Global Life Science Analytics Market Size, Trends, by Type (Predictive, Descriptive, Perspective), By Application (Sales & Marketing, Regulatory Compliance, R&D, Pharma Covigilance), and By Component (Software, Services), by Delivery (On-Premises, On-Dema

Global Life Science Analytics Market Size, Trends, by Type (Predictive, Descriptive, Perspective), By Application (Sales & Marketing, Regulatory Compliance, R&D, Pharma Covigilance), and By Component (Software, Services), by Delivery (On-Premises, On-Demand), By End User (Medical Devices Companies, Research Centres, Third Party Administrations): Global Opportunity Analysis and Industry Forecast, 2023-2030.

Global Life Science Analytics Market

Global Life Science Analytics Market was valued at US$ 27.1 Bn in 2022, estimated to reach US$ 52.3 Bn by 2030, with a CAGR of 8.56% from 2023-2030.

Life sciences analytics is defined as any analytical application used in the pharmaceutical medical device companies, clinical research organizations, and numerous divisions, including research, marketing, pharmacovigilance, supply chain, and others. It is a process of clinical data analysis that offers predictive tools for better patient care.

Market Drivers

The need for improved patient outcomes, the rising adoption of analytics solutions in pharmaceuticals and clinical trials, the increasing pressure to cut healthcare spending, and the emergence of advanced analytics techniques in life science companies are the key drivers of the life sciences analytics market. The use of analytics in clinical trials is increasing as the process of conducting clinical trials has grown more challenging due to the involvement of several activities and the production of large amounts of data from multiple systems. The use of analytics for clinical trials is growing because of the evolving regulatory protocol requirements for clinical trial conduct and the difficulties in data collecting, analysis, and report compilation in a timely manner for submission to the health authority.

Market Restraints

Lack of skilled personnel and high implementation costs are expected to restrain the market growth during the forecast period.

Market Segmentation

The scope of the life science analytics market covers segmentation based on By Type, By Application, By component, By Delivery, By End User and by region.

By Type the market is segmented into Predictive, Descriptive, Perspective, By Application market is bifurcated into Sales & Marketing, Regulatory Compliance, R&D, Pharma Covigilance and By Component it is divided into Software and Services Further by Delivery the market is segmented into On-Premises, On-Demand,

Further the market is segmented By End User it is divided into Medical Devices Companies, Research Centres and Third-Party Administrations.

Regional Analysis

The global Life Science Analytics Market is segmented into 5 main regions, namely, North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

North America holds a significant share of the life science analytics market as the region is well-established in terms of healthcare R&D. In addition, a considerable rise in healthcare spending by the government and the increasing importance of life science analytics in drug development are other factors fueling the market growth in the region.

Key Players

Oracle, IBM, Sas Institute Inc., Accenture, IQVIA Inc., Cognizant, WIPRO, Allscripts LLC, Optum INC, Microsoft , etc.

Market Taxonomy

By Type

• Predictive
• Descriptive
• Perspective

• Sales & Marketing
• Regulatory Compliance
• R&D
• Pharma Covigilance

• Software
• Services

• On-Premises
• On-Demand

• Medical Devices Companies
• Research Centers
• Third Party Administrators

• North America
• U.S.
• Canada
• Mexico
• Latin America
• Brazil
• Argentina
• Colombia
• Peru
• Chile
• Venezuela
• Rest of Latin America
• Europe
• Germany
• France
• UK
• Russia
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• New Zealand
• Singapore
• Malaysia
• Rest of Asia Pacific
• Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest Middle East & Africa