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Life Science Analytics Market 2024 - By Size, Share Analysis, Trends And Growth Forecast By 2033

11-14-2024 08:15 AM CET | IT, New Media & Software

Press release from: The Business research company

Life Science Analytics Market

Life Science Analytics Market

The Business Research Company recently released a comprehensive report on the Global Life Science Analytics Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 Drivers and Trends:

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.

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.

Key Benefits for Stakeholders:

• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.

Major Key Players of the Market:

Oracle Corporation., Acce*nture 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

Life Science Analytics Market 2024 Key Insights:

• 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%.
• Rising Chronic Disease Rates Fuel Growth In The Life Science Analytics Market
• Innovative Technology Expands Life Science Analytics Market Growth
• North America was the largest region in the life science analytics market in 2023

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The Business Research Company
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Email: info@tbrc.info

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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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