytics is one of the key challenges hindering the life sciences analytics market growth. The upfront costs related to the implementation of life sciences analytics solutions can limit the adoption by some organizations, particularly smaller ones or those in resource-constrained regions. In addition, even larger organizations may face budget constraints that prevent them from making substantial investments in analytics.
Moreover, budget limitations can lead to slower adoption or a reluctance to commit to analytics projects. In addition, investing a significant portion of the budget in analytics implementation may divert resources from other critical healthcare and research initiatives. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The deployment segment is classified into cloud and on-premises. The end-user segment is classified into pharmaceutical companies, biotechnology companies, and others. The geography segment includes key regions such as North America, Europe, Asia, and the Rest of the World (ROW).
The cloud segment is estimated to witness significant growth during the forecast period. Cloud-based analytics is essentially a service that examines the rapid evolution of cloud business models and displays cloud service ideas and approaches. In addition, healthcare cloud-based analytics is applied to obtain real-world, evidence-based decision-making authority. As a result, this has enabled steady improvement in patient health and hygiene, which is fuelled by the upkeep of patient care facilities.
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The cloud segment was the largest segment and was valued at USD 4.44 billion in 2018. Moreover, the cloud-based life science software does not require additional software installation as the data is maintained at the market players' data centers. In addition, the users can access the data on a subscription basis. Furthermore, the end-users pay a monthly subscription fee that includes maintenance and system upgrades. In addition, cloud-based analytics offers advantages such as unified collaboration enhanced operational efficiency, and advanced analytics. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the main factors that are significantly contributing to the growth of the market in North America include the demand for security, easy access to data, and the need for effective patient information management. In addition, the US and Canada are the key contributors to the healthcare analytics market in North America. SAS Institute, Oracle, and Veeva Systems are some of the major market players in the healthcare analytics market in the region.
Moreover, the US and Canada have been early adopters of advanced technologies, such as machine learning, predictive analytics, and quantum and cognitive computing, across business processes, which help these countries adopt industrial automation across all industry verticals, including life sciences analytics. Hence, such factors drive the market growth in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Accenture Plc: The company offers life sciences analytics solutions such as Intient.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
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Life Sciences Analytics Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.02% |
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Market growth 2024-2028 |
USD 7.83 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
11.5 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 36% |
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Key countries |
US, Germany, France, UK, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Accenture Plc, Alteryx Inc., Amazon.com Inc., Cognizant Technology Solutions Corp., Cotiviti Inc., ExlService Holdings Inc., International Business Machines Corp., IQVIA Holdings Inc., MaxisIT Inc., Microsoft Corp., Oracle Corp., Pyramid Analytics BV, SAS Institute Inc., Sisense Ltd., TAKE Solutions Ltd., ThoughtSphere, ThoughtSpot Inc., UnitedHealth Group Inc., Veradigm LLC, and Wipro Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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