Newark, Aug. 29, 2024 (GLOBE NEWSWIRE) — The report published by The Brainy Insights reveals that the global life sciences analytics market is expected to grow from USD 9.98 billion in 2023 to USD 23.61 billion by 2033, growing at a compound annual growth rate of 9% during the forecast period 2024-2033. North America has emerged as the largest global life sciences analytics market with a market share of 51% in 2023. Analytics solutions are making an impact by offering everything from simple reporting to descriptive and predictive analytics solutions.

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Companies in the United States are implementing new analytics solutions in their operations, such as analyzing clinical research data from the SAS database useful in the early stages of drug development, analyzing the frequency and reporting of adverse events in clinical trials, forecasting sales, and predicting health outcomes. For example, Honeywell acquired Performix Inc., a Manufacturing Execution System (MES) software provider for the pharmaceutical and biotech industries, in September 2021. The focus of the acquisition was to establish an integrated software platform for customers in the life sciences industry to achieve faster regulatory compliance, greater reliability, and higher production throughput.
The leading companies in the industry include Oracle, IQVIA, SAS Institute Inc., Cognizant, IBM, Accenture, Take Solutions Limited, and Wipro Limited, among others. They are providing ever-increasing opportunities and are continuously focusing on new product development and venture capital investments to gain market share.

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The product type segment is segmented into descriptive analytics, predictive analytics, and prescriptive analytics. The predictive analytics segment dominated the market with a market share of around 40% in 2023, owing to the rapidly increasing usage of advanced analytical solutions to predict future trends and assist stakeholders in developing appropriate strategies and tactics to improve market performance. The application segment is segmented into research and development, supply chain analytics, sales and marketing, and others. The sales and marketing segment dominated the market with a market share of around 39% in 2023, owing to the increasing adoption of analytical solutions in the sales and marketing functions of organizations to increase sales productivity and build efficient and impactful marketing campaigns. The end user segment is segmented into clinical research organizations, pharmaceutical and biotechnology companies, medical device companies, and others. The pharmaceutical and biotechnology companies segment dominated the market with a market share of around 42% in 2023. Analytics is critical to gain insights into patient behavior to optimize drug distribution and healthcare effectiveness.

The life sciences industry is increasingly adopting analytics and relying on descriptive and reporting analytics for database creation and prescriptive and predictive analytics for forecasting future trends and outcomes, which is expected to boost the market growth. Another major driver for the life sciences industry is the growing influence of social media and the internet, which is directly impacting patient engagement and driving the adoption of analytical solutions. Healthcare facilities and life sciences organizations are quickly adopting analytical solutions to improve clinical, financial and operational outcomes while reducing healthcare costs and boosting the market.

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