Life Science Analytics Market by Type (Descriptive Analytics, Diagnostic Analytics, Predictive Analytics), Deployment (On-Demand Delivery, On-Premise Delivery), End-User, Application - Global Forecast 2024-2030

[198 Pages Report] The Life Science Analytics Market size was estimated at USD 28.51 billion in 2023 and expected to reach USD 31.55 billion in 2024, at a CAGR 11.64% to reach USD 61.63 billion by 2030.

Life science analytics solutions create an impact that provides simple reporting solutions to descriptive and predictive analytic solutions. Life science analytics is required to track clinical trials and manage the companies' data, which helps understand the components needed for new drug discovery or development. There is an increase in the use of analytics in clinical trials since conducting clinical trials is complex as it includes numerous activities and generates high volumes of data from multiple systems. The rising adoption of analytics solutions in pharmaceuticals, growing pressure to decrease healthcare spending, and the demand for improved patient outcomes are increasing the adoption of life science analytics. However, the high cost associated with implementing analytics solutions and various data privacy and security concerns impedes the utilization of life science analytics. In addition, the emergence of advanced analytics and technological advancement in big data analytics and data mining techniques contribute to life science analytics development.

In the North American region, a considerable rise in healthcare spending by the government and the increasing importance of life science analytics in drug development fuel the growth of life science analytics market. The companies based in the United States are adopting new analytics solutions in their business, which include the analysis of clinical research data from the SAS database, helpful in early-stage drug development, and analyzing adverse event incidence and reporting in clinical trials. The introduction of the Affordable Care Act (ACA) in the United States is changing the regulatory framework, increasing scrutiny and reimbursing based on health outcomes. Most companies in the United States are implementing life science analytics independently or using third-party analytics services for support to meet the existing regulations. The 2021 ISG Provider Lens Life Sciences Digital Services Report revealed that life sciences companies in the European region are inclined toward using analytics to support marketing and sales efforts and optimize supply chain operations. Asia-Pacific is expected to witness significant growth due to the huge technological developments and the presence of major market players.

The market dynamics represent an ever-changing landscape of the Life Science Analytics Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

• Market Drivers
  • Increasing adoption of analytics solution by healthcare facilities and life science organizations to enhance clinical trials
  • Accelerating demand for personalized medication and inclination towards digital therapeutics
  • Growing need for improved data standardization of clinical research
• Market Restraints
  • High cost associated with the implementation of analytics solutions
• Market Opportunities
  • Technological advancement in data mining techniques and big data analytics
  • Favorable investment landscape to strengthen R&D in life science analytics
• Market Challenges
  • Concerns associated with data privacy and security

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Life Science Analytics Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Life Science Analytics Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Life Science Analytics Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

• Accenture Invests in Ocean Genomics to Accelerate AI-driven Drug Discovery and the Development of Personalized Medicines

  Accenture, a global professional services company, is investing in ocean genomics to pave the way for AI-driven drug discovery and the development of personalized medicines. The potential benefits of this investment are key to the life science analytics market, which has seen a significant increase in demand due to the ongoing COVID-19 pandemic. With the ocean being one of the largest sources of diverse genetic material, exploring its depths has the potential to provide valuable insights that could lead to the creation of new treatments and cures for diseases. Accenture's investment in ocean genomics demonstrates their commitment to advancing the life sciences industry and accelerating progress towards better healthcare outcomes. [Published On: February 16, 2023]

• Veradigm and HealthVerity Collaborate to Advance Real-World Evidence and Care for Patients with Cardiovascular Disease and Diabetes

  Veradigm and HealthVerity have recently announced a strategic collaboration focused on advancing real-world evidence capabilities in life science analytics. This collaboration is set to bring together the comprehensive health data from Veradigm with the privacy-centric technology of HealthVerity, creating a holistic platform that will support life science companies with their commercialization and drug development efforts. By tapping into real-world data sources, pharmaceutical companies can make more informed decisions that will help drive better patient outcomes. With this collaboration, Veradigm and HealthVerity aim to empower researchers and advance the use of real-world data in drug development, ultimately leading to better and more personalized patient care. [Published On: February 13, 2023]

• Accenture Expands Strategy Capabilities in Life Sciences with the Acquisition of Bionest

  Accenture, a leading global professional services company, has recently announced its acquisition of Bionest, a consulting firm specialized in the life sciences industry. This latest expansion of Accenture's strategy capabilities underscores its commitment to offer clients innovative and comprehensive solutions. With this acquisition, Accenture deepens its expertise in life science analytics, which it recognizes as a critical aspect to drive growth and deliver impact for its clients. It is clear that Accenture continues to invest in cutting-edge technology and talent to stay on the forefront of addressing the challenges and opportunities in the life sciences industry. This move further solidifies Accenture's position as a trusted partner to organizations across the spectrum of life sciences. [Published On: February 02, 2023]

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Life Science Analytics Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

The report delves into recent significant developments in the Life Science Analytics Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, AgilisiumConsulting Private Limited, Allscripts Healthcare, LLC, Alteryx, Inc., Amazon Web Services, Inc., Analytics8, LLC, Atrium Insight Inc., Avalere Health, Axtria Inc., AZIERTA LIFE SCIENCES & HEALTH CONSULTING FIRM S.L, Cambridge Semantics, Inc., CitiusTech Inc., Clarivate, Coforge, Cognizant Technology Solutions Corporation, Cotiviti Inc., EVERSANA, ExlService Holdings, Inc., Flagship Biosciences, Inc., Gramener Technology Solutions Private Limited, Infosys Limited, Inovalon, Insightsoftware by GS Topco GP, LLC, Instem PLC, International Business Machines Corporation, IQVIA Inc., KNIME AG, MaxisIT Inc., Microsoft Corporation, Optum, Inc. by UnitedHealth Group, Inc., Oracle Corporation, PerkinElmer Inc., QlikTech International AB, Quantzig, Real World Health (RwHealth), Saama Technologies, LLC, SAS Institute Inc., Siemens AG, Sisense Inc., Tableau Software, LLC, TAKE Solutions Limited, Teradata Corporation, The Chartis Group, ThoughtSphere, ThoughtSpot Inc., Veeva Systems, Vizlib Ltd, Whizdotai, Inc., Wipro Limited, and Zeta Analytics.

This research report categorizes the Life Science Analytics Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Type
  • Descriptive Analytics
  • Diagnostic Analytics
  • Predictive Analytics
  • Prescriptive Analytics
• Deployment
  • On-Demand Delivery
  • On-Premise Delivery
• End-User
  • Agricultural & Animal Health Research Centers
  • Medical Device Companies
  • Pharmaceutical & Biotechnology Companies
  • Third-Party Administrators
  • Universities & Educational Institutes
• Application
  • Pharmacovigilance
  • Regulatory Compliance
  • Research & Development
  • Sales & Marketing
  • Supply Chain Optimization

• Region
  • Americas
    • Argentina
    • Brazil
    • Canada
    • Mexico
    • United States
      • California
      • Florida
      • Illinois
      • New York
      • Ohio
      • Pennsylvania
      • Texas
  • Asia-Pacific
    • Australia
    • China
    • India
    • Indonesia
    • Japan
    • Malaysia
    • Philippines
    • Singapore
    • South Korea
    • Taiwan
    • Thailand
    • Vietnam
  • Europe, Middle East & Africa
    • Denmark
    • Egypt
    • Finland
    • France
    • Germany
    • Israel
    • Italy
    • Netherlands
    • Nigeria
    • Norway
    • Poland
    • Qatar
    • Russia
    • Saudi Arabia
    • South Africa
    • Spain
    • Sweden
    • Switzerland
    • Turkey
    • United Arab Emirates
    • United Kingdom

1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

1. What is the current market size and projected growth?
2. Which products, segments, applications, and regions offer promising investment opportunities?
3. What are the prevailing technology trends and regulatory frameworks?
4. What is the market share and positioning of the leading vendors?
5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?