According to a new market report published by Transparency Market Research, the global life science analytics market is expected to reach a value of US$ 39,200.9 Mn by 2026 on account of a large volume of data generated across the life science industry and rise in software usage to derive value from large volumes of structured, unstructured, and semi-structured data. The market is projected to expand at a CAGR of 12.0% during the forecast period from 2018 to 2026, driven by the increasing adoption of data management and data analytics solutions in the life science industry.
Spending in the life science industry is anticipated to increase over the forecast period, driving digitization across the industry using software and related services. North America is anticipated to be a dominant region of the life science analytics market, followed by Asia Pacific, during the forecast period. In terms of end-user, the laboratory and pharmaceutical company segment is expected to expand at a rapid pace over the forecast period. Further, the use of analytics solutions, mainly for pharmaceutical data, customer data, lab results, and regulatory data, drives the life science analytics market.
Turning Data into Intelligence is Driving the Global Life Science Analytics Market
Predictive and prescriptive analytics are approaches that help biomedical, medical device, and pharmaceutical companies in minimizing expenses and increasing productivity by turning data into valuable assets. Real-time data analysis is essential for deriving insights from unstructured data. The creation and consumption of data continues to rise, and with it, the investment in software, services, and data science. The availability of large amounts of data has led to technological innovation in analytics solutions.
Data analytics tools have made the integration of genomic and clinical data easier, which can help manufacturers develop advanced personalized medicines. Rapidly changing and increasingly complex regulatory requirements become a critical risk to the life science sector. Analytics is helping companies in accurate regulatory reporting. The increasing volume of data generated in the life science industry and need to generate value from this data are driving the life science analytics market.
Life Science Analytics Market: Scope of the Report
The life science analytics market has been segmented based on type, component, application, end-user, and geography. In terms of application, the research and development segment is expected to account for more than 29% share of the global life science analytics market in 2026, due to an increase in IT spending in the R&D sector of the life science industry. The laboratory and pharmaceutical companies segment is anticipated to constitute more than 36% share in the life science analytics market in 2026, due to an increase in spending by laboratory and pharmaceutical companies and increasing analytics requirement across diverse applications in laboratory and pharmaceutical companies globally.