Global Life Science Analytics Market to Surpass 16.30 Billion by 2030 Driven by Rising Volume of Healthcare Data

SkyQuest projects that the global life science analytics market will attain a value of USD 16.30 billion by 2030, with a CAGR of 7.7% during the forecast period (2023-2030). The growth of the life science analytics market is primarily propelled by the rising volume of healthcare data generated from various sources. These sources encompass electronic health records, clinical trials, genomic sequencing, wearables, and social media platforms.

Westford, USA, Jan. 31, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, the global life science analytics market is undergoing a rapid transformation through the widespread adoption of analytics. Descriptive and reporting analysis is foundational in building comprehensive databases that store critical information.

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Browse in-depth TOC on the “Life Science Analytics Market”

  • Pages – 157
  • Tables –  63
  • Figures – 75

The increasing utilization of real-world data, encompassing sources such as electronic health records, wearable devices, and social media, catalyzes a surging demand for analytics solutions in the life sciences sector. Real-world data is a treasure trove of information that offers invaluable insights into various sides of healthcare, including patient outcomes, treatment efficacy, and population health trends in the global life science analytics market.

Prominent Players in Global Life Science Analytics Market

  • IQVIA Holdings Inc.
  • SAS Institute Inc.
  • Accenture plc
  • Cognizant Technology Solutions Corporation
  • IBM Corporation
  • Oracle Corporation
  • Microsoft Corporation
  • Optum, Inc.
  • SAP SE
  • EXLService Holdings, Inc.
  • PAREXEL International Corporation
  • SCIO Health Analytics
  • Wipro Limited
  • PricewaterhouseCoopers LLP
  • TIBCO Software Inc.
  • Take Solutions Limited
  • Mu Sigma Inc.
  • Genpact Limited
  • QuintilesIMS Holdings, Inc.
  • Palantir Technologies Inc.

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Descriptive Analytics Segment to Dominate Market due to Growing Demand for Quantifiable and Descriptive Analysis

Descriptive analytics segment has emerged as the dominant force, commanding a substantial revenue share of over 37.3% in the global life science analytics market. This prominence can be attributed to the growing demand for quantifiable and descriptive analysis based on historical datasets.

The market in North America has asserted its dominance in the global life science analytics market, commanding a substantial revenue share exceeding 51.6%. This regional prominence can be attributed to a confluence of factors that have created a fertile ground for the growth of life science analytics.

Predictive Analytics Segment to Witness Significant Growth due to Widespread Adoption of Advanced Analytical Solutions

Predictive analytics segment is poised to demonstrate the fastest growth rate, anticipated at 9.0% during the global life science analytics market forecast period. This remarkable expansion is propelled by the widespread adoption of advanced analytical solutions that empower stakeholders across various industries to forecast future trends and make informed, data-driven decisions.

 Asia Pacific is poised to demonstrate the fastest growth rate in the global life science analytics market, with a projected rate of 11.3% during the forecast period. This remarkable expansion is supported by the factors contributing to the region’s burgeoning presence in the market.

A comprehensive analysis of the major players in the global life science analytics market has been recently conducted in this report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.

Key Developments in Global Life Science Analytics Market

  • SAS Institute Inc. recently significantly contributed to life science analytics by unveiling the SAS Life Science Analytics Framework. This comprehensive analytics solution is specifically designed to assist life science organizations in streamlining and integrating their diverse data assets. The framework empowers these organizations to extract actionable insights, enabling informed decision-making across critical domains such as clinical research, manufacturing, and commercial operations. SAS aims to enhance the efficiency and effectiveness of life science operations by providing a holistic approach to data analytics.
  • IQVIA Holdings Inc. recently took a pioneering step in addressing the specialized needs of the rapidly expanding biotech sector by launching IQVIA Biotech, a dedicated division. This strategic initiative was crafted to provide tailored analytics and technology solutions exclusively designed for biotech companies.

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Key Questions Answered in the Global Life Science Analytics Market Report

  • What specific growth drivers are projected to impact the market during the forecast period?
  • List the top companies in the market and explain how they have achieved their positions of influence.

                             

  • In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?

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