Global Life Science Analytics Market to Reach $43.1 Billion by 2027
Amid the COVID-19 crisis, the global market for Life Science Analytics estimated at US$18.8 Billion in the year 2020, is projected to reach a revised size of US$43.1 Billion by 2027, growing at a CAGR of 12.6% over the analysis period 2020-2027. Descriptive, one of the segments analyzed in the report, is projected to record a 11.2% CAGR and reach US$15.6 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Prescriptive segment is readjusted to a revised 14.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at $5.6 Billion, While China is Forecast to Grow at 12.2% CAGR
The Life Science Analytics market in the U.S. is estimated at US$5.6 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$7.6 Billion by the year 2027 trailing a CAGR of 12.2% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.9% and 10.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 9.3% CAGR.
Predictive Segment to Record 12.6% CAGR
In the global Predictive segment, USA, Canada, Japan, China and Europe will drive the 12.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4 Billion in the year 2020 will reach a projected size of US$9.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$5.2 Billion by the year 2027.
Select Competitors (Total 44 Featured):
Amid the COVID-19 crisis, the global market for Life Science Analytics estimated at US$18.8 Billion in the year 2020, is projected to reach a revised size of US$43.1 Billion by 2027, growing at a CAGR of 12.6% over the analysis period 2020-2027. Descriptive, one of the segments analyzed in the report, is projected to record a 11.2% CAGR and reach US$15.6 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Prescriptive segment is readjusted to a revised 14.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at $5.6 Billion, While China is Forecast to Grow at 12.2% CAGR
The Life Science Analytics market in the U.S. is estimated at US$5.6 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$7.6 Billion by the year 2027 trailing a CAGR of 12.2% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.9% and 10.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 9.3% CAGR.
Predictive Segment to Record 12.6% CAGR
In the global Predictive segment, USA, Canada, Japan, China and Europe will drive the 12.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4 Billion in the year 2020 will reach a projected size of US$9.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$5.2 Billion by the year 2027.
Select Competitors (Total 44 Featured):
- Accenture PLC
- Cognizant Technology Solutions Corporation
- IBM Corporation
- IQVIA
- MaxisIT Inc.
- Oracle Corporation
- SAS Institute, Inc.
- SCIO Health Analytics, an EXL company
- TAKE Solutions
- Wipro Ltd.
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I. METHODOLOGY
II. EXECUTIVE SUMMARY
II. EXECUTIVE SUMMARY
- Influencer Market Insights
- World Market Trajectories
- Impact of COVID-19 Pandemic & Looming Global Recession
- An Introduction to Life Science Analytics
- Global Market Prospects & Outlook
- Descriptive Analytics: The Largest Segment
- Sales & Marketing Application Poised for High Growth
- China & Asia-Pacific to Spearhead Future Market Growth
- Technology Advancements Fuel Market Growth
- Rising Relevance of Big Data Analytics to Improve Productivity in Life Science Industry
- Analytics Solutions Find Increasing Adoption in Clinical Trials
- Rise in Pharmaceutical R&D Spending to Boost Adoption of Analytics in Clinical Research Institutions
- Exhibit 1: Pharmaceutical R&D Spending (in US$ Billion) for 2010-2020
- Exhibit 2: Leading Pharmaceutical Companies Ranked by R&D Spending
- AI, ML & Big Data Transform Clinical Trials Market
- Increasing Prevalence of Chronic Diseases Boosts Market Prospects
- Need to Curb Surging Healthcare Spending & Improve Patient Outcomes Enhance Importance of Analytics
- Growing Use of Analytics in Personalized and Precision Medicine: A Major Growth Opportunity
- Exhibit 3: Global Precision Medicine Market Size (US$ Billion) for the Years 2019, 2022 and 2025
- Need for Better Data Standardization Spurs Need for Analytics Solutions in Life Science Industry
- Rising Prominence of Value-Based Medicine Presents Opportunity for Market Growth
- High Implementation Costs, Privacy Concerns & Workforce Shortage: Key Challenges for the Market
- Table 1: World Current & Future Analysis for Life Science Analytics by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
- Table 2: World 7-Year Perspective for Life Science Analytics by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2020 & 2027
- Table 3: World Current & Future Analysis for Descriptive by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
- Table 4: World 7-Year Perspective for Descriptive by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020 & 2027
- Table 5: World Current & Future Analysis for Prescriptive by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
- Table 6: World 7-Year Perspective for Prescriptive by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020 & 2027
- Table 7: World Current & Future Analysis for Predictive by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
- Table 8: World 7-Year Perspective for Predictive by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2020 & 2027
- Table 9: USA Current & Future Analysis for Life Science Analytics by Type - Descriptive, Prescriptive and Predictive - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
- Table 10: USA 7-Year Perspective for Life Science Analytics by Type - Percentage Breakdown of Value Sales for Descriptive, Prescriptive and Predictive for the Years 2020 & 2027
- Table 11: Canada Current & Future Analysis for Life Science Analytics by Type - Descriptive, Prescriptive and Predictive - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
- Table 12: Canada 7-Year Perspective for Life Science Analytics by Type - Percentage Breakdown of Value Sales for Descriptive, Prescriptive and Predictive for the Years 2020 & 2027
- Table 13: Japan Current & Future Analysis for Life Science Analytics by Type - Descriptive, Prescriptive and Predictive - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
- Table 14: Japan 7-Year Perspective for Life Science Analytics by Type - Percentage Breakdown of Value Sales for Descriptive, Prescriptive and Predictive for the Years 2020 & 2027
- Table 15: China Current & Future Analysis for Life Science Analytics by Type - Descriptive, Prescriptive and Predictive - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
- Table 16: China 7-Year Perspective for Life Science Analytics by Type - Percentage Breakdown of Value Sales for Descriptive, Prescriptive and Predictive for the Years 2020 & 2027
- Table 17: Europe Current & Future Analysis for Life Science Analytics by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Million for Years 2020 through 2027 and % CAGR
- Table 18: Europe 7-Year Perspective for Life Science Analytics by Geographic Region - Percentage Breakdown of Value Sales for France, Germany, Italy, UK and Rest of Europe Markets for Years 2020 & 2027
- Table 19: Europe Current & Future Analysis for Life Science Analytics by Type - Descriptive, Prescriptive and Predictive - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
- Table 20: Europe 7-Year Perspective for Life Science Analytics by Type - Percentage Breakdown of Value Sales for Descriptive, Prescriptive and Predictive for the Years 2020 & 2027
- Table 21: France Current & Future Analysis for Life Science Analytics by Type - Descriptive, Prescriptive and Predictive - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
- Table 22: France 7-Year Perspective for Life Science Analytics by Type - Percentage Breakdown of Value Sales for Descriptive, Prescriptive and Predictive for the Years 2020 & 2027
- Table 23: Germany Current & Future Analysis for Life Science Analytics by Type - Descriptive, Prescriptive and Predictive - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
- Table 24: Germany 7-Year Perspective for Life Science Analytics by Type - Percentage Breakdown of Value Sales for Descriptive, Prescriptive and Predictive for the Years 2020 & 2027
- Table 25: Italy Current & Future Analysis for Life Science Analytics by Type - Descriptive, Prescriptive and Predictive - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
- Table 26: Italy 7-Year Perspective for Life Science Analytics by Type - Percentage Breakdown of Value Sales for Descriptive, Prescriptive and Predictive for the Years 2020 & 2027
- Table 27: UK Current & Future Analysis for Life Science Analytics by Type - Descriptive, Prescriptive and Predictive - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
- Table 28: UK 7-Year Perspective for Life Science Analytics by Type - Percentage Breakdown of Value Sales for Descriptive, Prescriptive and Predictive for the Years 2020 & 2027
- Table 29: Rest of Europe Current & Future Analysis for Life Science Analytics by Type - Descriptive, Prescriptive and Predictive - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
- Table 30: Rest of Europe 7-Year Perspective for Life Science Analytics by Type - Percentage Breakdown of Value Sales for Descriptive, Prescriptive and Predictive for the Years 2020 & 2027
- Table 31: Asia-Pacific Current & Future Analysis for Life Science Analytics by Type - Descriptive, Prescriptive and Predictive - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
- Table 32: Asia-Pacific 7-Year Perspective for Life Science Analytics by Type - Percentage Breakdown of Value Sales for Descriptive, Prescriptive and Predictive for the Years 2020 & 2027
- Table 33: Rest of World Current & Future Analysis for Life Science Analytics by Type - Descriptive, Prescriptive and Predictive - Independent Analysis of Annual Sales in US$ Million for the Years 2020 through 2027 and % CAGR
- Table 34: Rest of World 7-Year Perspective for Life Science Analytics by Type - Percentage Breakdown of Value Sales for Descriptive, Prescriptive and Predictive for the Years 2020 & 2027
- Total Companies Profiled: 44
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