Press release
Life Science Analytics Market Report 2024: Strategies And Recent Developments | Oracle Corporation., Accentur*e plc., SAS Institute Inc., International Business Machines Corporation (IBM)
Life Science Analytics Market Size
The Business Research Company offers in-depth market insights through Life Science Analytics Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth 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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Market Segmentation:
The main types of analytics in the life science market are descriptive analytics, predictive analytics, and prescriptive analytics. Descriptive analytics is used for the examination of data or content, usually manually performed, to answer the question: What happened or is happening? It is characterized by traditional business intelligence (BI) and visualizations such as bar charts, pie charts, line graphs, tables, and generated narratives. The different components include software and services. The different deployments include on-demand and on-premises. These are applicable in research and development, preclinical trials, clinical trials, sales and marketing, regulatory compliance, supply chain optimization, and pharmacovigilance, and are used in medical devices, pharmaceuticals, biotechnology, and other end users.
Major Driver - Rising Chronic Disease Rates Fuel Growth In The Life Science Analytics Market
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.
Competitive Landscape:
Major companies operating in the life science analytics market include Oracle Corporation., Accentur*e 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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Top Trend - Innovative Technology Expands Life Science Analytics Market Growth
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.
The Table Of Content For The Market Report Include:
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. Life Science Analytics Market Size And Growth
…..
27. Life Science Analytics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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