Life Science Analytics Market Key Players, Revenue And Growth Rate, 2030

Key factors that are driving the life science analytics market growth include growing demand for reducing healthcare expenditure, increasing instances of regulatory oversight, and declining R&D productivity.

The global life science analytics market size was valued at USD 9.0 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.6% from 2023 to 2030.?

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.

Gather more insights about the market drivers, restrains and growth of the Life Science Analytics Market

Life Science Analytics Market Report Highlights

? The services component segment dominated the market in 2022 due to the lack of expertise and resources in life science organizations, which drives them to outsource these services

? The descriptive type segment led the market in 2022 owing to the rising adoption of descriptive analytics on historic datasets to understand the current business scenarios

? The sales and marketing support application segment captured the largest revenue share in 2022 owing to the rising adoption of analytical solutions in enhancing customer responsiveness and engagement to improve sales productivity

? The on-demand delivery segment dominated the market in 2022 owing to the growing demand for cloud-deployed and web-hosted analytical solutions

? By end-user, the pharmaceutical segment held the largest revenue share in 2022 owing to the rising adoption of analytical solutions in clinical trials management and growing product pipeline

? North America dominated the market in 2022 owing to the availability of adequate healthcare IT infrastructure and higher digital literacy

Order a free sample PDF of the Life Science Analytics Market Intelligence Study, published by Grand View Research.