The global life science analytics software market size was $5.35 billion in 2022, and is expected to reach $16.04 billion by 2032 at a CAGR of 13.3% from 2023 to 2032
Analytical software executes statistical and quantitative analysis. It creates and exports predictive and exploratory models for decision making. Thus, the life science industry is adapting data analytics to make best possible decisions. This analytics software can be used in research and development, clinical trials, preclinical trials, sales and marketing support, pharmacovigilance and other purposes by different biotechnology firms, pharmaceutical companies, medical device enterprises, and other end users. This analytics tool overcomes challenges in operational efficiency and data integration, which helps life science companies to improve lives of their customers and maintain leadership in the market.
Product segment review
By product, the descriptive analytics segment accounted for the largest life science analytics software market share in 2022. This was attributed to the significant useof descriptive analytics by life science stakeholders to gain a better understanding of past trends and events occurring in real-time.
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Application segment review
On the basis of application, the sales & marketing segment is expected to grow at the highest CAGR during the forecast period.The is attributed to the rise in adoption of analytics by life science companies to align their sales & marketing campaigns. Surge in importance of post-marketing surveillance also propels the utilization of analytics for sales & marketing in the life science industry
North America held the major share of the life science analytics software market in 2021, and is expected to continue this dominance during the forecast period, owing to strong economies in the U.S. and Canada; high adoption rate of advanced technologies due to large number of investments to boost the life science industry; and presence of major players and their products across the region. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period, owing to the surge in prevalence of chronic diseases, growth of the life science industry, rise in adoption of advanced technologies, andgrowth in focus of major players on increasing their presence in emerging countries
Some of the key players operating in the life science analytics software market include Accenture Plc, ArisGlobal LLC, Chemical Abstracts Services(ACS), Certara, L.P., Clarivate Analytics Plc, Cognizant Technology Solutions Corporation, Dassault Systemes, Deloitte ToucheTohmatsu Limited, IQVIA Holdings Inc., Microsoft Corporation, Oracle Corporation, TIBCO Software Inc., andVeeva Systems Inc.
Key Benefits For Stakeholders
- This report entails a detailed quantitative analysis along with the current global life science analytics software market trends from 2022 to 2032 to identify the prevailing opportunities along with the strategic assessment.
- The life science analytics software market forecast is studied from 2020 to 2032.
- The market size and estimations are based on a comprehensive analysis of key developments in thelife science analytics software industry.
- A qualitative life science analytics software market analysis based on innovative products facilitates strategic business planning.
- The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the life science analytics software market.
Segments Covered in the Report:
- Descriptive analytics
- Predictive Analytics
- Prescriptive analytics
- Research and development
- Clinical Trials
- Preclinical Trials
- Sales and marketing support
- Regulatory compliance
- Supply chain analytics
By Delivery Model
By End User
- Pharmaceutical and biotechnology companies
- Medical device companies
- Research centers
- Third-party administrators
- North America
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