Life Science Analytics Market worth $47.5 billion

[Healthcare News]

According to research report the Life Science Analytics Market in terms of revenue was estimated to be worth $27.1 billion in 2022 and is poised to reach $47.5 billion by 2027, growing at a CAGR of 11.8% from 2022 to 2027 according to a new report by MarketsandMarkets™. The life science analytics market is mainly driven by factors such as rising technological advancements in analytical solutions and increasing adoption of analytics for sales and marketing applications. However, high implementation costs and data privacy concerns are expected to restrain the growth of this market to a certain extent.

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Descriptive analytics type segment is expected to account for the largest share of the life science analytics market in 2022

Based on type, the life science analytics market is bifurcated into descriptive analytics, predictive analytics, and prescriptive analytics. In 2022, the descriptive analytics segment was expected to hold the largest share of this market. The large share of this segment is attributed to the major usage of descriptive analytics by stakeholders to gain a clearer understanding of past trends and events arising in real-time.

Services segment to grow at the highest CAGR in the life science analytics market during the forecast period, by component

Based on component, the life science analytics market is segmented into services and software. In 2022, the services segment was expected to account for the largest market share of the life science analytics market. This segment is also expected to grow at the highest CAGR during the forecast period, primarily due to the frequent need for services such as software upgrades and maintenance.

Research and development segment is expected to account for the largest share of the life science analytics market in 2022

Based on application, the life science analytics market is divided into research and development, sales and marketing, regulatory compliance, supply chain optimization, and pharmacovigilance. In 2022, research and development is expected to account for the largest share of the life science analytics market. However, the sales and marketing segment is estimated to register the highest growth during the forecast period. Factors such as e increasing implementation of analytics by life science companies to support sales and marketing campaigns and increasing importance of post-marketing surveillance are driving the growth of this segment.

North America is expected to hold the largest share of the life science analytics market in 2022

Based on region, the life science analytics market is divided into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Factors such as growing adoption of IT in the life science industry, rising pressure to reduce healthcare costs and presence of leading players are driving the growth in North American market.

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Key Market Players:

Prominent players in this market include Oracle (US), IBM (US), SAS Institute Inc. (US), Accenture (Ireland), IQVIA Inc, (US), Cognizant (US), Wipro (India), Allscripts Healthcare, LLC (US), Optum, Inc. (US), Microsoft (US), MaxisIT (US), ExlService Holdings, Inc. (US), Cerner Corporation (US), Cotiviti, Inc. (US), Inovalon (US), CitiusTech Inc (US), Saama Technologies, LLC. (US), Axtria (US), Clarivate (UK), ThoughtSphere (US), ThoughtSpot Inc. (US), Alteryx, Inc. (US), Sisense Inc. (US), Amazon Web Services, Inc., and Veeva Systems (US).

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