Global Life Science Analytics market overview 2024, Forecast To 2033
5 Feb, 2024
The life science analytics market has witnessed rapid growth, advancing from $26.2 billion in 2023 to $29.2 billion in 2024, with a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period is attributed to pharmaceutical sales and marketing, healthcare cost reduction, global health preparedness, biopharmaceutical manufacturing, and digital health adoption. The market is expected to experience rapid growth, reaching $48.41 billion in 2028, with a CAGR of 13.5%. Contributing factors include the adoption of telemedicine, growth of the population, adoption of drug repurposing, regulatory reforms, and increasing disease surveillance. Major 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.
Global Life Science Analytics Market Key Driver
The life science analytics market is poised for significant growth due to the increasing prevalence of chronic diseases. Chronic diseases, persisting for an extended period, necessitate advanced analytics for early detection and intervention. As per the International Diabetes Federation, around 537 million adults lived with diabetes in 2021, projected to rise to 643 million by 2030 and 783 million by 2045. This surge in chronic diseases propels the life science analytics market in 2023, 2024, and 2028.
Get A Free Sample Of The Global Life Science Analytics Market ReportGlobal Life Science Analytics Market Segments
The global 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
Major Life Science Analytics Industry Players
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
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Life Science Analytics Market Overview
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.
Life Science Analytics Global Market Report 2023 provides data on the global life science analytics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The life science analytics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.