The global life science analytics market will generate revenue of $18,386.0 million in 2030, advancing at a CAGR of 9.6% between 2021 and 2030. This is attributed to the growing expenditure in the healthcare domain and rising penetration of analytics in the life science industry owing to the increasing demand for data-driven decision making.
Biotechnology focuses on efficient industrial manufacturing processes for drugs, to combat rare and common diseases. Biotechnology analytics platforms help in reducing the rates of infectious disease, with accurate and timely results; identifying faults in clinical trials, and carrying out genomic analysis. This is the major reason the biotechnology category will experience the highest market CAGR.
Life science analytics helps in creating precise tools for risk assessment, which helps in disease detection and treatment, along with increasing the life expectancy and preventing fatalities during epidemics, such as the ongoing COVID-19. Companies can successfully increase their R&D efficiency, manufacturing capabilities, sales and marketing effectiveness, and compliance ratings with the use of digital technologies, such as pervasive computing, big data, and analytics.
Analytics tools are being incorporated into industrial processes to automatically record unit operations data, as many R&D labs are transitioning to paperless operations. This strategy has assisted in minimizing errors and speeding up processes, thus propelling the life science analytics market growth.
North America accounted for the largest market share, of 51%, in 2021. This is majorly due to an aging population and an unhealthy lifestyle, which have led to a significant burden of non-communicable diseases. The rapid economic development and the existence of colleges, hospitals, manufacturers of medical devices, and research facilities that are well-equipped are the other main elements promoting the creation of new life sciences analytics solutions.
Moreover, the life science analytics market growth is driven by the need for the early detection of treatment patterns, usage of analytics for maintaining the databases for every patient, strategizing the prevention of diseases, by leveraging the insights strategically; and most importantly, achieving operational excellence throughout the healthcare journey of the patient.
The U.S. held the larger share in the region, as a considerable number of players offer product development and collaboration solutions across the country’s life sciences domain. For Instance, Thought Sphere company was set up over 30 years ago with the mission to help life sciences companies deliver treatments to patients faster, with the use of data sciences. Big data analysis and real-time actionable insights help in reducing and optimizing clinical development costs and enhancing the efficiency of the clinical trials process.
In order to achieve life science analytics market growth and remain competitive, key players in have been involved in partnerships. For instance:
Some of the major players in the market are Cognizant Technology Solutions Corporation, Accenture PLC, IBM Corporation, Oracle Corporation, SAS Institute Inc., IQVIA HOLDINGS INC., and Wipro Limited.