Life Science Analytics market projected to reach $20 billion by 2032 with demand for precision medicine driving growth
From GlobeNewswire: 2024-11-06 08:47:00
The Life Science Analytics Market is projected to reach USD 20.0 billion by 2032, with a CAGR of 7.61% from 2024 to 2032. Key players include Allscripts Healthcare, Cerner Corporation, and Health Catalyst. The market is driven by demand for precision medicine and advanced analytics technologies in the life sciences sector.
In 2023, the oncology application segment dominated the Life Science Analytics market with a revenue share of 24%. The consumables segment led the market, accounting for 48% of total revenue, with the academic research segment holding the largest revenue share of 49%. The market is projected to grow rapidly in the clinical research segment.
North America accounted for the largest share of the Life Science Analytics Market in 2023, at 42%. The Asia Pacific region is expected to experience the fastest growth, with a projected CAGR of 9.5% during the forecast period. Rising investments in biotechnology and pharmaceutical research, particularly in China and India, are key drivers of market growth. Companies like Roche and Illumina are expanding in the region to meet the rising demand for analytics solutions. Recent collaborations include Indegene partnering with Microsoft to scale generative AI adoption in life sciences, SAS launching an advanced analytics platform, and IQVIA introducing a centralized dashboard for research sites. Other partnerships focus on accelerating drug discovery, streamlining laboratory processes, and cutting costs in the life sciences sector. The market dynamics impact analysis includes adoption rates, user demographics, feature analysis, cost analysis, integration capabilities, and regulatory compliance by region. The report also covers a competitive landscape, market segmentation by component, type, application, delivery, and end-user, as well as regional analysis, company profiles, use cases, and best practices in life science analytics. S&S Insider is a leading market research and consulting agency providing clients with the knowledge they need to navigate changing circumstances in the global market research industry. Their services include surveys, video talks, focus groups, and more to deliver current, accurate market data, consumer insights, and opinions for confident decision-making.
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