Strategic Partnerships and Product Launches to Fuel the Growth of the Global Life Science Analytics Software Market by 2028

Life science analytics software is built with innovative technologies to help life sciences establishments transform data into life-changing insights and help patient get better with safe therapies. This software plays a vital role in resolving the challenges of digital health coupled with improving the way of developing, discovering, manufacturing and commercializing effective therapies. This analytics software can be used in R&D, preclinical trials, clinical trials, sales & marketing support, pharmacovigilance, and other purposes by different pharmaceutical companies, biotechnology firms, medical device enterprises, and other end-users. Life science analytics software overcomes the challenges in operational efficiency & data integration, which assists life science companies to improve the lives of their customers and also maintain leadership in the market.

COVID-19 Impact Analysis

The outbreak of COVID-19 across the globe has favorably impacted the global life science analytics software market. This is mainly because the governments, payers, retail pharmacies, and non-profit organizations (NPOs) are working collaboratively to cope with the global pandemic. Besides, the leading companies of the market are adopting strategies such as partnerships, R&D, and technological advancements to fight against the COVID-19 crisis. For instance, in May 2020, Saama Technologies Inc., an AI-clinical analytics platform firm, and iNDX.Ai, an innovative software products company, announced the launch of the ‘COVID-19 Command Center,’ which is a combination of LSAC (Life Science Analytics Cloud) of Saama and iNDX.Ai’s iCore software. This platform helps to accelerate the ability of life sciences firms to expedite internal R&D programs for treatment of COVID-19.

Key Developments in the Industry

The companies operating in the global industry are adopting various growth strategies and business tactics such as partnerships, acquisitions, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the growth of the global life science analytics software market in upcoming years.

For instance, in May 2019, SAS, a major player in the global analytics market, announced the launch of its ‘SAS Cloud offering in an Amazon Web Services’ Data Center’ in Singapore. This is the first SAS data center in the market that provide Singapore’s enterprises with long-awaited cloud capabilities that address data residency issues & improve network latency.

In September 2020, EVERSANA, the global leading provider of commercial services to the life sciences industry, announced the launch of ‘ACTICS by EVERSANA,’ the technology-enabled solution to improve end-to-end commercial success for life science companies. ACTICS combines the power of artificial intelligence (AI)-driven predictive analytics with real-time, ready-to-deploy commercial services, and provides the cloud-based solution pharmaceutical innovators to optimize actions in the product & patient journeys.

In June 2021, JADBio, an AI, machine learning, and advanced analytics software & solutions company, entered into a distribution agreement with QIAGEN with an aim to sale & distribute the JADBio offerings within the QIAGEN Digital Insights portfolio. JADBio focuses on enabling the life-science professionals to build & deploy interpretable and accurate predictive models. Through this agreement, the company will broaden its global reach, leveraging QIAGEN’s global team and industry leading experts.

Forecast Analysis of Global Market

The global life science analytics software market is projected to witness a exponential growth during the forecast period, owing to the growing adoption of advanced analytical tools for novel drug discovery. Conversely, the high implementation cost of life science analytics software and lower product penetration are the factors expected to hamper the market growth in the projected timeframe.

The increasing adoption of AI in Healthcare for reforming the R&D and commercial sector is the significant factor estimated to propel the growth of the global market in the coming future. According to a latest report published by Research Dive, the global life science analytics software market is expected to garner $13,375.8 million during the forecast period (2021-2028). Regionally, the Asia Pacific region is estimated to observe considerable growth due to increasing spending on healthcare infrastructure and the rising prevalence of chronic diseases in the region. The key players functioning in the global market include SAS Institute Inc., INTERNATIONAL BUSINESS MACHINES CORPORATION, IQVIA HOLDINGS INC., Oracle Corporation, Accenture, Microsoft, Veeva Systems Inc., ArisGlobal, American Chemical Society (ACS), and TIBCO Software Inc.