Life Science Analytics Market Global Key Players, Demand, Growth, Trends, Application and Forecasts to 2027

PUNE, INDIA, February 14, 2023 /EINPresswire.com/ — The Life Science Analytics Market refers to the use of data analytics and business intelligence in the life science industry to improve research and development, clinical trials, sales and marketing, and other business functions. It includes various technologies such as big data analytics, predictive analytics, data visualization, and machine learning. The market is expected to grow due to the increasing adoption of data-driven decision-making in the life science industry, as well as the growing volume of data generated by advances in technology and healthcare.

The life science analytics market is projected to reach USD 47.5 billion by 2027 from USD 27.1 billion in 2022, at a CAGR of 11.8% during the forecast period. Growth in this market is mainly driven by rising pressure to curb healthcare spending, the rising need for improved data standardization, and the increasing adoption of analytical solutions in clinical trials. On the other hand, a high implementation price is expected to restrain the growth of this market.

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Descriptive analytics type segment holds the largest share of the life science analytics market in 2021”

On the basis of type, the life science analytics market is bifurcated into descriptive, predictive, and prescriptive analytics. The descriptive analytics segment accounted for the largest market share in 2021. Due to its ability to confirm the synergistic integration of predictions and prescriptions, prescriptive analytics segment is projected to grow at the highest CAGR during the forecast period.

“Services segment accounted for the largest share of the life science analytics market in 2021.”

On the basis of component, the life science analytics market is bifurcated into services and software. The services segment accounted for the largest market share in 2021 and is expected to register the highest growth during the forecast period. The large share and high growth in this segment can be attributed to the frequent need for services such as software upgrades and maintenance.

“Asia Pacific to be the fastest-growing regional market in 2021.”

On the basis of region, the life science analytics market is bifurcated into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2021, North America accounted for the largest market share. The large share of this market is attributed to the strong economies in the US and Canada, which have allowed for considerable investments in technology in this region. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period. Factors such as the rising adoption of advanced technologies, the increasing growth in the life science industry, and the growing focus of major players on increasing their presence in emerging APAC countries are expected to drive market growth in this regional segment.

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The primary interviews conducted for this report can be categorized as follows:

By Company Type: Tier 1 (32%), Tier 2 (44%), and Tier 3 (24%)
By Designation: C-level (30%), D-level (34%), and Others (36%)
By Region: North America (40%), Europe (28%), Asia Pacific(20%), and the RoW (12%)

Prominent players in this market include Oracle (US), IBM (US), SAS Institute Inc. (US), Accenture (Ireland), IQVIA Inc, (US), Cognizant (US), Wipro (India), Allscripts Healthcare, LLC (US), Optum, Inc. (US), Microsoft (US), MaxisIT (US), ExlService Holdings, Inc. (US), Cerner Corporation (US), Cotiviti, Inc. (US), Inovalon (US), CitiusTech Inc (US), Saama Technologies, LLC. (US), Axtria (US), Clarivate (UK), ThoughtSphere (US), ThoughtSpot Inc. (US), Alteryx, Inc. (US), Sisense Inc. (US), Amazon Web Services, Inc., and Veeva Systems (US).

Ganesh Pardeshi
ReportsnReports
+1 347 333 3771
ganesh.pardeshi@reportsandreports.com