Press release
Rising Chronic Disease Rates Fuel Growth In The Life Science Analytics Market: A Significant Driver Propelling The Life Science Analytics Market In 2025
Life Science Analytics
What Is the Life Science Analytics Market Size and Projected Growth Rate?
The market size of life science analytics has seen a swift expansion in the last few years. The market is set to increase from $28.56 billion in 2024 to $31.49 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 10.3%. The remarkable growth during the historical period is largely due to factors such as pharmaceutical sales and marketing, reduction in healthcare costs, worldwide health readiness, biopharmaceutical production, and the adoption of digital health.
In the coming years, the life science analytics market size is set to experience swift expansion. The market is projected to escalate to $56.92 billion by 2029, boasting a compound annual growth rate (CAGR) of 15.9%. The growth during the forecast period can be linked to factors such as the uptake of telemedicine, population growth, drug repurposing, regulatory amendments, and an increase in disease surveillance. Key trends for the forecast period encompass the improvement of drug safety through artificial intelligence (AI), advancements in gene editing, the usage of predictive analytics in diagnostics, data visualization tools, and the application of blockchain for enhancing data security.
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What Are the Major Segments in the 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
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What Are The Driving Life Science Analytics Market Evolution?
The growth of the life science analytics market is set to be driven by the escalating occurrence of chronic illnesses. These long-lasting diseases can be preemptively tackled by life science analytics, especially predictive analytics, which allows healthcare providers to detect early symptoms and act accordingly. For example, the International Diabetes Federation (IDF), composed of over 230 national diabetes associations across 160 countries, reported that in 2021, an estimated 537 million adults were living with diabetes. This figure is anticipated to surge to 643 million by 2030, and further to 783 million by 2045. Therefore, it's clear that the rise in chronic diseases is spurring on the expansion of the life science analytics market.
Which Firms Dominate The Life Science Analytics Market Segments?
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 Trends Are Expected to Dominate the Life Science Analytics Market in the Next 5 Years?
The advent of technological innovations is becoming a significant trend in the life science analytics market. Various major firms in this industry are concentrating on unveiling novel technological solutions to consolidate their standing. For instance, Charles River Associates, a company based in the US offering economic, financial, and business consulting services, debuted the healthcare claims analytics platform (HCAP) in July 2022. The HCAP is a flexible, module-based data visualization tool that aids in generating insights and making decisions by providing a streamlined analysis of patient, health care practitioner (HCP), and health care organization (HCO) data. The HCAP provides the capacity to use patient analytics and machine learning to improve understanding of the market and promote informed decision-making.
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Which Is The Largest Region In 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Life Science Analytics Market?
2. What is the CAGR expected in the Life Science Analytics Market?
3. What Are the Key Innovations Transforming the Life Science Analytics Industry?
4. Which Region Is Leading the Life Science Analytics Market?
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• To provide detailed analysis of the market structure along with forecast for the next 10 years of the various segments and sub-segments of the global Analytics as a service Market.
• To provide insights about factors affecting the market growth.
• To Analyze the Analytics as a service Market based on various factors- porters five force analysis, mega trend analysis, macroeconomic indicators etc.
• To provide historical and forecast revenue of the…
