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The Life Sciences Analytics Market size is estimated to grow by USD 7.83 billion at a CAGR of 12.02% between 2023 and 2028. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2018 to 2022, besides analyzing the current market scenario.
Big data can be referred to as the use of specific analytical tools to consolidate and analyze a significant amount of information created by the digitalization of business processes. Big Data has revolutionized the way of managing, analyzing, and leveraging data in every industry, and healthcare is one such sector that produces a significant amount of data. In addition, documentation is crucial in the healthcare industry owing to its major implication on end-users, including hospitals, clinics, physicians, and patients. Furthermore, factors such as up-to-date electronic health records of patients for better medical treatment, compulsory documentation owing to stringent policies of governments, and the increasing use of wearable devices to track patients' conditions are expanding the volume of health data. As a result, the adoption of this technology is expected to increase which is positively impacting the market.
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In the market, there's a burgeoning focus on leveraging data analytics to address key challenges across various sectors, including the on demand delivery segment and biopharma companies. Cutting-edge analytics techniques such as descriptive analytics, diagnostic analytics, and discovery analytics enable deeper insights into non-communicable diseases and chronic diseases. Moreover, advancements in analyzing human genome combinations facilitate groundbreaking discoveries in laboratories, driven by sophisticated business intelligence tools tailored for the life sciences industry. Technavio has segmented the market into Deployment, End-user, and Geography.
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.
Factors such as the increasing adoption of AI-based technologies for drug development and interventional studies by major pharmaceutical players are significantly contributing to the growth of this segment. In addition, clinical trials are fundamental for the growth of pharmaceutical and biotechnology companies, as drugs or biologics can only be launched and sold in the market once they go through successful testing in a lab on animals and then humans. Moreover, pharmaceutical and biotechnology companies face a lot of issues related to scrutiny over their clinical trials, which may lead to the loss of enormous amounts of money and time. As a result, it has become essential for pharmaceutical and biotechnology companies to give utmost importance to clinical trials by managing high-quality standard data generated by clinical trials. Furthermore, the need to manage data has increased the adoption of life sciences analytics. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
Life sciences analytics plays a crucial role in the field of biotechnology by harnessing data and computational methods to advance research, development, and decision-making processes. In addition, life sciences analytics helps identify potential drug targets by analyzing biological data, such as genomics, proteomics, and metabolomics, to pinpoint molecules or proteins involved in disease pathways. Furthermore, high-throughput screening data are analyzed to identify potential drug candidates from large chemical libraries. Moreover, machine learning and computational models are used to predict the pharmacokinetics, toxicity, and efficacy of drug candidates. 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 will 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.
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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. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Accenture Plc: The company offers life sciences analytics solutions such as Intient.
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.
In the market, there's a growing demand for solutions catering to the on-demand delivery segment and pharmaceutical segment. With a focus on addressing chronic disorders, advancements in medical imaging and smart staffing are crucial. Sophisticated analytics tools, including descriptive, diagnostic, discovery, and prescriptive analytics, along with data mining techniques and big data analytics, empower clinical trial designing and enhance supply chain management. These technologies aid in personalized medication, leveraging AI and ML, to improve patient care experience and develop life-saving medicines based on genomic information. There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
One of the key factors driving 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 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 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.
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The life sciences analytics market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecast report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
The market forecasting report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
In the market, stakeholders ranging from medical device companies to research centers are increasingly relying on advanced analytics to navigate various challenges. From risk management to pharmacovigilance, analytics tools enable descriptive, reporting, prescriptive, and predictive analysis, enhancing clinical outcomes and financial outcomes alike. With the rise of artificial intelligence algorithms, services in the life science industry are evolving, including outsourcing services and digital literacy initiatives. Web-hosted and cloud-deployed solutions facilitate data management and genome sequencing, empowering healthcare providers and professionals with actionable insights. The market leverages biosensors in life sciences to gather critical data, while integrating advanced solutions from global healthcare and life sciences ITO, ensuring comprehensive analytical capabilities.
Furthermore, as startups innovate in this space, the market continues to witness growth, driven by a focus on scientific and medical advances, paperless technologies, and robust data security measures. Further, in the market, stakeholders like life science companies, healthcare professionals, and research centers leverage advanced tools for clinical research, data capture, and therapeutics development. From preclinical trials to operational outcomes, analytics offer descriptive, reporting, and prescriptive analysis, empowering healthcare facilities and organizations. With a focus on quantifiable analysis and data generation, this market witnesses innovation in software components and life science analytics software, supported by robust healthcare IT infrastructure.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.02% |
Market Growth 2024-2028 |
USD 7.83 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
11.5 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 36% |
Key countries |
US, Germany, France, UK, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks, Life Sciences Analytics Market Industry Report |
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. |
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, and Market condition analysis for the forecast period. |
Customization purview |
If our Life Sciences Analytics Market 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
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