Life science analytics Market Size Worth USD 37.65 Billion 2032 | Emergen Research

The global life science analytics market size was USD 11.23 billion in 2022 and is expected to register a revenue CAGR of 12.7% during the forecast period. The global life science analytics market is witnessing steady growth attributed to the rising adoption of big data utilization in research and life sciences organizations, coupled with the increasing embrace of personalized medicine. This growth trajectory is further bolstered by expanding digitalization in hospitals and clinics, alongside the rising demand for Real-World Evidence (RWE) to support various facets of healthcare. These insights emerge from a comprehensive market analysis report highlighting the key drivers, challenges, and segment insights of the life science analytics market.

The report underscores the pivotal role of Artificial Intelligence (AI) in shaping the future of the life sciences analytics industry. Life science organizations are investing significantly in AI, along with industrialized Machine Learning (ML) and cloud and edge computing. Applied AI has permeated the life sciences value chain, enabling data-driven business decisions and fostering innovation. Cloud and industrialized ML facilitate the rapid adoption of new AI approaches, propelling technological advancements across the sector.

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Market Drivers

One of the primary drivers contributing to the market's revenue growth is the increasing penetration of big data utilization in research and life sciences organizations. Standardization of data combined with substantial investments in data infrastructure further propels market expansion. For instance, strategic partnerships like the collaboration between Quantori, LLC, and Databricks streamline data management lifecycles, fostering innovation in life sciences and healthcare industries.
Challenges

However, data security and privacy concerns pose significant barriers to market growth. The highly regulated nature of the life sciences landscape necessitates compliance with stringent regulations such as HIPAA and GDPR. Companies face challenges in safeguarding patient records, clinical trial data, and genomic information, impacting their willingness to adopt analytics solutions involving sensitive data handling.

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Segment Insights

The report delineates insights into various segments of the life science analytics market:

• Descriptive Analytics Segment Dominance: Descriptive analytics emerges as the dominant segment, providing clarity and interpretation of past trends and occurrences in life sciences. Its simplicity in presentation and interpretation makes it a preferred choice for many healthcare organizations.

• Services Segment Dominance: The services segment holds a significant market share due to the rising adoption of precision medicine and the increasing complexity of healthcare data. Advanced analytics tools are essential in extracting meaningful insights from vast amounts of healthcare data, driving demand for robust life science analytics services.

• Pharmaceutical & Biotechnology Companies Segment: Pharmaceutical and biotechnology companies dominate the market, leveraging analytics to enhance decision-making in drug discovery and development. Analytics play a crucial role in customizing treatments based on individual patient characteristics, thereby improving effectiveness and reducing adverse effects.

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Major Companies and Competitive Landscape

The global life science analytics market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective Life science analytics solutions.

Some major players included in the global life science analytics market report are:
• Oracle Corporation
• IBM Corporation
• Cognizant
• IQVIA
• Wipro
• Allscripts Healthcare Solutions
• Cerner Corporation
• MaxisIT
• Optum
• Microsoft
• Infosys Limited
• Cotiviti
• SAS Institute Inc.
• Agilent Technologies, Inc.
• Thermo Fisher Scientific, Inc.
• Illumina, Inc.
• Philips Healthcare
• GE Healthcare
• Becton

Strategic Development

• On 24 July 2023, to accelerate generative artificial intelligence (AI) use cases across the life sciences industry, EVERSANA teamed up with Amazon Web Services (AWS). With the help of this, the organizations will seek to harness the power of generative AI to help pharmaceutical and life science manufacturers drive efficiencies and business value while improving patient outcomes.

• On 27 March 2023, Samsung Electronics Co, LTD., announced a global strategic partnership with HARMAN International, that will allow healthcare and life sciences organizations to modernize their data platforms, strategies, and roadmaps through customer-centric services and solutions.

• On 13 September 2021, ZS introduced ZAIDYN, a platform designed for life sciences companies of various scales, to digitally transform and expand customer engagement, field performance, analytics, and clinical capabilities.

For the purpose of this report, Emergen Research has segmented the global life science analytics market on the basis of type, component type, end-use, and region:
• Type Outlook (Revenue, USD Billion; 2019-2032)
o Descriptive Analytics
o Predictive Analytics
o Prescriptive Analytics
o Diagnostic Analytics
o Discovery Analytics

• Component Type Outlook (Revenue, USD Billion; 2019-2032)
o Services
o Software

• End-Use Outlook (Revenue, USD Billion; 2019-2032)
o Pharmaceutical & Biotechnology Companies
o Medical Device Companies
o Research Centers

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