Life sciences analytics Market is Growing at a Strong CAGR of 9.1% from 2024 to 2034 | Future Market Insights, Inc.

Life Sciences Analytics Market

The global life science analytics market is anticipated to rise from USD 24.8 billion in 2022 to USD 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 USD 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 USD 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 USD 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

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

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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