Westford, USA, Aug. 26, 2024 (GLOBE NEWSWIRE) -- Global Life Science Analytics Market size was valued at 26.80 USD Billion in 2022 and is poised to grow from USD 29.86 Billion in 2023 to USD 70.10 Billion by 2031, at a CAGR of 11.4 % during the forecast period (2024-2031).
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One of the major driving factors that promotes the development of the life science analytics market is the technical upgradation in the field of analytics in healthcare segment. Moreover, the increasing incorporation of big data in medical sectors is also one of the primary factors that is leading the life science analytics market towards progression. Life science analytics contains descriptive, predictive, and prescriptive analytics. These analytics utilize artificial intelligence, big data, machine learning solutions, and advanced gadgets. These innovative technologies help in clinical research, medical trials, disease diagnosis, drug discovery & development, pharmacovigilance, and supply chain management. Life science analytics also has the potential to assist with pathology detection and development of proper treatment options. In recent times, there has been substantial expansion in the life science sector along with the rising demand for analytical insights for clinical trials, driving the market growth. The rising implementation of life science analytics solutions for data standardization for controlling chronic diseases also augments market growth. Other factors influencing the growth includes technological advancements like the emergence of telemedicine, mhealth, and e-prescribing systems. These solutions are often utilized in generating precision and personalized medications that uses specific genomic data for patients with special medical needs, leading to the progression of the market.
Browse in-depth TOC on the "Life Science Analytics Market"
- Pages - 157
- Tables - 63
- Figures – 75
Pest Control Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 29.86 Billion |
| Estimated Value by 2031 | $ 70.10 Billion |
| Growth Rate | Poised to grow at a CAGR of 11.4% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Component, Delivery, Application, End-User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Technological advancement in big data and artificial intelligence to process complex data |
| Key Market Opportunities | Rising demand for analytics due to increasing prevalence of geriatric population |
| Key Market Drivers | Supportive governmental initiatives to drive advancement in life science analytics market |
Rising Demand for Precision Medicine and Personalized Healthcare to Enhance Operational Efficiency to Accelerate Market Growth
The rising focus on precision medicine and personalized medical care needs sophisticated analytics abilities. Artificial intelligence has the potential to offer these abilities with its predictive modelling and data interpretation algorithms. The emergence of personalized medicine can be attributed to the advanced technologies in medicine that allows data analysis and interpretation of identify particular patterns that can result into various types of treatments. This shift towards personalized medical care management not only benefits the patients but also allows medical professionals to accomplish better operational efficiencies. Analytics also offer real-time precision prediction and improved decision-making, contributing to the advancement of life science analytics and market expansion. The regulatory pressures and the requirement for efficiency and affordability in the healthcare value chain is also augmenting the life science analytics market.
Technological Developments in Big Data and Artificial Intelligence to Process Complex Data and Improve Drug Discovery
The incorporation of advanced technologies like big data analytics and artificial intelligence in the life science sector are the two main primary factor that are responsible for its advancement. With the help of these technologies life science analytics organization can obtain better decision support systems. These solutions are extremely beneficial for processing complex data and has advanced market analysis abilities. Such technological advancements allow to develop novel therapies along with accurate and sophisticated clinical trials. The increasing adoption of big data and AI strengthens the scale and efficiency of data solutions by rising innovation and growth in the life science analytics. Big data analytics also can identify patients who are ideal to enrol in clinical trials depending on genetic information. These data are available in E-health records and social media profiles. Organizations are also utilizing smart devices to gather massive quantity of real-world data that were previously not available to the R&D teams, contributing to the progression of the market.
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North America to Dominate Life Science Analytics Market with Presence of Prominent Market Players
In recent times, North America is dominating the life science analytics market due factors like presence of prominent market players, rising digital literacy, the advent of start-ups, and advancements in healthcare IT infrastructure. Many medical organizations are also adopting analytics solutions to identify patients ideal for clinical trials due to the increasing R&D for launching new drugs. The rising prevalence of geriatric population, non-communicable diseases and demand for value-based care are also contributing to the advancement of the market. The Asia-Pacific is the fastest growing region in the life science analytics market. This is primarily due to the development of medical infrastructure and increasing research and development for new drugs in the area. People are also become more aware about the benefits of medicines for diseases like geriatric, leading to the growth of the market.
Life Science Analytics Market Insights
Drivers:
- Increasing pressure for reducing healthcare expenses
- Rising adoption of real-world data to get useful insights about patients’ outcome
- Advancement in AI and ML to improve drug discovery
- Growing focus on real-time analytics to make timely decisions
Restraints:
- Increasing concerns related to data privacy and security
- Lack of skilled workforce to extract useful insights from complex datasets
- High expense of implementing analytical tools
- Unpredictable government policies and regulations
Key Players in the Life Science Analytics Market
The following are the Top Life Science Analytics Companies
- Oracle (US)
- IBM (US)
- SAS Institute Inc. (US)
- Accenture (Ireland)
- IQVIA Inc (US) =
- Cognizant (US)
- Wipro (India)
- Allscripts Healthcare, LLC (US)
- Optum, Inc. (US)
- Microsoft (US)
Key Questions Answered in the Life Science Analytics Market
- Which region is dominating the life science analytics market?
- Who are the top players in the market?
- What are the latest trends in the life science analytics market?
- What are the key drivers increasing growth of the life science analytics market?
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This report provides the following insights:
- Analysis of key drivers (Technological advancements in analytics with precision medicine, emergence of big data and artificial intelligence, and growing environmentally conscious), restraints (Rising concerns related to data privacy and safety and issues related to data consistency and reliability), opportunities (Increasing focus on real-time analytics and growing adoption of real-world data), and challenges (Shortage of skilled workforce and high expense of implementation) influencing the growth of life science analytics market
- Market Penetration: Comprehensive information on the product offered by the top players in the life science analytics market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the life science analytics market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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