The Global Life Science Analytics Software Market Anticipated to Register a Revenue of $13,375.8 Million, Growing at a CAGR of 12.4% from 2021 to 2028 – Research DiveDownload Sample Reports Overview
The global life science analytics software market is expected to be valued at $13,375.8 million by 2028, surging from $5,331.9 million in 2020 at a noteworthy CAGR of 12.4%.
Impact Analysis of COVID-19 on the Life Science Analytics Software Market
The global life science analytics software market has witnessed a positive impact, throughout the COVID-19 pandemic. The outbreak impacted almost every industry in various ways such as supply chain disruptions and delays in the production worldwide. Contrary to this, majority of the leading companies operating in life science analytics solutions market are innovating new software, amidst the COVID-19 pandemic. For instance, in March 2020, Saama Technologies, Inc., AI based clinical analytics platform company, announced the establishment of the ‘EndPandemic National Data Consortium’. This advance platform will enable scientists to visualize, analyze, and interrogate data to significantly boost the analysis on SARS-CoV-2 research. These novel product offerings may lead to create enormous opportunities for investors, post the COVID-19 pandemic. In addition to this, increasing government’s spending on novel research & innovations along with effective strategic collaborations among the key players such as IQVIA and AstraZeneca may also drive the global market, in the global pandemic.
Global Life Science Analytics Software Market Analysis
In the recent several years, biotechnology & pharmaceutical companies are preferring digitization as a strategic step that can significantly help in the transformation of supply chain components such as production facilities and logistics to become more profitable. With the help of comprehensive advanced technologies, namely big data, mobility & pervasive computing, and analytics, life science companies & institution can effectively enhance their manufacturing capabilities, R&D productivity, compliance management, and sales and marketing effectiveness. These factors might drive the global life science analytics software. Also, novel product developments of the tech-giant companies may create positive impact on the global market. For instance, in May 2019 – Accenture, Irish-domiciled multinational company that offers consulting and processing services, officially introduced INTIENT, an integrated platform that significantly improves the flow of data across various life sciences firms, supporting the delivery of ground-breaking medical treatments for the patients. It further improves the productivity, accessibility of the external data network, and reliability of the data security. Such eye-catching innovations may further lead to drive the life science analytics software market, during the forecast period.
Lack of expertise along with high implementation costs of life science analytical tools may hamper the global market growth, in the analysis period.
Advanced analytics software in the life science industry plays magnificent role particularly in the clinical and preclinical trials, research & development and regulatory compliance. Analytics software can help in tracking and improving individual practitioner performance as well as identifying people at risk for chronic diseases. Hence, in the adoption of life science analytical solutions increased exponentially particularly in the Asia-Pacific regions. Pharmaceutical & biotechnology companies operating in China and India are adopting such advanced healthcare analytics tools to enhance the industry performance so that they can provide safe, effective medicines and other therapies to patients. These factors may create novel opportunities for the global life science analytics software, in the coming years.
Global Life Science Analytics Software Market, Segmentation
The global life science analytics software market is segmented based on product, application, delivery model, end-user, and region.
The product segment is further classified into descriptive analytics, prescriptive analytics, and predictive analytics. Among these, the descriptive analytics is predicted to have the maximum market share and it is expected to cross $5,354.7 million by 2028, with the rise from $2,086.7 million in 2020.
Descriptive analytics is the simplest level of describing the data and it is utilized significantly to study multiple healthcare decisions and their implications on clinical outcomes as well as service performance. Also, descriptive analytics uses data visualization method in order to identify patterns of patient care. Further, this analytical software enables life science establishments to manage real-time data and capture all patients’ visual data. Owing to such key features, descriptive analytics sub-segment is expected to dominate the market share in the coming years.
The application segment is further segregated into research & development, sales & marketing support, regulatory compliance, supply chain analytics, and pharmacovigilance. The sales & marketing support sub-segment is anticipated to have the dominating share in the global market and register a revenue of $4,408.9 million, throughout the analysis period.
The massive surge in the adoption of analytics in sales & marketing departments of life science firms to improve sales productivity is further fostering the sub-segment. Life science analytics software majorly helps in reducing wasteful spending, improving the healthcare experience for the patients, and promoting faster responses to changes in the market such as new regulation. These elements may surge the demand for life science analytics software for the marketing and sales support, in the forecast period. Also, key players are coming up with new offerings to strengthen their footprint worldwide, which may create positive impact on the market. For example, in April 2020, Veeva, the U.S. based cloud-computing company focused on pharmaceutical and life sciences industry applications, announced the integration of ‘Veeva CRM’ with ‘Crossix DIFA Marketing Analytics’. The new offering enables customers access to the full visibility of brands across the channels. Moreover, it also helps companies to align personal and non-personal promotions.
The delivery model segment is further fragmented into on-premise and cloud. The on-premise sub-segment is expected to have the highest share in the global market and generate a revenue of $6,662.8 million by 2028.
The stable growth of on-premise delivery model of life science analytics software market is mainly attributed to its key features including high flexibility, user-friendliness, and lower-cost. Also, growing prevalence of chronic diseases across the globe may increase the demand for advanced healthcare technologies, which may further surge the sub-segment’s growth, in the review period.
The end-user segment is further classified into pharmaceutical & biotechnology companies, medical device companies, research centers and third-party administrators. Among these, the pharmaceutical & biotechnology companies sub-segment is expected to have the largest share and is projected to surpass $6,457.5 million by 2028, with the increase from $2,606.0 million in 2020.
Life science analytics software prompts data-driven and unambiguous decisions, which can help strengthen the healthcare organization's processes, operations, sales and in turn, its future. Also, during the forecast period, the growth of pharmaceutical & biotechnology companies sub-segment is mainly attributed to the increased need to improve clinical trial efficiency and drug discovery across pharmaceutical & biotechnology companies.
The life science analytics software market for the Asia-Pacific region is anticipated to have a lucrative growth. This market generated a revenue of $783.8 million in 2020 and is further estimated to cross up to $2,100 million by 2028. Asia-Pacific life science analytics software market is expected to grow exponentially, during the analysis period mainly due to the, increasing prevalence of chronic diseases, significant adoption of highly advanced technologies, and the rising focus of prominent companies on rising their presence in emerging APAC countries such as India, Australia, and South-Korea.
Key Players in the Global Life Science Analytics Software Market
Some of the leading global life science analytics software market players are
- SAS Institute Inc.
- IQVIA HOLDINGS INC.
- INTERNATIONAL BUSINESS MACHINES CORPORATION
- Oracle Corporation
- Veeva Systems Inc.
- American Chemical Society (ACS)
- TIBCO Software Inc.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Life Science Analytics Software Market
- Bargaining Power of Suppliers: The suppliers of global life science analytics software are high and more globalized. So, there will be less threat from the supplier. Thus, the negotiation power of life science analytics software supplier decreases.
Hence, the bargaining power of the supplier is low.
- Bargaining Power of Buyer: Buyers have moderate bargaining power, mainly because of the limited number of life science analytics software service providers. Thus, the buyer can choose the service that best fits its preferences.
The bargaining power of the buyer is moderate.
- Threat of New Entrants: The startups entering this market are providing advanced solutions to clients. Moreover, these organizations are mainly focusing on the implementation of multiple strategies, brand development, product innovation, and many others.
Thus, the threat of the new entrants is high.
- Threat of Substitutes: There is no substitute available for the Life science analytics software.
Therefore, the threat of substitute is low.
- Competitive Rivalry in the Market: The ventures operating in the global Life science analytics software industry are opting for multiple business development strategies to stronghold their market position in the industry. Also, the key players like SAS Institute Inc., and Oracle Corporation are investing heavily to provide integrated services to the customers.
Therefore, competitive rivalry in the market is high.