Wilmington, New Castle, Delaware, Feb. 19, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Life Science Analytics Software Market by Product (Descriptive Analytics, Prescriptive Analytics, and Predictive Analytics), Application (Research and Development, Sales and Marketing Support, Regulatory Compliance, Supply Chain Analytics, and Pharmacovigilance), Delivery Model (On-Premise and Cloud), Component (Software and Services), and End User (Pharmaceutical and Biotechnology Companies, Medical Device Companies, Research Centers and Third-Party Administrators): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global life science analytics software market was valued at $27 billion in 2022 and is estimated to reach $77.4 billion by 2032, exhibiting a CAGR of 11.2% from 2023 to 2032.
Prime Determinants of Growth
The life science analytics software market has experienced significant growth owing to an increase in the number of sports-related injuries, increase in the number of surgical procedures, and rise in the number of traumatic injury cases.
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Report Coverage & Details
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $27 Billion |
| Market Size In 2032 | $77.4 Billion |
| CAGR | 11.20% |
| No. Of Pages In Report | 338 |
| Segments Covered | Product, Application, Delivery Model, Component, End User And Region. |
| Drivers | Rise In Prevalence Of Chronic Diseases |
| Growth In Trend Of Digitization In The Healthcare Industry | |
| Rise In Adoption Of Life Science Analytics Software By Pharmaceutical And Biotechnology Companies | |
| Opportunity | Technological Advancements In Life Science Analytics. |
| Restraint | Data Privacy And Security Concerns. |
2023 Recession Impact Analysis
- The global recession has had a significant impact on the life science analytics software market.
- The high inflation rate and the economic uncertainty have created financial distress for the developers of the life science analytics software.
- However, the life science analytics software market is expected to recover owing to high adoption of life science analytics software by pharmaceutical and biotechnology companies.
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The descriptive analytics segment to maintain its leadership status throughout the forecast period
By product, the descriptive analytics segment held the highest market share in 2022, accounting for more than one-third of the life science analytics software market revenue, owing to high adoption of descriptive analytics software for analysis of vast amounts of data generated during research in the healthcare field to extract valuable insights from it.
The research and development segment to maintain its leadership status throughout the forecast period
By application, the research and development segment held the highest market share in 2022, accounting for more than two-fifths of life science analytics software market revenue. This is attributed to high adoption of life science analytical software to analyze large research data.
The cloud segment to maintain its leadership status throughout the forecast period
By delivery model, the cloud segment held the highest market share in 2022, accounting for more than half of the life science analytics software market revenue, owing to high adoption of the cloud due to its cost-effectiveness.
The software segment to maintain its leadership status throughout the forecast period
By component, the software segment held the highest market share in 2022, accounting for more than half of life science analytics software market revenue, owing to high adoption of software owing to its wide array of applications in research and development, clinical trials, and sales and marketing.
The pharmaceutical and biotechnology companies’ segment to maintain its leadership status throughout the forecast period
By end user, the pharmaceutical and biotechnology companies segment held the highest market share in 2022, accounting for more than half of life science analytics software market revenue, owing to high adoption of life science analytics software for research and development and to develop sales and marketing strategies.
North America to maintain its leadership status throughout the forecast period
By region, North America held the highest market share in 2022, accounting for more than one-third life science analytics software market revenue. This is attributed to strong presence of key players in the region and high adoption of life science analytics software by pharmaceutical and biotechnology companies. However, Asia-Pacific is expected to register the highest CAGR during the forecast period, owing to digital transformation of the healthcare ecosystem and rapid growth in the healthcare industry in Asia-Pacific.
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Leading Market Players
- SAS INSTITUTE INC.
- Oracle Corporation
- Accenture
- IQVIA
- Cognizant
- Wipro Limited
- Maxisit Incorporated
- Take Solutions Limited
- Tibco Software Inc.
- Exlservice Holdings Inc.
The report provides a detailed analysis of these key players in the Life science analytics software market. These players have adopted different strategies such as product launch, acquisition and collaboration to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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