The life science analytics software market size is expected to see rapid growth in the next few years. It will grow to $17.34 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to the increasing prevalence of chronic diseases, increasing clinical trials, increasing prevalence of non-communicable diseases, increasing general population, and increasing number of patients. Major trends in the forecast period include the development of new drug therapy, the development of medical technologies, enhancing artificial intelligence, the development of a cloud-based platform, and launching a patient engagement platform.
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Scope Of Life Science Analytics Software Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Life Science Analytics Software Market Overview
Market Drivers –
The increasing number of clinical trials is expected to propel the growth of the life science analytics software market going forward. Clinical trials are research studies conducted in humans to evaluate the safety and efficacy of medical interventions such as drugs, treatments, devices, or preventive measures. Clinical trial numbers are rising to meet the increasing demand for innovative treatments and to address a growing global disease burden. Life Science Analytics Software is used in clinical trials to analyze and interpret trial data, optimize processes, and ensure regulatory compliance for better decision-making and patient outcomes. For instance, in November 2023, according to the Association of the British Pharmaceutical Industry, a UK-based trade association, the overall number of industry clinical trials initiated in the UK per year increased marginally by 4.3%, from 394 in 2021 to 411 in 2022. Therefore, the increasing number of clinical trials drives the life science analytics software market.
Market Trends –
Major companies operating in the life science analytics software market are focusing on technological advancements such as artificial intelligence (AI)-powered analytics platforms to gain a competitive advantage. AI-powered analytics platforms are advanced software systems that utilize artificial intelligence and machine learning algorithms to analyze large datasets, identify patterns, and generate insights. For instance, in February 2024, Trinity Life Sciences, a US-based life sciences consulting firm, launched Brand Insights AI, a cutting-edge chat-based AI interface aimed at enhancing the analysis and application of biopharmaceutical brand research. This innovative tool empowers insights and analytics teams by allowing them to swiftly access and synthesize large volumes of archived data from diverse sources. By uncovering hidden patterns and speeding up decision-making, Brand Insights AI serves as a transformative resource for life sciences executives looking to optimize research processes and enhance strategic outcomes.
The life science analytics software market covered in this report is segmented –
1) By Product: Prescriptive Analytics, Descriptive Analytics, Predictive Analytics
2) By Delivery Model: On-Premise, Cloud
3) By Application: Research And Development, Sales And Marketing Support, Regulatory Compliance, Supply Chain Analytics, Pharmacovigilance
4) By End User: Pharmaceutical And Biotechnology Companies, Medical Device Companies, Research Centers, Third Party Administrators
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Regional Insights –
North America was the largest region in the life science analytics software market in 2023. The regions covered in the life science analytics software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the life science analytics software market are McKesson Corporation, Accenture Plc, International Business Machines Corporation (IBM), Oracle Corporation, Cognizant Technology Solutions Corporation, Koninklijke Philips N.V., IQVIA, Wipro Limited, Genpact, EPIC Systems Corporation, PerkinElmer Inc., SAS Institute Inc., Veeva Systems Inc., M3 (EU) Ltd., ExlService Holdings Inc., eClinicalWorks, TIBCO Software Inc., Allscripts Healthcare LLC, Computer Programs and Systems Inc., Elinext, Analytics8, MaxisIT Incorporated, Jag products LLC
Table of Contents
1. Executive Summary
2. Life Science Analytics Software Market Report Structure
3. Life Science Analytics Software Market Trends And Strategies
4. Life Science Analytics Software Market – Macro Economic Scenario
5. Life Science Analytics Software Market Size And Growth
…..
27. Life Science Analytics Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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