Life Science Analytics Industry Overview

The global life science analytics market size was valued at USD 9.0 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.6% from 2023 to 2030.

The life science industry is rapidly adopting analytics and relies on descriptive and reporting analysis in building databases and uses prescriptive and predictive analysis in estimating future trends and results, which is anticipated to propel the market growth. Another key driving force significantly impacting the life sciences industry is the rising influence of social media and the internet, which directly impacts patient engagement and drives the adoption of analytical solutions. Healthcare facilities and life science organizations are readily adopting analytical solutions to enhance clinical, financial, and operational outcomes and minimize healthcare expenditure, which will drive the market.

Gather more insights about the market drivers, restrains and growth of the Life Science Analytics Market

Life science organizations are rapidly implementing advanced analytics in their various functionalities such as supply chain, R&D activities, clinical trial designing, regulatory compliance, sales and marketing, and pharmacovigilance. Life science organizations and other healthcare industry stakeholders are rapidly adopting advanced data mining techniques and big data analytics to accurately analyze the population at high risk and strategize accordingly to drive the market. Healthcare financing organizations and government bodies are implementing predictive analytics in claims management and prevention of frauds, which is further boosting market growth.

The ongoing Covid-19 pandemic overburdened the existing healthcare systems and revealed the potential of advanced technologies in supporting the digitalization of healthcare. The Covid-19 pandemic directly impacted the demand for analytical solutions and the market for life science analytics witnessed a significant surge in adoption rates. Analytical solutions were being widely implemented in the management of vaccines, medical supplies, medicines, and other essential resources.

Browse through Grand View Research's Healthcare IT Industry Research Reports.

• The global eHealth market size was estimated at USD 346.87 billion in 2023 and is projected to grow at a CAGR of 18.2% from 2024 to 2030.
• The global mHealth market size was estimated at USD 62.7 billion in 2023 and is projected to grow at a CAGR of 14.1% from 2024 to 2030.

Life Science Analytics Market Segmentation

Grand View Research, has segmented the global life science analytics market on the basis of component, type, application, delivery, end-user, and region:

Life Science Analytics Component Outlook (Revenue, USD Million, 2018 - 2030)

• Software
• Services

Life Science Analytics Type Outlook (Revenue, USD Million, 2018 - 2030)

• Reporting
• Descriptive
• Predictive
• Prescriptive

Life Science Analytics Application Outlook (Revenue, USD Million, 2018 - 2030)

• Research and Development
• Sales and Marketing Support
• Regulatory Compliance
• Supply Chain Analytics
• Pharmacovigilance

Life Science Analytics Delivery Outlook (Revenue, USD Million, 2018 - 2030)

• On-demand
• On-premises

Life Science Analytics End User Outlook (Revenue, USD Million, 2018 - 2030)

• Medical Device
• Pharmaceutical
• Biotechnology
• Others

Life Science Analytics  Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Denmark
  • Sweden
  • Norway
• Asia Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
  • Thailand
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Kuwait

Key Companies profiled:

• Accenture
• Cognizant
• IBM
• Oracle
• SAS Institute, Inc.
• Wipro Limited
• IQVIA
• Take Solutions Limited

Key Life Science Analytics Company Insights

Some of the key participants in the market are developing advanced analytical solutions and systems. The companies are focusing on devising innovative product development strategies to expand their product offerings and revising their partnerships and collaborations across the market to expand their business footprint and cater to the growing demand for analytical solutions.

Life science organizations are implementing analytical solutions in delivering personalized medication and value-based care and combating the Covid-19 pandemic. For instance, in April 2021, IQVIA Connected Intelligence was launched for customers to use analytical solutions in discovering data-driven insights and support effective decision making. IQVIA integrated its expertise in healthcare analytics with innovative technologies to deliver Connected Intelligence solutions.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.