The life science analytics market is projected to reach USD 47.5 billion by 2027 from USD 27.1 billion in 2022, at a CAGR of 11.8% during the forecast period. The market growth is mainly driven by technological advancements, big data in the life science industry, and the growing adoption of analytics solutions in clinical trials. However, high implementation costs are expected to restrain the growth of this market to a certain extent.
The life science analytics market is highly diversified and competitive, with many players, including mid-tier and start-up firms. Prominent players in this market include Oracle (US), IBM (US), SAS Institute Inc. (US), Accenture (Ireland), IQVIA Inc (US), Cognizant (US), Wipro (India), Allscripts Healthcare, LLC (US), Optum, Inc. (US), Microsoft (US), MaxisIT (US), ExlService Holdings, Inc. (US), Cerner Corporation (US), Cotiviti, Inc. (US), Inovalon (US), CitiusTech Inc (US), Saama Technologies, LLC. (US), Axtria (US), Clarivate (UK), ThoughtSphere (US), ThoughtSpot Inc. (US), Alteryx, Inc. (US), Sisense Inc. (US), Amazon Web Services, Inc., and Veeva Systems (US). These players have adopted various growth strategies, such as partnerships, collaborations, agreements, product launches & enhancements, service launches, expansions, and acquisitions to expand their presence in the global market further.
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ORACLE (US) With its broad customer base (over 430,000 customers) and geographic presence (in over 175 countries), Oracle is a key player in a range of IT software, hardware, and service-related markets, including the life science analytics market. The company focuses on continuously updating its products and meeting customer expectations. As the demand for cloud-based solutions is expected to increase, the company is strengthening its presence in this segment. Oracle continuously invests in expanding its cloud-based solutions segment to provide tailored solutions. For instance, in June 2020, Oracle launched the Clinical One Data Collection Cloud Service to support clinical research. Additionally, in January 2021, Oracle collaborated with Cognizant to integrate technologies to reduce study start-up time, streamline the management of clinical trials, and increase collaboration.
IBM (US) IBM is one of the leading players in the life science analytics market. The company’s strong position in the market can be attributed to its brand recognition and extensive product offerings. The company focuses on inorganic and organic growth strategies such as acquisitions, collaborations, expansions, and product launches to expand its existing product portfolio and strengthen its market position. In June 2020, IBM collaborated with Wipro to establish an innovation center to build industry solutions leveraging cloud, artificial intelligence, machine learning, and the internet of things in India. The company has also entered into several partnerships with various companies and organizations, such as Vizient Inc (US), Brigham and Women’s Hospital (BWH), and Vanderbilt University Medical Center (VUMC), to expand its global footprint. Such developments are expected to help the company maintain a strong presence in the market in the coming years.
SAS INSTITUTE INC. (US) SAS Institute Inc. is one of the key players in the life science analytics market. The company adopts organic and inorganic growth strategies, including expansions, partnerships, and collaborations to maintain its leading position in the market. In November 2020, SAS updated the SAS Life Science Analytics Framework, a clinical analysis software to help improve the development and safety of new pharmaceuticals, including COVID-19 vaccines. In June 2022, SAS entered into an agreement with Gunvatta to expedite clinical trials and FDA reporting. Additionally, in March 2019, SAS collaborated with NVIDIA to design artificial intelligence (AI) for the healthcare, life sciences, manufacturing, and financial services industries. The company also focuses on research & development activities to develop innovative solutions for the stakeholders and maintain its position in the life science analytics market.
Life Science Analytics Market by Type (Predictive, Descriptive, Prescriptive), Application(Sales & Marketing, Regulatory Compliance, R&D, Pharmacovigilance), Component(Software, Service), Delivery (On Premise, On Demand), End User -Global Forecast to 2027
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