The Life Science Analytics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Life Science Analytics Global Market Report 2024, 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.
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.
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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
Technological advancements have emerged as a key trend gaining popularity in the life science analytics market. Major companies operating in the life science analytics sector are focused on developing new technological solutions to strengthen their position. For instance, in July 2022, Charles River Associates, a US-based company that provides economic, financial, and management consulting services, launched the healthcare claims analytics platform (HCAP). HCAP is a dynamic, modular data visualization tool that facilitates the creation of insights and decision-making by offering streamlined analysis of patient, health care practitioner (HCP), and health care organization (HCO) data. HCAP offers the ability to leverage patient analytics and machine learning to enhance market comprehension and facilitate wise decision-making.
Top Major Players
Oracle Corporation.,
Accenture plc.,
SAS Institute Inc.,
International Business Machines Corporation (IBM),
IQVIA Holdings Inc.
The life science analytics market report table of contents includes:
1. Executive Summary
2. Life Science Analytics Market Characteristics
3. Life Science Analytics Market Trends And Strategies
4. Life Science Analytics Market – Macro Economic Scenario
5. Global Life Science Analytics Market Size and Growth
6. Life Science Analytics Market Segmentation
7. Life Science Analytics Market Regional And Country Analysis
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- Global Life Science Analytics Market Competitive Benchmarking
32. Global Life Science Analytics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Life Science Analytics Market
34. Life Science Analytics Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables :
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Life Science Analytics Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Life Science Analytics Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Life Science Analytics Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 76: Oracle Corporation. Financial Performance
Table 77: Accenture plc. Financial Performance
Table 78: SAS Institute Inc. Financial Performance
Table 79: International Business Machines Corporation (IBM) Financial Performance
Table 80: IQVIA Holdings Inc Financial Performance
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