Data Monetization Solutions For Life Science Companies Market Drivers, Demand, Insights 2024-2033

Sizing and Forecast

The data monetization solutions for life science companies market size has grown rapidly in recent years. It will grow from $0.35 billion in 2023 to $0.42 billion in 2024 at a compound annual growth rate (CAGR) of 19.6%. The growth in the historic period can be attributed to exponential growth of data in life sciences, shift towards personalized medicine, integration of artificial intelligence (AI) and machine learning, increasing recognition of data, continuous evolution of data-driven methodologies.

The data monetization solutions for life science companies market size is expected to see rapid growth in the next few years. It will grow to $0.86 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%. The growth in the forecast period can be attributed to increase in the volume and complexity of data produced, growing demand for solutions that leverage advanced analytics, growing complexity of life science data, emergence of digital health technologies. Major trends in the forecast period include increasing adoption by SMEs, technological advancements, partnerships and acquisitions, dominance of software solutions, geographic expansion.

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Segmentation & Regional Insights

The data monetization solutions for life science companies market covered in this report is segmented –

1) By Type: Software, Services

2) By Data Type: Clinical Data, Genomic Data, Real-World Evidence, Patient-Generated Health Data

3) By Enterprise Size: Small And Medium Enterprises, Large Enterprises

4) By Application: Drug Discovery, Clinical Trial Optimization, Patient Engagement, Health Outcomes Research

5) By End-User: Pharmaceutical Companies, Biotechnology Firms, Contract Research Organizations, Healthcare Providers

North America was the largest region in the data monetization solutions for life science companies market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data monetization solutions for life science companies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

The shift towards personalized medicine in the life sciences industry is expected to propel the growth of data monetization solutions for the life science companies’ market going forward. The personalized medicine in the life sciences industry refers to tailoring medical treatments to individual genetic, environmental, and lifestyle factors for more effective and targeted healthcare. The shift towards personalized medicine generates the need to analyze vast patient data, driving demand for advanced data analytics and monetization solutions for life science companies. For instance, in February 2024, according to a report published by the Personalized Medicine Coalition, a US-based organization, in 2023, the FDA approved 16 new personalized treatments for rare disease patients, up from six in 2022. Therefore, the shift towards personalized medicine in the life sciences industry is driving the growth of data monetization solutions for life science companies’ markets.

Key Industry Players

Major companies operating in the data monetization solutions for life science companies market are Google, Microsoft, Amazon Web Services (AWS), Siemens, Accenture, International Business Machines Corporation, Deloitte, Cisco Systems, Ernst & Young, Oracle, SAP, Salesforce Inc., Cognizant, Infosys Limited, Labcorp Drug Development, IQVIA, ICON plc, Syneos Health, PRA Health Sciences, Snowflake Inc., Veeva Systems, Medidata Solution, Particle Health Inc., Parexel

The data monetization solutions for life science companies market report table of contents includes: