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 and providing more efficient treatments, as well as identifying hypotheses based on data.
Key Takeaways
- 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.
“With custom solutions tailored to healthcare needs and a cloud that can deploy massive amounts of data, pharmaceutical companies will be able to garner much more value in the future,” says an FMI analyst.
Competitive Landscape
Key Players that have been profiled in the report are
- 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, and
- SAP SE
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Are among companies that offer products and technologies that will allow customers to take advantage of new technologies.
- In March 2022, EQT closes the acquisition of LSP and launches 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 $2.2 billion, TPG Capital will purchase ClaimsXten, Change Healthcare’s claims editorial service, from UnitedHealth in April 2022. In order 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 $8 billion through the sale of ClaimsXten.
Key Segments Covered in the Life Science Analytics Industry Report
Life Science Analytics by Component:
- Life Science Analytics Software
- On-premise Life Science Analytics Software
- On-demand Life Science Analytics Software
- Life Science Analytics Services
- Professional Life Science Analytics Services
- Managed Life Science Analytics Services
Life Science Analytics by Application:
- Life Science Analytics for Clinical and Preclinical Trials
- Life Science Analytics for Regulatory Compliance
- Life Science Analytics for Research and Development
- Life Science Analytics for Sales and Marketing
- Life Science Analytics for Supply Chain Management
Life Science Analytics by Type:
- Descriptive Life Science Analytics
- Predictive Life Science Analytics
- Prescriptive Life Science Analytics
Life Science Analytics by End-Use Application:
- Life Science Analytics in Biomedical Companies
- Life Science Analytics in Laboratory and Pharmaceuticals
- Life Science Analytics in Medical Device Companies
Life Science Analytics by Region:
- North America Life Science Analytics Market
- Europe Life Science Analytics Market
- Asia Pacific Life Science Analytics Market
- Middle East and Africa Life Science Analytics Market
- South America Life Science Analytics Market
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