What Is The Current and Historic Market Size Analysis Of The Life Science Analytics Market?
The life science analytics market has seen considerable growth due to a variety of factors.
• In recent times, the dimension of the life science analytics market has experienced an accelerated expansion. The market, which is projected to ascend from $28.56 billion in 2024 to $31.49 billion in 2025, will do so at a compound annual growth rate (CAGR) of 10.3%.
Factors such as pharmaceutical sales and marketing advancements, cuts in healthcare expenditure, international health readiness, development in biopharmaceutical production, and the adoption of digital health contributed to this growth during the historical period.
What Are The Predictions for The Life Science Analytics Market Size In The Coming Years?
The life science analytics market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of life science analytics is projected to experience a swift expansion in the ensuing years. By 2029, it is anticipated to reach $56.92 billion, growing at a compound annual growth rate (CAGR) of 15.9%.
This expansion during the forecast period can be accredited to factors such as the incorporation of telemedicine, population growth, the practice of drug repurposing, regulatory alterations, and a rise in disease surveillance. The impending period is likely to see prevalent trends including enhanced drug safety by artificial intelligence (AI), the application of predictive analytics in diagnostics, advancements in gene editing, data visualization tools, and the use of blockchain for data security.
Which Key Drivers Are Propelling The Life Science Analytics Market's Growth?
The rise in chronic diseases is projected to drive the expansion of the life science analytics market. Chronic diseases are those that have a long-term impact. Life science analytics, which includes predictive analysis, is crucial in preventing such diseases as they enable healthcare providers to identify signs of sickness at an early stage and act promptly. For example, the International Diabetes Federation (IDF), an international entity comprising over 230 national diabetes associations from 160 countries, proclaims that about 537 million adults were struggling with diabetes in 2021. This figure is anticipated to balloon to 643 million by 2030 and 783 million by 2045. Consequently, the augmenting prevalence of such chronic conditions propels the growth of the life science analytics market.
What Are The Key Segments Within The Global Life Science Analytics Market?
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
Subsegments:
1) By Descriptive Analytics: Data Visualization, Reporting Tools, Statistical Analysis,
2) By Predictive Analytics: Risk Assessment Models, Forecasting Tools, Machine Learning Algorithms
3) By Prescriptive Analytics: Optimization Tools, Simulation Models, Decision Support Systems
Pre-Book The Life Science Analytics Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
How Are New Trends Impacting The Size Of The Life Science Analytics Market?
The rise of technological innovation is a primary trend making waves in the life science analytics market. Major businesses in this sector are concentrating their efforts on crafting new technological strategies to solidify their standing. For example, in July 2022, Charles River Associates, an American firm providing economic, financial, and managerial consultancy services, introduced the Healthcare Claims Analytics Platform (HCAP). This dynamic, modular tool for data visualization enables the generation of insights and supports decision-making processes through the simplified analysis of patient, health care practitioner (HCP), and health care organization (HCO) data. With HCAP, it's possible to harness patient analytics and machine learning to deepen understanding of the market and promote intelligent decision-making.
Who Are the Key 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 Regional Insights into the Life Science Analytics Market?
North America was the largest region in the life science analytics market in 2024. 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.
