The global life science analytics market is anticipated to rise from US$ 24.8 billion in 2022 to US$ 68.6 billion by 2032, expanding at a compound yearly growth rate of 10.7%. The R&D and business sectors are expected to undergo a significant transformation as a result of the adoption of artificial intelligence in healthcare over the next few decades.
Life science organizations are under pressure to cut medical expenses, boost productivity, and implement analytics solutions in clinical trials and drug development as they adopt sophisticated analytics techniques.
With life science, AI can be trained to differentiate cancer cells in the lab, analyze complex genomic datasets, and identify patterns in medical images, like X-rays. In addition, analytics can also identify unexpected or novel patterns and predict treatment responses by analyzing consumer, treatment, diagnostic, and lab data stored in natural language.
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Companies in the life sciences are finding it increasingly difficult to handle exponentially growing data volumes. Algorithms that use machine learning might be able to help analyze data and decide which parts of it are relevant, allowing huge amounts of data to be analyzed for insights. Moreover, AI can be used in repurposing drugs and developing new drugs, as well as in diagnosing diseases more swiftly providing more efficient treatments, as well as identifying hypotheses based on data.
Key Takeaways from the Life Science Analytics Market Report:
- Life science analytics experienced a growth rate worth 11.8% between 2016 and 2021
- The global life science analytics market is valued at US$ 39.9 Billion in 2026, during the forecast period.
- Software components in the life science analytics segment to expand at a CAGR of 10.1% during the forecast period
- In the U.S., the market is predicted to reach US$ 27.5 Billion while growing at a CAGR of 10.7% during the forecast period.
- Life science analytics applications in research and development are expected to grow at a CAGR of 11.8% during the forecast period.
- China’s market is expected to reach a market value of US$ 6.3 Billion with a CAGR of 18.6% during the forecast period.
Competitive Landscape:
Are among companies that offer products and technologies that will allow customers to take advantage of new technologies.
- In March 2022, EQT closed the acquisition of LSP and launched EQT Life Sciences. As announced on 10 November 2021, EQT AB completed the acquisition of LSP after signing a definitive agreement on 28 February 2022. EQT has issued 7,548,384 shares to LSP’s selling shareholders, representing a dilution of approximately 0.8 percent, as part of the total consideration of EUR 475 million. Following the completion of the Transaction, EQT will have 993,828,524 ordinary shares issued and outstanding.
- For US$ 2.2 billion, TPG Capital will purchase ClaimsXten, Change Healthcare’s claims editorial service, from UnitedHealth in April 2022. To proceed with ClaimsXten’s sale, UnitedHealth will have to acquire Change Healthcare first. The deal has been put on hold after the U.S. Department of Justice filed a lawsuit. Reports indicated that UnitedHealth hoped to acquire Change Healthcare for US$ 8 billion through the sale of ClaimsXten.
Leading Key Players:
- Accenture Plc.
- Cognizant Technology Solutions Corporation
- IBM Corporation
- MaxisIT, Inc.
- Oracle Corporation
- IQVIA (Quintiles, Inc.)
- SAS Institute Inc.
- Scio Health Analytics
- Take Solutions, Inc.
- Wipro Limited
- SAP SE
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Life Science Analytics Market Segmentation:
By Component:
- Software
- On-premise
- On-demand
- Services
- Professional
- Managed
By Application:
- Clinical and Preclinical Trials
- Regulatory Compliance
- Research and Development
- Sales and Marketing
- Supply Chain Management
By Type:
- Descriptive
- Predictive
- Prescriptive
By End-Use Application:
- Biomedical Companies
- Laboratory and Pharmaceuticals
- Medical Device Companies
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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