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Life Science Analytics Market Size, Share & Industry Analysis, By Type (Software & Solutions and Services), By Delivery (On-premise and On-demand), By Application (Commercial Analytics, Personalized Therapy, Clinical Research Analytics, and Supply Chain Analytics), By End Users (Medical Device Companies, Pharma & Biotech Companies, Contract Research Organizations, and Others), and Regional Forecast, 2024-2032

Last Updated: July 08, 2024 | Format: PDF | Report ID: FBI108603

 

KEY MARKET INSIGHTS

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The global life science analytics market size was valued at USD 15.27 billion in 2023 and is projected to grow from USD 17.95 billion in 2024 to USD 43.86 billion by 2032, exhibiting a CAGR of 11.8% during the forecast period (2024-2032). North America dominated the global market with a share of 42.76% in 2023.


The life science analytics market includes software, solutions, or analytical applications that are majorly used for the research and development of new drug therapy by pharma and biotech companies and contract research organizations. These analytical applications are used for the early detection of treatment patterns, developing personalized therapies, analyzing the company’s revenues, and achieving operational excellence in the patient’s journey. The increasing investment of pharma & biotech companies in the research and development of drug therapy products is expected to primarily spur the global life science analytics market growth during the forecast period.



  • For instance, in June 2022, Pfizer Inc. collaborated with Truveta, one of the leading health data and analytics solutions providers. The collaboration aimed to deliver new real-time U.S. health data to mitigate risk and enable further research.

  • In 2021, AstraZeneca invested USD 9,736.0 million in research and development of new drug products, which was 62.5% higher compared to USD 5,991.0 million in the previous year.


Moreover, the growing adoption of new software technologies for managing complex data, such as revenue tracking of commercial products, is majorly contributing to the market growth. Along with this, the installation of cloud infrastructure aids in displaying real-time data of drugs under development and contributes to the market penetration of these products and services.



  • In January 2021, CSL Behring signed a strategic collaboration agreement with Axtria to fully digitize the company's commercial data operation by installing the Axtria DataMAx cloud software platform.


The COVID-19 impact on the market growth was positive. The increased number of patients suffering from COVID-19 prompted manufacturers to focus on the research and development of new vaccines. For instance, the healthcare segment of Cognizant generated a revenue of USD 4,852 million in 2020 and witnessed a growth of 3.3%, compared to USD 4,695 million in 2019. This revenue growth was due to increased demand for the company’s services by pharmaceutical firms and robust software license sales.


In the post-pandemic scenario, there was an increase in the demand for life science analytical solutions among the medical device and pharmaceutical sectors due to their ability to improve operational efficiency in pharmaceutical and medical device companies.


Life Science Analytics Market Trends


Rising Advancements in Data Science and Increasing Adoption of Cloud Services


The life science industry is undergoing enormous changes in terms of clinical data management, medication discovery, and analytical capacities. The advantages, such as increased speed & agility, improved customer insights, and enhanced decision making have encouraged pharma & biotech companies to make large amounts of investments in cutting-edge technologies to speed up the drug discovery process. These advantages and the ultimate need to accelerate the drug discovery process has led to the adoption of cloud infrastructures in the life science industry as they effectively control healthcare expenditures and monitor the rising prevalence of chronic diseases.



  • For instance, according to an article published by SOUTHERN METHODIST UNIVERSITY in September 2022, the healthcare spending made on deciding the test and treatment of particular patients can be reduced by 80% using artificial intelligence.


The lower cost associated with cloud infrastructures, their effective way of managing large data, and the added advantage of strong security majorly contribute to its growing adoption.



  • For instance, according to an article published by Spiceworks Inc., in August 2021, the workload on-premise saw a drop from 59.0% in 2019 to 38.0% in 2021, demonstrating how companies prefer the cloud over the traditional on-premise model.


In addition, the rising collaborations between market players and research organizations for developing innovative and effective gene therapies using cloud infrastructures are contributing to its growing adoption in the market.


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Life Science Analytics Market Growth Factors


Increasing Use of Analytical Solutions for a Comprehensive and Flexible Research Study to Spur the Market Growth


Clinical trials are an integral to any product development and are required by the Food and Drug Administration before they are introduced to the market. A substantial amount of preclinical studies capitulating efficacy, toxicity, and safety information are conducted before the launch of any drug product. These studies are aimed at understanding the chemistry of how a medical treatment affects the biological systems.


Developing novel drugs is costly and time-consuming and has a minimal clinical trial success rate. For instance, according to an article published by Cancer Research UK in February 2022, it may take over 10 to 15 years or more to complete three phases of clinical trials. However, using analytical tools in drug development can be promising and potentially accelerate different stages of the research and development process by significantly reducing the cost. Different analytical tools, such as SAS Life Science Analytics Framework, ClinACT, Veeva Vault EDC, and others, assist research professionals in identifying new potential candidates that can be screened and validated. These factors have contributed to the increased adoption of analytical tools across the life science industry.



  • For instance, in June 2022, Merck KGaA collaborated with Agilent Technologies, Inc., to advance their Process Analytical Technologies (PAT). The collaboration aimed to integrate analytical capabilities that enabled the company to accelerate its biological drug development.


Moreover, the increasing focus of the market players to develop and introduce new software for analyzing the real-time effectiveness of the drugs and other treatments is expected to boost the demand and adoption of these products during the forecast period.



  • For instance, in November 2022, BC Platforms, a leading player in healthcare data management and analytics, launched ‘Trusted Collaboration Environment,’ a new software solution for supporting drug discovery for a wide range of disorders such as cancer and other rare and infectious diseases.


Increasing Adoption of Healthcare Data Management Platforms in Hospitals to Propel Market Growth


The rising prevalence of various diseases has contributed to an increase in the healthcare expenditure by many governments. For instance, according to an article published by Investopedia in April 2023, the U.S. national healthcare expenditure (NHE) is estimated to reach USD 6.3 trillion by 2028. The main contributors to the rise in expenditures are an increase in the prescription rate of drugs for treatment and the increased cost of physician and clinical services.



  • For instance, according to the statistics published by the U.S. Centers for Medicare & Medicaid Services in February 2023, the physician and clinical expenditure in the U.S. grew to USD 864.4 billion in 2021, i.e., increased by 5.6% compared to 2020. It also stated that the spending on prescription drugs increased to USD 378.0 billion, i.e., 7.8%, compared to 2020.


Therefore, it has become necessary for hospitals to efficiently measure the cost-effectiveness of different therapies for health technology assessment (HTA) and regulatory purposes. Moreover, the growing need for technology for analyzing and transforming unstructured patient data contributes to its growing demand.



  • For instance, in January 2023, Singapore’s National Precision Medicine Programme selected BC Platform to analyze and manage data collected from the Health for Life in Singapore (HELIOS) study.

  • In November 2022, the European Commission (EC) project collaborated with BC Platforms under the EC’s Horizon Europe program. Under this project, the BC platform works with Helsinki University Hospital (HUS) to measure new cancer therapy's cost-effectiveness.


Thus, the increasing patient population suffering and seeking treatment for diseases and the vision of regulatory authorities of reducing the medical expenditure of a person undergoing that treatment is expected to spur the market growth during the forecast period.


RESTRAINING FACTORS


High Cost of Implementation and the Concerns Related to Data Breaching May Limit Life Science Analytics Penetration


The use of an analytical tool helps organizations by accelerating their research and development process, aiding in the reduction of the cost and time spent on the drug discovery process. In commercial analytics, this platform aids organizations in navigating the complexity of key performance indicators (KPIs) and the cost of ownership. This allows commercial teams to scale across portfolios and build new revenue-generating strategies.


As these analytical solutions are extremely important and play a major role in turning up the wheels of the business, there has been a considerable growth in the demand for these solutions and platforms, resulting in high implementation costs. For instance, according to an article published by Itrex Group in September 2022, 63.0% of businesses spend their money on analytical tools to improve the efficiency of their business.


The cost of analytical tools depends on factors such as the amount and quality of the corporate data, the organization's analytical needs, the choice of analytical tools, and the customization efforts.



  • For instance, according to an article published by Itrex Solution in September 2022, companies that opt for SaaS-based analytical products pay USD 10,000 to USD 25,000 every year as a part of maintenance fees.

  • Also, the article published by Columbus in January 2021 stated that setting up and implementing on-premises software and hardware can cost nearly a million.


Although technological advances have contributed to economic growth, it has also led to increased incidences of cyberattacks resulting in data breaching. The growing trend of using cloud computing's analytical tools for research purposes has contributed to the increased risk of data breaches. Healthcare companies are not different from the usual, as clinical data plays an essential role in the development of new drug molecules and is a future asset for the company.



  • For instance, according to an article published by IBM Security in 2022, the average cost of a mega breach increased to USD 241 million in 2022, compared to USD 230 million in 2021, demonstrating a growth of 4.8%. The report also stated that around 45.0% of the organizations using cloud models experienced a data breach.


Therefore, the outflow of confidential information from the end user is also a growing concern among the operating players, limiting the growth of the market.


Life Science Analytics Market Segmentation Analysis


By Type Analysis


Increasing Cost and the Changing Expectation of Patients is Leading Businesses to Adopt a Modern Services Approach


By type, this market is segmented into software & solutions and services.


The rising cost of healthcare facilities, continuously changing expectations of patients, and improvement in the treatment service models aided the services segment to dominate the market in 2023 and record a higher CAGR.


The biopharma industry underwent an unprecedented situation due to the COVID-19 pandemic, which demanded a change, allowing the possibility of new science and technology to grow prominently and drive revenue growth in the forthcoming future. With the growing need for clients to embrace new technology in drug development, many of the players in the life science analytics industry have started providing services for the R&D of drug molecules.


Moreover, many key players are providing services for managing supply chain operations. They provide medtech consulting services that can put scientific health data in a structured format and aid organizations in building appropriate solutions.



  • For instance, in August 2020, Biosymetrics collaborated with Accenture’s partner ecosystem to accelerate the company’s drug discovery efforts. This ecosystem is integral to Accenture’s INTIENT platform, designed to improve end-to-end productivity and efficiency in drug discovery through clinical and patient services.


The increasing expectations of patients for personalized therapies have enabled technology to become an integral part of patient's treatment. Therefore, to meet this personalized demand, many organizations have accelerated and adopted the changes to add value to their patients.



  • For instance, in 2022, the products segment of Accenture generated a revenue of USD 18.3 billion and witnessed a growth of 27.1% as compared to USD 14.4 billion in 2021. The company's product segment includes life science as a sub-segment and accounts for 20.0% of the segmental revenue.


Therefore, the ease and the reduction of time offered by organizations in accelerating their research and development activities contribute to the growing adoption of the services offered by the life science analytical service providers.


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By Delivery Analysis


The On-demand segment Led in 2023 Owing to its ability to accelerate the Research Process


In terms of delivery, the market is divided into on-premises and on-demand.


The on-demand segment held the largest market share in 2023 owing to its growing adoption in the pharmaceutical industry and contract research organizations for the drug development process.


Adding more physical or virtual infrastructure to scale up the on-premise environment often comes at a considerable cost, which does not have the ability to meet the actual capacity needed. The control of an on-premise environment is an enterprise's responsibility, including the cost of maintaining an IT team for infrastructure maintenance. In addition, the common threats of data breaches, compromised credentials, and malicious insiders are major concerns for the loss of confidential data, limiting the growing adoption of on-premise products and services.



  • For instance, according to an article published by pmsquare in June 2022, the cost of maintaining an on-premise data center is rising with the rising amount of data each year.


Therefore, the introduction of cloud technology has enabled the life sciences industry to speed up the tech-enabled business transformations, which majorly contributed to the increase in the adoption of services offered by life science analytics companies. Moreover, cloud computing technology offers streamlined information sharing, ensuring safety and compliance, supporting AI and machine learning, enabling faster IT growth, and making digital resources more flexible.



  • For instance, according to a press release by AZoLifeSciences in September 2021, the adoption of an on-demand computer system provides easy accessibility to cloud computing technology and aids in reducing cost by leaping IT challenges.


Thus, factors such as improved efficiency, improved connectivity and accessibility of the data, faster deployment of work, and improved levels of security are contributing to the preferential shift of organizations from on-premise systems to on-demand systems.


By Application Analysis


Range of Services Offered by Service Providers to Fuel Clinical Research Analytics Segment Growth


By application, the market is segmented into commercial analytics, personalized therapy, clinical research analytics, and supply chain analytics.


The clinical research analytics segment dominated the market in 2023. The new economic environment changes demanded by the biopharma industry and the rising cost of patient care have encouraged manufacturers and developers to focus on delivering more effective and affordable personalized treatments. To meet this rising demand, many service providers are offering a range of services to organizations conducting clinical trials by offering them valuable insights for streamlining their operations, fostering innovation, and enhancing the decision-making process for developing new drug molecules. These service providers have also emphasized providing patients with data-driven personalized care for treating patients based on their unique genomic characteristics across different therapeutic areas.



  • In August 2022, Saama Technologies, LLC., collaborated with Merck, also known as MSD, outside the U.S. The collaboration aimed to build a new clinical data layer to strengthen Merck’s clinical development capabilities and expand the pipeline products.


The commercial analytics segment is projected to grow at a significant CAGR rate during the forecast period. The increasing demand for different tools for examining target customers, building cost reduction strategies, and fraud detection analytics with proper data visualization is primarily driving the segment growth. These analytical tools and techniques also aid organizations in identifying growth opportunities, which allows users to create and execute new product strategies based on historical data. Thus, the involvement of commercial analytics for monitoring and reporting an organization's operational status and competitive forces are a few other factors contributing to segment growth.



  • For instance, in December 2021, Aktana demonstrated an increase of 45.0% in Artificial Intelligence (AI)-driven omnichannel actions, which impacted the customer experience of 700,000 healthcare professionals in 2021, aiding pharmaceutical companies to scale their capabilities and build marketing campaigns and sales strategies for their brands across different geographies.


On the other hand, the adoption of analytical tools by the life science industry is also on the rise for the effective management of their supply chain operations, as disruption in logistics can bring huge financial losses to the company. Therefore, the growing adoption of life science analytical tools for optimizing, reinventing, and improving supply chain operations of the pharmaceutical, biotechnology, and medical device industries is further contributing to the segment’s growth.


By End Users Analysis


Pharma & Biotech Companies Segment Dominated due to Continuous Investment in the R&D of New Drug Molecules


On the basis of end users, the market is segmented into medical device companies, pharma & biotech companies, contract research organizations, and others.


The pharma & biotech companies segment dominated the market in 2023. The continuous investment by these industries in the research and development of new drug molecules and products primarily contributes to the segment growth. The reduced cost and time for developing molecules have increased the adoption of analytical tools in the industry. Moreover, factors such as improvement in the existing production process, assisting in meeting regulatory compliances, and building sales and marketing strategies for their upcoming products also contribute to segment growth.


This rising adoption of analytical tools in the pharmaceutical and biotech industry has encouraged many players to launch new products to the market.



  • For instance, in April 2023, Elsevier launched Embiology, a research tool for empowering researchers to better understand disease biology based on critical evidence.


The contract research organizations segment is expanding at a significant growth rate. The rising prevalence of cancer and rare diseases among the general population has led to growth in the preference of healthcare professionals to prescribe personalized medicines. This growing demand for personalized medicines has emphasized manufacturers adopting tools and systems that can accelerate the speed of their development process.



  • For instance, according to an article published by Bio.IT world in October 2022, The American Heart Association launched a precision medicine platform to build new computational models aiding researchers in discovering oncology drugs.


The medical device segment is projected to grow at a significant CAGR. The growth of the segment is due to the increasing adoption of these analytical tools in the medical device industry for gaining insights about targeted sales. These tools also aid manufacturers in logistics organizations by preventing human errors, offering machine data analysis for making timely service decisions, and providing improved quality control of the devices.


REGIONAL INSIGHTS


On the basis of region, the market is divided into the Asia Pacific, Latin America, the Middle East and Africa, North America, and Europe.


North America Life Science Analytics Market Size, 2023 (USD Billion)

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The North America market for life science analytics accounted for the largest share and generated a revenue of USD 6.53 billion in 2023. The region is anticipated to dominate the market during the forecast period owing to the rising incidence of various diseases and high diagnosis and treatment rates. Moreover, as the region has well-established R&D centers, analytical tools are more prominently adopted.



  • For instance, in December 2022, U.S.-based Discovery Life Sciences launched its new proteomic services division for pharma & biotech companies. The company offers exploratory and targeted proteomics that use the Seer Proteograph Product Suite.


On the other hand, the Europe market for life science analytics accounted for a substantial share in 2023. European countries are considered some of the largest economies for the life science industry across the globe, as they strongly focus on exports. The region also has a good amount of market volume regarding patients, manufacturers, and providers. Among these countries, Germany is considered one of the number one healthcare markets driven by innovations in pharmaceuticals and medical biotechnology. In addition, the strong infrastructure of research and development facilities of different pharmaceutical industries makes it one of the prime hubs for investment. This strong infrastructure of research and development facilities of the pharma and biotech companies has brought opportunities for many analytical service providers to install their base in the region, contributing to the market growth.



  • For instance, in January 2023, Indegene, a life science commercialization company, launched its new center in Germany to expand its client-focused management team in the region.


The market in Asia Pacific is expected to grow at a higher CAGR compared to other regions. As the region's healthcare expenditure is growing and it is home to 60% of the global population, it offers huge commercial opportunities to biopharma, medical devices, and healthcare companies. This has aided many multinational pharmaceutical and biotech companies in introducing their R&D centers and manufacturing units in the region. Therefore, to stay ahead in this growing competition, analytical tools and solutions have become a necessity for the life sciences industry.



  • For instance, according to a news published by CHINADAILY.COM in October 2022, China's upgrading and developing pharmaceutical industry has launched some early clinical development programs, ensuring it becomes one of the first-tier countries to launch new drugs to the market.


Furthermore, Latin America and the Middle East & Africa markets for life science analytics accounted for a smaller share in 2023. Both these regions are expected to grow at a slower CAGR comparatively during the forecast period. Lack of security, infrastructure, and rising cost of operations have been some of the reasons for the delivery of the products. To overcome these challenges, pharmaceutical and biotech companies opted to use analytical software and solutions for the timely and safe delivery of their goods and products. This contributed to the increased adoption of analytics solutions for managing supply chain operations, contributing to market growth.



  • For instance, in 2022, RFXCEL, an ANTARES VISION S.p.A. and one of the leading players in track and trace solutions, assisted Brazilian companies in preparing the National Medicine Control System (SNCM). This system aided pharmaceutical companies in tracking and tracing products by monitoring environmental conditions throughout their supply chain.


Similarly, improving healthcare infrastructure and rising partnerships and collaborations among the leading companies to improve the accessibility of drugs and products are augmenting the market growth in the Middle East & Africa and Latin America.


List of Key Companies in Life Science Analytics Market


Increasing Focus on Technological Development by Major Companies to Strengthen Market Outlook


This is a consolidated market comprising a large number of players with a wide range of products and services to offer. SAS Institute Inc., is one of the major players in the market. The continuously growing investment of pharma & biotech companies for research and development of new drug molecules is one of the major reasons contributing to the company's growing global life science analytics market share. Also, the company’s continuous effort to upgrade its technology by focusing on delivering a productive analytics platform for the transformation of data into valuable insights is another factor contributing to its higher market share.



  • In April 2023, SAS Institute Inc. collaborated with Duke Health, one of the renowned medical centers, aiming to develop a cloud-based product to improve business operations, delivery outcomes, and healthcare services approach.


Similarly, Accenture is increasing its focus on launching new products and services according to the growing demand in the market. The introduction of the products globally with strategic mergers and acquisitions to cater to the rising demand across the life science industry contributes to the company’s market hold.



  • In April 2022, Accenture launched Sovereign Cloud Practice, aiding pharma & biotech manufacturers in responding to supply chain disruptions and accelerating drug discovery.


The growing investment of life science industry players in analytical tools for improvement of their production process, product efficiency, and building their sales and marketing strategy is expected to mainly contribute to growth in the market share of other companies in the future.



  • For November 2022, Veeva Systems collaborated with Merck, also known as MSD outside the U.S., to build a strategic pricing approach and accelerate its digital strategy to maximize its technical capacity for delivering value to its patients.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS



  • September 2023 - SAS Institute Inc. collaborated with AstraZeneca, a global pharmaceutical company. The collaboration is aimed at increasing the company’s clinical research innovation and driving automation for the delivery of statistical analysis via the SAS Life Science Analytics Framework and SAS Viya.

  • May 2023 – Veeva Systems collaborated with Accenture to assist life science companies in driving their commercial innovation with Veeva Vault CRM. The collaboration aimed to expand their relationships with the life science clients and migrate their existing capabilities to Vault CRM Services.

  • August 2022 – NITI Aayog collaborated with Oracle, Apollo Hospitals, and Strides Pharma Sciences to direct the supply chain model using IoT Software.

  • June 2022 - ANI Pharmaceuticals, Inc., collaborated with Veeva Systems to operationalize their data-driven commercial strategies.

  • May 2022 – Lucid Diagnostics, a medical diagnostics company, adopted Veeva Systems Veeva vault CDMS for capturing electronic data and cleaning. The company is using this tool for their upcoming study on Esoguard.

  • March 2022 – Wipro collaborated with Pandorum Technologies, a biotech company, and aimed to focus on developing technologies that can minimize the time to market and improve patient outcomes of R&D and regenerative medicine clinical trials.


REPORT COVERAGE


The research report covers a detailed analysis and overview of the market. It focuses on key aspects such as competitive landscape, type, delivery, application, end users, and region. Besides this, it offers insights into the market drivers, market trends, market dynamics, COVID-19 impact on the market, and other key insights. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market over recent years.


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Report Scope & Segmentation






















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of  11.8% from 2024-2032



Unit



Value (USD Billion)



Segmentation



By Type



  • Software & Solutions

  • Services



By Delivery



  • On-premise

  • On-demand



By Application



  • Commercial Analytics

  • Personalized Therapy

  • Clinical Research Analytics

  • Supply Chain Analytics



By End Users



  • Medical Device Companies

  • Pharma & Biotech Companies

  • Contract Research Organizations

  • Others



By Region



  • North America (By Type, By Delivery, By Application, By End Users, By Country)

    • U.S.

    • Canada



  • Europe (By Type, By Delivery, By Application, By End Users, By Country/Sub-Region)

    • U.K.

    • Germany

    • France

    • Spain

    • Italy

    • Scandinavia

    • Rest of Europe



  • Asia Pacific (By Type, By Delivery, By Application, By End Users, By Country/Sub-Region)

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Rest of the Asia Pacific



  • Latin America (By Type, By Delivery, By Application, By End Users, By Country/Sub-Region)

    • Brazil

    • Mexico

    • Rest of Latin America



  • Middle East & Africa (By Type, By Delivery, By Application, By End Users, By Country/Sub-Region)

    • GCC

    • South Africa

    • Rest of the Middle East & Africa






Author

Jignesh Rawal ( Assistant Manager -Healthcare )

Jignesh is a skilled practitioner with over 8 years of extensive experience in market analysis an...Read More...


Frequently Asked Questions

Fortune Business Insights says that the global market value stood at USD 15.27 billion in 2023 and is projected to reach USD 43.86 billion by 2032.

In 2023, the North America market value stood at USD 6.53 billion.

The market is expected to exhibit steady growth at a CAGR of 11.8% during the forecast period of 2024-2032.

Based on application, the clinical research analytics segment dominated the market in 2023.

Increasing use of analytical solutions for comprehensive and flexible research study is the key driving factor.

SAS Institute Inc., Accenture, and Veeva Systems are some of the major players in the market.

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