New York, USA, Oct. 19, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global life science analytics software market is predicted to grow at a tremendous CAGR of 12.4%, thereby garnering a revenue of $13,375.8 million in the 2021-2028 timeframe. This holistic report provides an overarching overview of the nature of the life science analytics software market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2021-2028 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the nature and working of the market.
Dynamics of the Market
Drivers: Growing adoption of Artificial Intelligence (AI) for improving the research and development in the healthcare sector is expected to be the primary growth driver of the life science analytics software market in the forecast period. Moreover, the use of Artificial Intelligence in the commercial sector is predicted to propel the market growth.
Opportunities: Growing usage of advanced technologies and analytical tools for novel drug discovery is predicted to offer numerous growth opportunities to the market in the forecast period. Additionally, increasing adoption of AI in healthcare sector is anticipated to augment the growth rate of the market.
Restraints: High implementation cost of life science analytics software, however, might restrict the growth of the life science analytics software market.
Impact of Covid-19 on the Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The life science analytics software market, however, has been an exception. In fact, life science analytics software has played a pivotal role in coping with the global pandemic as it helped in developing technologies and methodologies to fight the Covid-19 virus. Hence, the demand for this software naturally grew during the pandemic, which helped the market to grow.
Segments of the Market
The report has divided the market into certain segments based on product, application, delivery model, end-user, and region.
Product: Descriptive Analytics Sub-Segment to Have the Maximum Share
By product, the descriptive analytics sub-segment of the life science analytics software market is expected to hold the maximum market share and register a revenue of $5,354.7 million by 2028. The crucial role played by descriptive analytics in collecting, organizing, and presenting crucial healthcare data in a coherent manner is predicted to augment the growth rate of this sub-segment.
Application: Sales & Marketing Support Sub-Segment to be the Most Dominant
By application, the sales & marketing support sub-segment is expected to be the most dominant and surpass $4,408.9 million by 2028. Increasing adoption of advanced analytical tools by various life science analytics companies so as to align their sales and marketing domain is anticipated to help the sub-segment register positive growth during the forecast period.
Delivery Model: Cloud Sub-Segment to Have the Fastest Growth
By delivery model, the cloud sub-segment is expected to be the fastest growing and surpass $6,708.0 million by 2028. Advantages of cloud-based software such as cost-effectiveness, availability for both small and large healthcare enterprises, and increased security to healthcare records are anticipated to increase the demand for cloud-based software and help the sub-segment register positive growth during the forecast period.
End-User: Pharmaceutical & Biotechnology Sub-segment to be the Most Profitable
By end-user, the pharmaceutical & biotechnology sub-segment of the life science analytics software market is expected to be the most profitable and reach $6,457.5 million during the forecast timeframe. Increasing adoption of advanced technologies and analytical tools for enhancing clinical trial efficiency and increasing drug utilization is predicted to augment the growth rate of this sub-segment.
Region: Market in Asia-Pacific Region to be the Most Lucrative
By regional analysis, the life science analytics software market in the Asia-Pacific region is projected to be the most profitable and register a revenue of $2,100 million in the analysis timeframe. The growing expanse of pharmaceutical & biotechnology firms in countries such as India, Australia, China, Singapore, etc., is expected to be the main factor behind the growth of the market in this region.
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Prominent Market Players
Some prominent market players in the life science analytics software market are
- SAS Institute Inc.
- Microsoft
- American Chemical Society (ACS)
- IQVIA HOLDINGS INC.
- Accenture
- ArisGlobal
- INTERNATIONAL BUSINESS MACHINES CORPORATION
- Veeva Systems Inc.
- TIBCO Software Inc.
- Oracle Corporation
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
For instance, in May 2022, ArisGlobal, one of the world’s most successful life sciences companies, announced the acquisition of Boehringer Ingelheim’s digital innovation, BRASS. Boehringer Ingelheim is a leading pharmaceutical company and this acquisition is expected to help ArisGlobal immensely, as BRASS will now be integrated with ArisGlobal’s renowned tech platform Lifesphere. Buy the full report starting at $2999 (Read-only)
Finally, this report published by Research Dive also offers many vital facets of the life science analytics software market including the latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about Life Science Analytics Software Market:
- Life Sciences Data Analytics Software – A Key to Ensure Exceptional Health and Treatments
- Strategic Partnerships and Product Launches to Fuel the Growth of the Global Life Science Analytics Software Market by 2028
