Press release
Life Science Analytics Market to Witness Huge Growth by 2024 | IBM, Microsoft, Oracle Corporation
Life Science Analytics Market
Key Market Drivers
One of the primary factors contributing to market growth is the increasing use of big data in research and life sciences organizations. In 2020, over 157 million Americans faced chronic illnesses, according to the National Health Council, highlighting the critical need for data standardization and investment in data-driven solutions. Collaborations such as the partnership between Quantori, LLC, and Databricks in December 2022 aim to streamline data management and foster innovation in life sciences and healthcare, further driving market growth.
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Another key driver is the rapid digitalization of hospitals and clinics worldwide. Countries like the U.S., India, and China are generating vast amounts of patient data, and digital innovations allow these nations to process healthcare data more efficiently. From patient records to staff information, digital systems enable faster decision-making, improving overall healthcare services. The ongoing shift toward digital health is a crucial factor behind the life science analytics market's revenue surge.
AI and ML Transforming the Future of Life Sciences
The integration of AI is reshaping the life science analytics landscape. Major companies are investing in AI, ML, and cloud technologies, enabling faster decision-making and tech-driven growth. For instance, in November 2023, Salesforce announced a partnership aimed at providing AI-powered solutions for life sciences companies. Leveraging generative AI and Salesforce's Data Cloud, this collaboration aims to improve productivity and drive advancements in the field.
Challenges Facing the Market
Despite the market's strong growth trajectory, data security and privacy remain significant challenges. With regulations such as the Health Insurance Portability and Accountability Act (HIPAA) and the General Data Protection Regulation (GDPR), life sciences organizations must handle sensitive data with extreme care. Concerns over data breaches and unauthorized access pose obstacles for companies adopting analytics solutions that require the management of large datasets.
Segment Highlights
Among the market's various segments, descriptive analytics continues to dominate, holding the largest market share in 2022. Descriptive analytics simplifies data interpretation through visualization methods like graphs and helps organizations assess performance gaps, making it a popular choice for life sciences companies. Meanwhile, predictive health analytics is gaining momentum, although it remains more complex in comparison.
In terms of components, services accounted for the largest share of the market in 2022, driven by the rising demand for precision medicine and the growing complexity of healthcare data. Services are expected to play an increasingly vital role in drug discovery, clinical research, and healthcare delivery as organizations seek to harness the power of analytics to gain deeper insights from vast datasets.
Pharmaceutical and biotechnology companies are the largest end-users of life science analytics, accounting for the majority of market share in 2022. Analytics tools are essential for these firms in streamlining drug discovery and development processes. They help identify potential drug candidates, predict outcomes, and optimize clinical trial design, leading to faster drug development and reduced costs. Additionally, the focus on personalized medicine further boosts the role of analytics in tailoring treatments to individual patient profiles, enhancing treatment effectiveness while minimizing risks.
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Life Science Analytics Top 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
Life Science Analytics Latest Industry Updates
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.
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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)
Descriptive Analytics
Predictive Analytics
Prescriptive Analytics
Diagnostic Analytics
Discovery Analytics
Component Type Outlook (Revenue, USD Billion; 2019-2032)
Services
Software
End-Use Outlook (Revenue, USD Billion; 2019-2032)
Pharmaceutical & Biotechnology Companies
Medical Device Companies
Research Centers
Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
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Life Science Analytics Market Size@ https://www.emergenresearch.com/industry-report/life-science-analytics-market/market-size
Life Science Analytics Market Share@ https://www.emergenresearch.com/industry-report/life-science-analytics-market/market-share
Life Science Analytics Market Trends@ https://www.emergenresearch.com/industry-report/life-science-analytics-market/market-trends
Life Science Analytics Regional Market Demand@ https://www.emergenresearch.com/industry-report/life-science-analytics-market/regional-market-demand
Life Science Analytics Market Analysis@ https://www.emergenresearch.com/industry-report/life-science-analytics-market/market-analysis
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