Life sciences analytics refers to analytical application used in clinical research organizations, medical device, pharmaceutical, & biotechnological companies, and various divisions, such as research, marketing, supply chain, pharmacovigilance, and others. The application of analytics has emerged as a helpful tool for several pharmaceutical, biotechnological, and medical device enterprises, as it helps overcome various challenges and enhance operational efficiency. Life sciences analytics tools allow medical device, pharmaceutical, & biotechnological companies to keep their data secure while enabling their scientists and researchers to analyse drug results and easily compare clinical trial results with historical genomics data.
Market Statistics:
The Life Sciences Analytics Market is estimated to account for US$ 9,382.0 Mn in terms of value by the end of 2022.
Drivers:
Rising adoption of analytics solutions in pharmaceuticals and clinical trials is expected to boost the growth of the global life sciences analytics market during the forecast period. For instance, life sciences analytics has emerged as a helpful tool for pharmaceutical, biotechnological, and medical device companies. In March 2022, Databricks announced the launch of the Databricks Lakehouse for Healthcare and Life Sciences. It is the industry’s first platform for organizations across the healthcare and life sciences industries. It is a single platform for data management, analytics, and advanced AI (artificial intelligence) use cases such as disease prediction, medical image classification, and biomarker discovery.
Opportunities:
Rising adoption rate of web-hosted and cloud-deployed analytical applications and solutions is expected to offer lucrative growth opportunities for players in the global life sciences analytics market. Leading life-sciences companies are discovering the potency of cloud-based/deployed analytical applications and solutions. In March 2022, SDG Group entered into a partnership with Snowflake, as the company launched Healthcare and Life Sciences Data Cloud to bring better patient care and business results. It will enable SDG Group to successfully and securely unlock the power of Data and Analytics to maximize the business value.
Restraints:
Dearth of skilled professionals and high implementation costs are some major factors expected to hamper the growth of the global life sciences analytics market. Skill shortage is the most significant challenge faced by the life science industry today. There is a shortage of people who are suitably trained for complex, rapidly-changing world of biopharmaceutical manufacturing. 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.
Life Sciences Analytics Market – Impact of Coronavirus (COVID-19) Pandemic:
Outbreak of COVID-19 has had a positive impact on the growth of the life sciences analytics market, as pharmaceutical and biotech companies are focusing on developing novel drugs and vaccines to curb the spread of the this virus. Moreover, pharmaceutical and biotech companies are conducting clinical trials to evaluate the safety and effectiveness of these drugs or vaccines. Analytics contributes to keeping track of trial results on a large scale, thus creating high demand during the pandemic. Analytics helps both pharma and biotech companies to analyze data for comparison of ongoing trials at different sites and populations, generate reports for submission to regulatory authority, and obtain approvals.
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https://www.coherentmarketinsights.com/market-insight/life-sciences-analytics-market-5208
Key Takeaways:
The global life sciences analytics market was valued at US$ 8,740.0 Mn in 2021 and is forecast to reach a value of US$ 14,789.7 Mn by 2028 at a CAGR of 7.9% between 2022 and 2028.
Among product type, descriptive analytics segment held dominant position in the global life sciences analytics market in 2022, accounting for 49.7% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
- Increasing prevalence of non-communicable diseases (NCDs) around the world is expected to propel growth of the global life sciences analytics market. Analytics helps understand the components needed for new drug discovery or drug development. According to KFF (Kaiser Family Foundation), an American Non-Profit Organization, non-communicable diseases are the leading causes of death and disability worldwide, killing more than 3 in 5 people worldwide and responsible for more than half of the global burden of disease.
- Growing adoption of analytics solutions expected to drive growth of the global life sciences analytics market. For instance, in February 2019, Clarivate Analytics announced the 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.
Competitive Landscape:
Major players operating in the global life sciences analytics market include Apollo Intelligence, SERMA Group, M3 (EU) Ltd., Dynata, Wipro Limited, SAS Institute Inc., IQVIA, Oracle Corporation, MaxisIT, IBM Corporation, Cognizant, Accenture, EXL Service (SCIOInspire Corp.), and TAKE Solutions Limited, among others.
Recent Developments:
In January 2022, IBM and Francisco signed an agreement under which Francisco Partners will acquire healthcare data and analytics assets from IBM that are currently part of the Watson Health business.
In December 2020, Accenture PLC completed the acquisition of OpusLine, an independent Paris-based health consulting company renowned for its strategic advisory & transformational services provided to healthcare organizations in France.
In June 2020, Oracle Health Sciences introduced ‘Clinical One Data Collection Cloud Service’. The system collects data from diverse sources and harmonizes it in a single place.
