Life Science Analytics Market To Reach USD 82.1 Billion By
Fort Collins, Colorado, April 17, 2024 (GLOBE NEWSWIRE) —
Demand for accuracy in data-driven decision-making drives the life science analytics industry
The life science sector is undergoing a remarkable surge in integrating sophisticated analytics tools and methodologies. These analytics solutions empower organizations to manage and analyze vast datasets from diverse sources, including clinical trials, patient records, and research endeavors.
Increasingly, life science entities acknowledge the pivotal role of data-driven decision-making across various operational domains, from drug exploration and development to sales and marketing endeavors. Advanced analytics tools facilitate extracting actionable insights from extensive volumes of structured and unstructured data, enabling informed decision-making and bolstering overall operational efficiency. Moreover, this data analysis reduces the provision of personalized medical interventions and therapies for patients, enhancing patient outcomes.
Furthermore, the proliferation of big data resources and the escalating adoption of cloud computing technologies are anticipated to propel the demand for life science analytics solutions that offer enhanced scalability, accessibility, and efficiency.
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Segmentation Overview:
The life science analytics market has been segmented into component, delivery, type, application, end-user, and region.
Research and Development applications registered a considerable growth in 2023.
- The market is segmented by application into research and development (R&D), sales and marketing support, regulatory compliance, supply chain analytics, and pharmacovigilance. R&D holds a significant share of the application segment of the life science analytics market. The life sciences industry heavily relies on research to develop new drugs, therapies, and medical devices, making it a crucial area for analytics.
Descriptive analytics is projected to drive the segment growth in the coming years.
- The life science analytics market is segmented based on type into reporting, descriptive, predictive, and prescriptive. Descriptive analytics hold a substantial share of the type segment. Descriptive analytics involves summarizing and interpreting historical data to gain insights into past performance and trends. This type of analytics is widely used in the life sciences industry to analyze patient data, clinical trial results, and sales performance.
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Life Science Analytics Market Report Highlights:
- The life science analytics market growth is anticipated at a CAGR of 11.5% by 2032.
- Growing adoption of advanced analytics in life sciences and the need for data-driven decision-making to propel the industry growth.
- North America accounts for a significant share of the life science analytics industry, that is projected to grow in the coming years owing to the high adoption of advanced technologies and significant investments.
- Some prominent players in the life science analytics market report include Accenture, Oracle Corporation, SAS Institute, Inc., IBM Corporation, Cognizant, IQVIA, Veeva Systems, TIBCO Software, Inc., Tata Consultancy Services Limited, Wipro Limited, Tableau Software, and others.
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