Overview and Scope
Life science analytics refers to a branch of science that has to do with the research and development of human life. This industry is fundamental to understanding the nature and severity of diseases. It is a process of clinical data analysis that provides predictive tools for better patient care. Life science analytics is used to improve and protect animal and human life.
Sizing and Forecast
The life science analytics market size has grown rapidly in recent years. It will grow from $26.2 billion in 2023 to $29.2 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to pharmaceutical sales and marketing, healthcare cost reduction, global health preparedness, biopharmaceutical manufacturing, digital health adoption.
The life science analytics market size is expected to see rapid growth in the next few years. It will grow to $48.41 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. The growth in the forecast period can be attributed to adoption of telemedicine, growth of population, adoption of drug repurposing, regulatory reforms, increasing disease surveillance. Major trends in the forecast period include artificial intelligence (ai)-enhanced drug safety, predictive analytics in diagnostics, gene editing advancements, data visualization tools, blockchain for data security.
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Segmentation & Regional Insights
The life science analytics market covered in this report is segmented –
1) By Type: Descriptive Analytics, Predictive Analytics, Prescriptive Analytics
2) By Component: Software, Services
3) By Deployment: On-Demand, On-Premises
4) By Application: Research and Development, Preclinical Trials, Clinical Trials, Sales and Marketing, Regulatory Compliance, Supply Chain Optimization, Pharmacovigilance
5) By End User: Medical Device, Pharmaceutical, Biotechnology, Other End Users
North America was the largest region in the life science analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the life science analytics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing prevalence of chronic diseases is expected to propel the growth of the life science analytics market going forward. Chronic diseases refer to diseases that will persist for a long time. Life science analytics that includes predictive analytics is a critical step toward chronic disease prevention, allowing providers to recognize early signs of illness and intervene. For instance, according to the International Diabetes Federation (IDF), an international organizations made from over 230 national diabetes association’s from 160 countries, in 2021, approximately 537 million adults were living with diabetes and the number is projected to increase to 643 million by 2030 and 783 million by 2045. Therefore, the increasing prevalence of chronic diseases drives the growth of the life science analytics market.
Key Industry Players
Major companies operating in the life science analytics market include Oracle Corporation., Accenture plc., SAS Institute Inc., International Business Machines Corporation (IBM), IQVIA Holdings Inc., Wipro Limited, Cognizant Technology Solutions Corporation, SCIOInspire Corp., Cerner Corporation, Optum Inc., Microsoft Corporation, MaxisIT Inc., Cotiviti Holdings Inc., Allscripts Healthcare Solutions Inc., ExlService Holdings Inc., Inovalon Holdings Inc., CitiusTech Inc., Saama Technologies LLC., Axtria Inc., Clarivate Plc, ThoughtSphere Ltd., ThoughtSpot Inc., Alteryx Inc., TAKE Solutions Ltd., Dynata LLC., M3 EU Ltd., BioSymetrics Inc., PerkinElmer Inc., Medidata Solutions Inc., PAREXEL International Corporation
The life science analytics market report table of contents includes:
1. Executive Summary
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