Life Sciences Analytics Market, By Product Type (Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics), By Application (Research and Development, Supply Chain Analytics, Sales and Marketing, and Other Applications), By Component (Services and Software), By End User (Clinical Research Institutions, Pharmaceutical and Biotechnology Companies, Medical Device Companies, and Other End Users), and By Geography (North America, Europe, Asia-Pacific, South America, and Middle East & Africa) Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028

Published In : Sep 2022

Code : CMI5208

Pages :163

Formats :

Excel and PDF

Industry : Healthcare IT

Market Challenges And Opportunities

Global Life Sciences Analytics Market Drivers:

Increasing prevalence of non-communicable diseases across the globe is expected to augment the growth of the global life sciences analytics market during the forecast period. For instance, according to the World Health Organization (WHO), noncommunicable diseases (NCDs), such as heart disease, diabetes, cancer, stroke, and chronic lung disease, are collectively responsible for almost 70% of all deaths worldwide. Noncommunicable diseases (NCDs) kill around 41 million people each year, equivalent to 71% of all deaths worldwide.

Growing adoption of analytics solutions is expected to boost growth of the global life sciences analytics market during the forecast period. For instance, life science organizations/companies and other healthcare industry players increasing adoption of analytics by life science companies to align their sales & marketing campaigns. In February 2019, Clarivate Analytics launched a Life Science Alliances Program to provide drug and medical device developers with a new way to significantly advance their research and development and commercialization initiatives.

Global Life Sciences Analytics Market Opportunities:

Increasing adoption of analytics for sales and marketing applications in life science companies is expected to offer robust growth opportunities for players in the life sciences analytics market. For instance, life science companies and other healthcare industry players increasing adoption of analytics by life science companies to align their sales and marketing campaigns. According to the 2021 ISG Provider Lens Life Sciences Digital Services Report, life sciences companies in the European region are interested in using analytics to support marketing and sales efforts and optimize supply chain operations.

Increase in focus on the drug development is expected to provide lucrative growth opportunities for players in the global life sciences analytics market. For instance, in June 2020, Malvern Panalytical and Concept Life Sciences launched Amplify Analytics, a range of highly flexible services designed to help pharmaceutical companies rapidly identify those drug candidates that meet bioavailability & processability requirements, speeding & de-risking drug development. Each element is designed to enable fast, reliable decision-making on the suitability of the drug candidate for the further development.

Global Life Sciences Analytics Market Restraints:

High cost of implementation is expected to hamper growth of the global life sciences analytics market. For instance, according to the Clinical Trial Management Software Pricing Guide and Cost Comparison by Capterra, CANTAB costs about US$ 30,000, MEDAS-HIMS costs about US$ 25,000, and TrialPoint Software costs about US$ 15,000. This further indicates the cost of data analytics products to be high.

Lack of skilled personnel or dearth of skilled professionals is expected to hinder growth of the life sciences analytics market. The data scientist shortage leaves some organizations unable to employ data science to aid the decision-making process. Both big & small businesses are using data analytics to make informed decisions, thus increasing the competition for finding quality candidates. This demand for data analysts is probably the biggest reason for the shortage of data analysts in the hiring market.