Life Science Analytics Global Market Report 2024: Expected Market Growth, Key Industry Players, and Major Trends
Life Science Analytics Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What is the Current Size and Projected Growth of the Life Science Analytics Market?
The life science analytics market has experienced a significant growth spurt in recent years. It is projected to expand from $26.2 billion in 2023 to $29.2 billion in 2024, reflecting a compound annual growth rate CAGR of 11.5%. The growth in the historic period can be attributed to increases in pharmaceutical sales and marketing, healthcare cost reductions, global health preparedness, advancements in biopharmaceutical manufacturing, and the adoption of digital health.
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What is the Expected Growth Rate and Future Size of the Life Science Analytics Market?
Over the next few years, the life science analytics market is expected to see rapid growth. It is projected to escalate to $48.41 billion in 2028, showcasing a compound annual growth rate CAGR of 13.5%. The growth in the forecast period can be attributed to various factors such as the adoption of telemedicine, population growth, the embracing of drug repurposing, regulatory reforms, and the rise in disease surveillance. Key trends in the forecast period encompass Artificial Intelligence AI-enhanced drug safety, predictive analytics in diagnostics, gene editing advancements, data visualization tools, and blockchain for data security.
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What are the Key Drivers of the Life Science Analytics Market?
The rising prevalence of chronic diseases is expected to be a significant driver of the life science analytics market going forward. Chronic diseases refer to long-lasting illnesses, and the incorporation of predictive analytics into life science analytics is a crucial step toward preventing these diseases. This approach allows healthcare providers to detect early signs of illness and intervene. For instance, according to the International Diabetes Federation IDF - an organization consisting of over 230 national diabetes associations from 160 countries, in 2021, approximately 537 million adults had diabetes and this number is forecasted to rise to 643 million by 2030 and 783 million by 2045.
Who are the Key Industry Players in the Life Science Analytics Market?
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.
What are the Emerging Trends in the Life Science Analytics Market?
One key trend gaining popularity in the life science analytics market is technological advancement. Major companies in the life science analytics sector are focusing on developing new technological solutions to strengthen their position. For instance, in July 2022, Charles River Associates, a US-based provider of economic, financial, and management consulting services, launched the healthcare claims analytics platform HCAP. The HCAP is a dynamic, modular data visualization tool that offers streamlined analysis of patient, health care practitioner HCP, and health care organization HCO data. With its ability to leverage patient analytics and machine learning, HCAP enhances market understanding and facilitates informed decision-making.
How is the Life Science Analytics Market Segmented?
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
What are the Regional Insights into the Life Science Analytics Market?
In 2023, North America was the largest region in the life science analytics market. However, Asia-Pacific is expected to be the fastest-growing region in the coming years. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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