The life science analytics market is projected to expand at a CAGR of 9.6%, reaching USD 18,386 million by 2030. Key drivers for this growth include the increasing emphasis on early disease detection through data analysis, helping to understand prescription patterns and optimize treatment approaches throughout a patient’s healthcare journey, while improving operational efficiency.
The demand for services is expected to see the highest growth, fueled by the presence of major multinationals like Accenture, IBM, and Oracle, which provide a comprehensive range of services in consulting, strategy, operations, and technology. These services enable personalized healthcare and enhanced patient outcomes.
For instance, Accenture supports the life sciences industry with offerings in R&D, medical technology, patient services, supply chain management, and cloud computing. These services help reduce costs, streamline operations, and improve engagement between healthcare companies, patients, and payors.
The on-demand analytics segment will grow at a CAGR of 9.7% due to the availability of flexible solutions. These solutions help users tackle complex challenges such as adapting to regulatory changes, incorporating new technologies, reassessing portfolios, and utilizing real-world evidence for data management and analysis.
In addition, corporations are becoming more agile, reducing the time to bring vaccines from development to production. This agility greatly benefits biotech firms that have been working tirelessly to develop vaccines since the pandemic outbreak. The growth of the life science analytics market is further supported by the rapid response of IT companies providing these solutions.
The Asia-Pacific region will experience the fastest growth, with a 9.9% CAGR by 2030. Factors driving this growth include the rising incidence of chronic diseases, expanding life sciences industry, increasing adoption of advanced technologies, and a focus on strengthening their presence in emerging Asian economies. Increased investment, economic growth in India and China, and improved healthcare infrastructure further fuel the market.
Europe ranks as the second-largest market, driven by the development of new analytics applications in life sciences and the rising demand from the pharmaceutical sector. Analytics in life sciences is heavily utilized to assess clinical trial risks, enhance R&D, forecast budgets, and determine pricing strategies.
The rising global prevalence of chronic diseases will continue to drive the demand for life science analytics solutions in the coming years.
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