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Life Science Analytics Market Landscape 2025: Forecast Data and Growth Strategy Insights
Life Science Analytics Market
What Is the Expected CAGR for the Life Science Analytics Market Through 2025?
The market size of life science analytics has expanded at a brisk pace in the past few years. The market, which currently stands at $28.56 billion in 2024, is predicted to surge to $31.49 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 10.3%. This historical period's growth is credited to various factors, including pharmaceutical sales and marketing, reducing healthcare costs, worldwide health preparedness, biopharmaceutical manufacturing, and the adoption of digital health.
What's the Projected Size of the Global Life Science Analytics Market by 2029?
The market size of life science analytics is anticipated to witness exponential growth in the approaching years, reaching a value of $56.92 billion in 2029 with a CAGR of 15.9%. The projected growth can be linked to the increasing use of telemedicine, population growth, the adoption of drug repurposing, regulatory amendments, and enhanced disease surveillance. Notable trends for the forecasted period include the development of AI-enhanced drug safety, the application of predictive analytics in diagnostics, progress in gene editing, improved data visualization tools, and the use of blockchain for data protection.
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Top Growth Drivers in the Life Science Analytics Industry: What's Accelerating the Market?
The escalating occurrence of chronic health conditions is predicted to drive expansion in the life science analytics market. Chronic illnesses are those that endure over an extended period. Predictive analytics, a component of life science analytics, is essential in preventing chronic diseases by assisting health professionals to detect preliminary indications of disease and initiate intervention. Notably, in 2021, the International Diabetes Federation (IDF), an alliance of over 230 national diabetes organizations across 160 nations, reported that roughly 537 million adults were contending with diabetes. This figure is anticipated to rise to 643 million by 2030 and 783 million by 2045. Consequently, the growing rate of chronic health issues prompts the enlargement of the life science analytics market.
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What Trends Will Shape the Life Science Analytics Market Through 2029 and Beyond?
Technological progress has become a leading trend in the life science analytics market, with leading corporations in the sector focusing on creating new tech solutions to bolster their presence. For example, in July 2022, US firm Charles River Associates, known for their economic, financial, and management consultancy services, introduced the Healthcare Claims Analytics Platform (HCAP). The platform is an adaptable, component-driven data visualisation tool that simplifies the generation of insights and decision-making by enabling seamless analysis of patient, healthcare practitioner (HCP), and healthcare organisation (HCO) data. HCAP provides the capability to employ patient analytics and machine learning to heighten market understanding and foster informed decision making.
What Are the Main 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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Which Top Companies are Driving Growth 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
Which Regions Will Dominate the Life Science Analytics Market Through 2029?
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.
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