Life Science Analytics Market Size, Share & Analysis Report, 2024-2033
The global life science analytics market size was exhibited at USD 11.63 billion in 2023 and is projected to hit around USD 26.63 billion by 2033, growing at a CAGR of 8.64% during the forecast period 2024 to 2033.
Key Takeaways:
Life Science Analytics Market Report Scope
| Report Coverage | Details |
| Market Size in 2024 | USD 12.63 Billion |
| Market Size by 2033 | USD 26.63 Billion |
| Growth Rate From 2024 to 2033 | CAGR of 8.64% |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Component, type, application, delivery, end-user, region |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional Scope | North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
| Key Companies Profiled | Accenture; Cognizant; IBM; Wipro Limited; Take Solutions Limited; IQVIA; Oracle; SAS Institute, Inc. |
The life science industry is rapidly adopting analytics and relies on descriptive and reporting analysis in building databases and uses prescriptive and predictive analysis in estimating future trends and results, which is anticipated to propel the market growth. Another key driving force significantly impacting the life sciences industry is the rising influence of social media and the internet, which directly impacts patient engagement and drives the adoption of analytical solutions. Healthcare facilities and life science organizations are readily adopting analytical solutions to enhance clinical, financial, and operational outcomes and minimize healthcare expenditure, which will drive the market.
Life science organizations are rapidly implementing advanced analytics in their various functionalities such as supply chain, R&D activities, clinical trial designing, regulatory compliance, sales and marketing, and pharmacovigilance. Life science organizations and other healthcare industry stakeholders are rapidly adopting advanced data mining techniques and big data analytics to accurately analyze the population at high risk and strategize accordingly to drive the market. Healthcare financing organizations and government bodies are implementing predictive analytics in claims management and prevention of frauds, which is further boosting market growth.
The ongoing Covid-19 pandemic overburdened the existing healthcare systems and revealed the potential of advanced technologies in supporting the digitalization of healthcare. The Covid-19 pandemic directly impacted the demand for analytical solutions and the market for life science analytics witnessed a significant surge in adoption rates. Analytical solutions were being widely implemented in the management of vaccines, medical supplies, medicines, and other essential resources.
For instance, Moderna entered a partnership with IBM to efficiently manage their vaccination program using advanced analytics and hybrid computing. Moreover, the increasing prevalence of non-communicable diseases, coupled with the growing global geriatric population and growing demand for enhanced patient care experience, is anticipated to contribute to the growing demand for analytical solutions over the forthcoming years. Life science organizations and other healthcare industry players are using analytical solutions in advanced revenue cycle management and population health management programs.
Analytical solutions are being adopted to cater to the rising demand for personalized medication using different human genome combinations using datasets generated through eHealth, mHealth, and electronic health records (EHR). The use of analytical solutions is focused on improving the patient care experience. Furthermore, market players are devising strategies to integrate artificial intelligence-based algorithms into data analytics to efficiently mine data from health datasets, which would aid organizations in customizing different treatment approaches.
Moreover, market players are devising their mergers & acquisitions, product development, and partnership strategies to expand their business footprint and product portfolios. For instance, in April 2020, Accenture signed a definitive agreement to acquire AppsPro, an Oracle Cloud implementation service provider based in Saudi Arabia. Accenture through this acquisition would strengthen its presence and expand its capabilities across the Middle East markets.
Component Insights
In 2023, the services segment dominated the market and accounted for a revenue share of over 58% owing to the growing trend of outsourcing services covering planning, training, staffing, implementation, and maintenance, since life science organizations lack the adequate expertise and resources, which is anticipated to boost the segment growth over the forthcoming years. The services segment is anticipated to register the fastest growth rate of 8.2% over the forecast period. This lucrative growth is attributed to multi-services packages offered to key players by outsourcing companies.
The growing trend of digitalization of healthcare and advancements in healthcare IT infrastructure across developed and emerging economies is driving the demand for analytical solutions and related services. Growing digital literacy and favorable government initiatives are boosting the demand for analytical solutions. The growing trend of integrating artificial intelligence algorithms in analytical solutions and the adoption of big data analytics are driving the demand for services. The emergence of startups, growing technological collaborations, and favorable funding options are positively impacting the growth of the services segment.
Type Insights
In 2023, the descriptive type segment dominated the market and accounted for a revenue share of over 37.3% owing to the rising demand for quantifiable, descriptive analysis based on historic datasets to derive data-driven analysis to better understand the current business scenario. Players use data mining techniques on descriptive datasets to derive future trends and outcomes. For instance, in December 2020, Accenture partnered with Trifacta to design efficient, advanced data mining techniques to support drug discovery procedures.
The predictive analysis is anticipated to register the fastest growth rate of 9.1% over the forthcoming years owing to the rapidly growing adoption rate of advanced analytical solutions in predicting future trends and supporting stakeholders in devising appropriate strategies and tactics to enhance market performance. For instance, in March 2021, Cleveland Clinic entered a 10-year partnership contract with IBM to introduce the Discovery Accelerator initiative to focus on discoveries in the healthcare and life sciences industries with the support of artificial intelligence, big data analytics, quantum computing, and cloud computing.
Application Insights
In 2023, the sales and marketing segment dominated the market and accounted for a revenue share of over 34.19% owing to the growing adoption rate of analytical solutions in sales and marketing functionalities of organizations to boost sales productivity and design effective and impactful marketing campaigns. For instance, in February 2021, Nemours Children’s Health System received analytical support from Oracle to adopt cloud business applications to be deployed in various business departments of the organization.
The research and development is anticipated to register the fastest growth rate of 9.8% over the forecast period owing to the rising adoption of analytical solutions in drug discovery and development and clinical trial management systems. Another key factor positively impacting the growth of the research and development segment is the growing pipeline of life science organizations. For instance, in January 2021, Oracle and Cognizant entered a technological collaboration to develop solutions to accelerate clinical trial studies using solutions based on a combination of Oracle’s Health Science solutions and Cognizant’s Shared Investigator Platform.
Delivery Insights
In 2023, the on-demand delivery segment dominated the market for life science analytics and accounted for a revenue share of over 51.16%. The growth of the segment can be attributed to the increased access from remote locations with minimized costs and reduced maintenance. Additionally, the on-demand is anticipated to register the fastest growth rate of 8.5% during the forecast period.
This lucrative growth of on-demand delivery is attributed to the rising adoption rate of web-hosted and cloud-deployed analytical applications and solutions with advancements in internet connectivity, which is directly impacting the accessibility of these analytical solutions from remotest locations. On-demand delivered analytical solutions and applications save infrastructure space and allow data retrieval as per user’s needs. The benefits associated with on-demand delivered analytical solutions are storage capacity, ease of access, and enhanced security.
End-user Insights
In 2023, the pharmaceutical segment dominated the market and accounted for a revenue share of over 48% owing to the growing adoption of analytical solutions in efficient resource management, drug discovery and development, clinical trial designing and managing processes, and enhanced drug utilization. For instance, in November 2020, SAS Institute, Inc.’s SAS Life Science Analytics Framework was used in supporting Covid-19 vaccine clinical trial management by transforming data into real-time information to derive data-enriched insights.
Biotechnology companies are anticipated to register the fastest growth rate of 8.7% over the forthcoming years. This lucrative growth rate of biotechnology companies is attributable to the rising adoption of analytical solutions in genome sequencing and analysis. In addition, the implementation of personalized data analytical solutions is boosting the development and growth of the segment. For instance, in May 2021 Wipro and TranscellOncologies partnered to transform vaccine safety assessment using Transcell’s advanced stem cell technology and Wipro Holmes augmented intelligence platform.
Regional Insights
In 2023, North America dominated the market and accounted for a revenue share of over 52% owing to the growing digital literacy, advancements in healthcare IT infrastructure, the emergence of startups, the presence of key market players, growing geriatric population, the rising incidence rate of non-communicable diseases, growing demand for value-based care, and readiness to adopt analytical solutions. North American market players are constantly focusing on product development and partnership strategies to expand their business offerings in North America.
Asia Pacific is anticipated to register the fastest growth rate of 10.4% over the forecast period and this lucrative growth is attributed to the growing healthcare IT expenditures, developing healthcare infrastructure, the entry of key market players, and growing digital literacy. Moreover, economic development and the availability of low-cost and high-skilled personnel are expected to drive the market. Key players are devising market entry strategies to expand their business presence in Asia Pacific.
Key Companies & Market Share Insights
Some of the key participants in the market are developing advanced analytical solutions and systems. The companies are focusing on devising innovative product development strategies to expand their product offerings and revising their partnerships and collaborations across the market to expand their business footprint and cater to the growing demand for analytical solutions.
Life science organizations are implementing analytical solutions in delivering personalized medication and value-based care and combating the Covid-19 pandemic. For instance, in April 2021, IQVIA Connected Intelligence was launched for customers to use analytical solutions in discovering data-driven insights and support effective decision making. IQVIA integrated its expertise in healthcare analytics with innovative technologies to deliver Connected Intelligence solutions. Some prominent players in the global life science analytics market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global Life Science Analytics market.
By Component
By Type
By Application
By Delivery
By End User
By Region
Chapter 1. Methodology and Scope
1.1. Market Segmentation and Scope
1.2. Research Methodology
1.2.1. Information Procurement
1.3. Information or Data Analysis
1.4. Methodology
1.5. Research Scope and Assumptions
1.6. Market Formulation & Validation
1.6.1. COUNTRY MARKET: CAGR CALCULATION
1.7. Country Based Segment Share Calculation
1.8. List of Data Sources
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Regional Insights
2.4. Competitive Insights
2.5. Life Science Analytics Market Snapshot
2.6. Life Science Analytics Market Segment Snapshot
2.7. Life Science Analytics Market Competitive Landscape Snapshot
Chapter 3. Life Science Analytics Market Variables, Trends, & Scope
3.1. Market Lineage Outlook
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.1.1. Increasing healthcare cost and surging demand for improved patient outcome
3.2.1.2. Emergence of advanced analytics method in life science companies
3.2.1.3. Growing demand for personalized medicine
3.2.1.4. Rising impact of internet and social media on healthcare
3.2.1.5. Increasing penetration of analytics in life science industry
3.2.2. Market Restraint Analysis
3.2.2.1. Data privacy and theft issues
3.2.2.2. Lack of skilled professionals
3.3. Life Science Analytics Market Analysis Tools
3.3.1. Industry Analysis - Porter’s
3.3.1.1. Bargaining power of the suppliers
3.3.1.2. Bargaining power of the buyers
3.3.1.3. Threats of substitution
3.3.1.4. Threats from new entrants
3.3.1.5. Competitive rivalry
3.3.2. PESTEL Analysis
3.3.2.1. Political landscape
3.3.2.2. Economic and Social landscape
3.3.2.3. Technological landscape
3.4. Impact of COVID-19 on Life Science Analytics Market
Chapter 4. Life Science Analytics Market: Component Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. Life Science Analytics Market: Component Movement Analysis, USD Million, 2024 - 2033
4.3. Software
4.3.1. Software Market Revenue Estimates and Forecasts, 2021 - 2033
4.4. Services
4.4.1. Services Market Revenue Estimates and Forecasts, 2021 - 2033
Chapter 5. Life Science Analytics Market: Type Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. Life Science Analytics Market: Type Movement Analysis, USD Million, 2024 - 2033
5.3. Reporting
5.3.1. Reporting Market Revenue Estimates and Forecasts, 2021 - 2033
5.4. Descriptive
5.4.1. Descriptive Market Revenue Estimates and Forecasts, 2021 - 2033
5.5. Predictive
5.5.1. Predictive Market Revenue Estimates and Forecasts, 2021 - 2033
5.6. Prescriptive
5.6.1. Prescriptive Market Revenue Estimates and Forecasts, 2021 - 2033
Chapter 6. Life Science Analytics Market: Application Estimates & Trend Analysis
6.1. Segment Dashboard
6.2. Life Science Analytics Market: Application Movement Analysis, USD Million, 2024 - 2033
6.3. Research and Development
6.3.1. Research and Development Market Revenue Estimates and Forecasts, 2021 - 2033
6.4. Sales and Marketing Support
6.4.1. Sales and Marketing Support Market Revenue Estimates and Forecasts, 2021 - 2033
6.5. Regulatory Compliance
6.5.1. Regulatory Compliance Market Revenue Estimates and Forecasts, 2021 - 2033
6.6. Supply Chain Analytics
6.6.1. Supply Chain Analytics Market Revenue Estimates and Forecasts, 2021 - 2033
6.7. Pharmacovigilance
6.7.1. Pharmacovigilance Market Revenue Estimates and Forecasts, 2021 - 2033
Chapter 7. Life Science Analytics Market: Delivery Estimates & Trend Analysis
7.1. Segment Dashboard
7.2. Life Science Analytics Market: Delivery Movement Analysis, USD Million, 2024 - 2033
7.3. On-demand
7.3.1. On-demand Market Revenue Estimates and Forecasts, 2021 - 2033
7.4. On-premises
7.4.1. On-premises Market Revenue Estimates and Forecasts, 2021 - 2033
Chapter 8. Life Science Analytics Market: End-use Estimates & Trend Analysis
8.1. Segment Dashboard
8.2. Life Science Analytics Market: End-use Movement Analysis, USD Million, 2024 - 2033
8.3. Medical Devices
8.3.1. Medical Devices Market Revenue Estimates and Forecasts, 2021 - 2033
8.4. Pharmaceutical
8.4.1. Pharmaceutical Market Revenue Estimates and Forecasts, 2021 - 2033
8.5. Biotechnology
8.5.1. Biotechnology Market Revenue Estimates and Forecasts, 2021 - 2033
8.6. Others
8.6.1. Others Market Revenue Estimates and Forecasts, 2021 - 2033
Chapter 9. Life Science Analytics Market: Regional Estimates & Trend Analysis
9.1. Life Science Analytics Market: Regional Movement Analysis, 2024 - 2033
9.2. North America
9.2.1. North America Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.2.2. U.S.
9.2.2.1. Key Country Dynamics
9.2.2.2. Prevalence Insights
9.2.2.3. Regulatory Framework
9.2.2.4. U.S. Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.2.3. Canada
9.2.3.1. Key Country Dynamics
9.2.3.2. Prevalence Insights
9.2.3.3. Regulatory Framework
9.2.3.4. Canada Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.3. Europe
9.3.1. Europe Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.3.2. UK
9.3.2.1. Key Country Dynamics
9.3.2.2. Prevalence Insights
9.3.2.3. Regulatory Framework
9.3.2.4. UK Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.3.3. Germany
9.3.3.1. Key Country Dynamics
9.3.3.2. Prevalence Insights
9.3.3.3. Regulatory Framework
9.3.3.4. Germany Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.3.4. France
9.3.4.1. Key Country Dynamics
9.3.4.2. Prevalence Insights
9.3.4.3. Regulatory Framework
9.3.4.4. France Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.3.5. Italy
9.3.5.1. Key Country Dynamics
9.3.5.2. Prevalence Insights
9.3.5.3. Regulatory Framework
9.3.5.4. Italy Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.3.6. Spain
9.3.6.1. Key Country Dynamics
9.3.6.2. Prevalence Insights
9.3.6.3. Regulatory Framework
9.3.6.4. Spain Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.3.7. Denmark
9.3.7.1. Key Country Dynamics
9.3.7.2. Prevalence Insights
9.3.7.3. Regulatory Framework
9.3.7.4. Denmark Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.3.8. Sweden
9.3.8.1. Key Country Dynamics
9.3.8.2. Prevalence Insights
9.3.8.3. Regulatory Framework
9.3.8.4. Sweden Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.3.9. Norway
9.3.9.1. Key Country Dynamics
9.3.9.2. Prevalence Insights
9.3.9.3. Regulatory Framework
9.3.9.4. Norway Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.4. Asia Pacific
9.4.1. Asia Pacific Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.4.2. Japan
9.4.2.1. Key Country Dynamics
9.4.2.2. Prevalence Insights
9.4.2.3. Regulatory Framework
9.4.2.4. Japan Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.4.3. China
9.4.3.1. Key Country Dynamics
9.4.3.2. Prevalence Insights
9.4.3.3. Regulatory Framework
9.4.3.4. China Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.4.4. India
9.4.4.1. Key Country Dynamics
9.4.4.2. Prevalence Insights
9.4.4.3. Regulatory Framework
9.4.4.4. India Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.4.5. South Korea
9.4.5.1. Key Country Dynamics
9.4.5.2. Prevalence Insights
9.4.5.3. Regulatory Framework
9.4.5.4. South Korea Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.4.6. Australia
9.4.6.1. Key Country Dynamics
9.4.6.2. Prevalence Insights
9.4.6.3. Regulatory Framework
9.4.6.4. Australia Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.4.7. Thailand
9.4.7.1. Key Country Dynamics
9.4.7.2. Prevalence Insights
9.4.7.3. Regulatory Framework
9.4.7.4. Thailand Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.5. Latin America
9.5.1. Latin America Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.5.2. Brazil
9.5.2.1. Key Country Dynamics
9.5.2.2. Prevalence Insights
9.5.2.3. Regulatory Framework
9.5.2.4. Brazil Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.5.3. Mexico
9.5.3.1. Key Country Dynamics
9.5.3.2. Prevalence Insights
9.5.3.3. Regulatory Framework
9.5.3.4. Mexico Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.5.4. Argentina
9.5.4.1. Key Country Dynamics
9.5.4.2. Prevalence Insights
9.5.4.3. Regulatory Framework
9.5.4.4. Argentina Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.6. Middle East & Africa
9.6.1. Middle East & Africa Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.6.2. South Africa
9.6.2.1. Key Country Dynamics
9.6.2.2. Prevalence Insights
9.6.2.3. Regulatory Framework
9.6.2.4. South Africa Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.6.3. Saudi Arabia
9.6.3.1. Key Country Dynamics
9.6.3.2. Prevalence Insights
9.6.3.3. Regulatory Framework
9.6.3.4. Saudi Arabia Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.6.4. UAE
9.6.4.1. Key Country Dynamics
9.6.4.2. Prevalence Insights
9.6.4.3. Regulatory Framework
9.6.4.4. UAE Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
9.6.5. Kuwait
9.6.5.1. Key Country Dynamics
9.6.5.2. Prevalence Insights
9.6.5.3. Regulatory Framework
9.6.5.4. Kuwait Life Science Analytics Market Estimates And Forecasts, 2021 - 2033
Chapter 10. Competitive Landscape
10.1. Company Categorization
10.2. Company Market Share Analysis, 2022
10.3. Strategy Mapping
10.4. Company Profiles/Listing
10.4.1. Accenture
10.4.1.1. Overview
10.4.1.2. Financial Performance (Net Revenue)
10.4.1.3. Product Benchmarking
10.4.1.4. Strategic Initiatives
10.4.2. Cognizant
10.4.2.1. Overview
10.4.2.2. Financial Performance (Net Revenue)
10.4.2.3. Product Benchmarking
10.4.2.4. Strategic Initiatives
10.4.3. IBM
10.4.3.1. Overview
10.4.3.2. Financial Performance (Net Revenue)
10.4.3.3. Product Benchmarking
10.4.3.4. Strategic Initiatives
10.4.4. Wipro Limited
10.4.4.1. Overview
10.4.4.2. Financial Performance (Net Revenue)
10.4.4.3. Product Benchmarking
10.4.4.4. Strategic Initiatives
10.4.5. Take Solutions Limited
10.4.5.1. Overview
10.4.5.2. Financial Performance (Net Revenue)
10.4.5.3. Product Benchmarking
10.4.5.4. Strategic Initiatives
10.4.6. IQVIA
10.4.6.1. Overview
10.4.6.2. Financial Performance (Net Revenue)
10.4.6.3. Product Benchmarking
10.4.6.4. Strategic Initiatives
10.4.7. Oracle
10.4.7.1. Overview
10.4.7.2. Financial Performance (Net Revenue)
10.4.7.3. Product Benchmarking
10.4.7.4. Strategic Initiatives
10.4.8. SAS Institute, Inc
10.4.8.1. Overview
10.4.8.2. Financial Performance (Net Revenue)
10.4.8.3. Product Benchmarking
10.4.8.4. Strategic Initiatives
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers